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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. In a nutshell, car leasing is the process whereby you contact a leasing company for you to rent a car. Compared with buying a car, leasing a car will only require you to pay monthly installments of the car that you are leasing instead of having to pay for one large down payment for the car that you are buying. 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? 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. Moreover, when you return your car, the leasing company will make sure to evaluate it and if they find out that is has been subject to wear and tear beyond their level of acceptance based on your contract, then you may have to pay them.
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You are also given the option to be buying the car depending on their 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. 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? First and foremost, car leasing allows you to pay only the slightest amount in terms of 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 really sets it apart from buying a car because in buying one, you may have to quickly pay the car that you want with a huge sum of money along with paying your car loan lender some down payment.