There can be absolutely no doubt in the fact that leasing an SUV is a very complicated thing to do. One of the most complex factors of leasing an SUV is understanding what a good lease deal actually is. Fortunately, by having a look at some of the most important factors, you can easily track down the best SUV lease deals right now.
Select an SUV Model with High Residual Value
Residual value is basically what value your SUV will stand at once the renting period gets terminated. Due to the fact that leasing is mainly paying for the use of a new vehicle you simply pay for the value that depreciated during the lease period. Here, the higher the residual value, the smaller is the percentage of overall costs of the SUV that you will have to pay.
- Try tracking down SUV lease residual values prior to starting with the negotiation procedure.
- Investing comparable models from different manufacturers is also important. This will help you in selecting the model that comes with the highest residual value.
- Try comparing residual values of different models by the duration of the rent period. This is because residual values tend to nosedive very fast post 24 months.
- Post 24 months, you will probably get the best deals for your new SUV with minimum 50% residual value.
Get to Know the Lowest New SUV Price
In order to get the best SUV lease deals right now it is necessary for you to get hold of the lowest new SUV price. Frequently, lease prices are called cap cost or capitalized cost. The lease price is the same as if you were to purchase the SUV.
Make the Choice of the Lowest Lease Factor
In order to get a good start, it is necessary for you to comprehend that the lease or the money factor is not the yearly interest rate. There are some SUV dealers that play around with these numbers for bamboozling uninformed purchasers into making extra payments. Generally, the lease factor will be a very small number such as 0.00291.
- Prior to visiting the dealership, it is necessary for you to get hold of the factory invoice price and the MSRP.
- Always remember that a good lease price will always be smaller in comparison to the MSRP.
- Try negotiating with the dealer for securing the lowest capitalized cost possible.
A low capitalized cost and a high residual value will never make a great deal. It is necessary for you to shop for the very best lease deals on different models and track the best SUV lease deals right now. You can save a lot of money and time by requesting free lease quotes online. The APR or annual interest rate can easily be worked out by using the formula:
Money factor X 2400 = % APR
Money factor based on APR can be worked out using the formula:
APR / 2400 = Money factor
It is necessary for you to find out your FICO or credit score prior to visiting the dealer. This will help you in getting an idea of some problems that you might face pertaining to your credit score. Straighten out the problems prior to leasing in order to get the best and the lowest rates of interest.