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Your Essential Guide to 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 planning to lease a car, make sure that you first read the following things about car leasing options. What are the different kinds of care leasing options? In terms of car leasing, you will be choosing from either the open-end leasing option or the closed-end leasing option. For the closed-end car leasing option, you can simply return the car that you have leased at the end of you term 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. Furthermore, upon returning your car, it will be further evaluated by the company because if they have found out that it has been worn down more than the level accepted in your contract, then you may have to pay for it.
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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? The open end car lease you must know is particularly offered for businesses. When it comes to this kind of lease, the lessee will be paying for the difference in the pre-determined value of the car and its market value after the leasing term has ended. What are the benefits of car leasing, then? For starters, when you lease a car, you will not be paying a huge sum of money for its upfront cost. Majority of leasing companies will only be letting you pay for security deposit along with your first-month lease payment. This is what makes it different from buying a car because if you do then you will be paying huge sums of money in two aspects: the first one as down payment to your car loan and the second one is the full price of the car.