Monthly lease payments are lower than full-ownership car loans because they’re determined by the value of the car at the start and end of the lease period. To put things in perspective, say you want an SUV worth $32,000 that comes with a five-year loan at 3% APR. Without any additional payments, you’ll have to pay $575.00 every month for that SUV.
Compare that to a five-year lease for the same vehicle. By the end of the lease, that SUV will only be worth around $19,000 (given depreciation). Without any additional payments, the monthly payment will be more or less $280.42. An actual lease also takes into account the down payment, which may drive the monthly payment even lower.