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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. Basically, the entire concept of car leasing entails for you to rent a car from any leasing company. 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 car leasing options that are there for you? There are two primary car leasing options that you can choose from: open-end lease and 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. Even so, it is crucial that you make sure to follow the terms of use stated by the leasing company or else you will have to pay more money for the penalties that you have made.
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Take for example, regarding mileage, when the leasing company tells you to only cover a particular distance and you have exceeded a mile, then you will have to pay for that excess. 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. It is important that the buyout price of your car will be mentioned in the contract when you have signed up for your lease. Now, what makes the open-end car lease different from the above option? 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. So, what benefits should you expect to get in car leasing? To begin things, car leasing means that you will only be paying a minimal amount for your upfront cost. Most likely, the leasing company that you have chosen will let you pay the first month of your lease payment as well as some security deposit. 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.