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Everything You Need to Know and More About Car Leasing In times where you are in need of a car but you still cannot buy one because you are still on a tight budget, then opting for a car leasing option is the best thing that you can do. Quite simply, car leasing is where you will be getting in touch with a leasing company to let you rent a car. When it comes to car leasing, you will not be paying a huge down payment for the car as all you need are small monthly installments so that you are allowed to be driving a leased car. If you are thinking of leasing a car, it is important that you first know some things about car leasing and they will be mentioned below. What are the different kinds of care leasing options? When it comes to car leasing, it is up to you if you choose an open-end lease or a closed-end lease. When it comes to the closed-end car leasing option, you will be returning your car after your lease term expires and that is it. However, it is a must that you make sure to keep up with the terms of use imposed by the leasing company if you do not want to pay additional charges for penalties.
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For instance, if the leasing company dictates what maximum mileage you must cover and you have exceeded their requirement, then you will be paying for the excess mile that you have covered. Additionally, the leasing company will make sure to evaluate your car right after you return it so that they can access if the extent of its damage exceeds that which is required in your contract, thereby letting you pay them yet again.
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This option also allows you to be buying the car based on its residual value. The price of the car that you are renting must be clearly stated in the contract that you have signed for its lease. Now, what should you expect with the open-end car lease? If you talk about this type of leasing option, it is for the those that have businesses. For this type of car leasing option, what you must expect is that the lessee will be paying for the amount difference in the value of the car that is determined before leasing it and its value based on market trends. So, what benefits are there with car leasing? To begin things, car leasing means that you will only be paying a minimal amount for your upfront cost. Majority of leasing companies will only be letting you pay for security deposit along with your first-month lease payment. This is very much different when you buy a car because you are required to pay a huge amount of money for the price of your car and you must also give down payment to the loan lender of your car.