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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. Basically, the entire concept of car leasing entails for you to rent a car from any leasing company. Rather than giving a huge sum of money for the down payment of the car that you are buying, car leasing only requires you to pay small amounts of installments in order for you to drive 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 car leasing options will you be choosing from? There are two primary car leasing options that you can choose from: open-end lease and closed-end lease. If you talk about the closed-end car leasing option, you can quickly walk away and return your car after you lease term is done. 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 example, if they have stated in their terms that you will only meet a certain mileage and you have exceeded, then you will be paying for the excess mile. 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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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. So, what makes the open-end car lease very different from the other option? If you talk about this type of leasing option, it is for the those that have businesses. For this particular kind of car leasing option, the one that has leased the car will be paying for the difference between the value of the car before leasing it and right after the lease is finished. 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 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.