![]() ![]() Until this is fixed, the lease will seem better if you correctly input into the lease payment calculator the Money Factor Quoted by the dealer. This should give you a good idea of the finance options available to. Then we’ll show your likely repayments based on a low, moderate and high APR. Just select how much you want to borrow and how long you want the agreement to last. If you want to get some sort of apples to apples comparison, do NOT include sales tax in your loan calculation and BE sure to request the dealer gives you your monthly payment quote (without TAX) which is what they normally do to you to make the payment seem lower than it is. This car finance calculator shows you what your monthly repayments are likely to be based on your loan amount. If the developer simply includes the sales tax as a separate line item in the lease payment so a true apples to apples comparison can be made, I will definitely move this to 4+ stars, until then, beware. ![]() I looked for an email to tell the developer about this but could not find it. If you do this, it substantially throws off your money factor. I can foresee someone saying that all you have to do to account for this is include the monthly tax amount as part of your monthly payment, however NOT true. Guess what, when you lease you still have to pay sales tax, just on your monthly amount versus the entire purchase. It is worth noting that, unlike other assets like houses, cars depreciate. However, it's not uncommon for people with bad credit to see double-digit APRs. For people with good credit, the average APR was 4.96 for a new car purchase and 6.36 for a used car. On the Lease Payment there is NO mention of monthly sales tax amount. A 'good' APR for a car loan depends primarily on your credit score. When you enter your loan info, it asks for your sales tax rate and then calculates this as an additional amount needed for your loan. The Lease versus buy comparison is not correct if you simply rely on the input fields. Comparison Flaw - Need to account for Sales Tax in Lease Paymentsīe careful on this app. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |