How to Get the Best Car Lease Rates Car leasing is similar to buying with a loan in that a finance charge, often known as lease rate, applies. The lease rate is like a loan APR interest rate but is called “money factor,”“lease factor,” or simply “factor.” It is also ...
You should know how to convert the money factor into an interest rate because you need to compare the interest rate that is offered to you with the interest rate that dealers are offering for finance. If you find that the interest rate that you are being offered on your lease is much hig...
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Money factor: The interest rate you pay throughout the term of the lease. Mileage limits: The specific number of miles you're allowed to drive the vehicle during the lease term without incurring additional fees. Penalties for exceeding mileage limits: The lessee may not exceed the mileage lim...
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For instance, the dealership may ask for a larger down payment. Your lease offer may also include a higher interest rate, known as a money factor or lease factor in leasing terms. This could inflate the cost of your monthly lease payment beyond what you can afford. ...
Once you have the lease agreement in your hands, review your interest rate (money factor), and make sure your payments will fit within your budget with interest added. Next, look over the lease to find hidden fees. These could include a disposition fee, an excess mileage fee, wear-and-...
lease companies allow you to make a security deposit as a way of reducing your finance rate (money factor). The larger the deposit, the lower the rate. This is a good deal if you have poor credit and have the cash to spare. The money is returned to you at the end of the lease. ...