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Questions About Vehicles You Must Know the Answers To

Basic Car Leasing Facts and Tips You Ought to Know

If you are in desperate need of using a car but your bank account and pocket just say no, then the next best thing that you can consider is getting car leasing options. Quite simply, car leasing is where you will be getting in touch with a leasing company to let you rent a car. 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 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, you have to see to it that you satisfy what are stated in their terms of use because if you have certain infractions, then you will have to be paying for penalty charges.
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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. 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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Also, this option allows you to buy the car that you have rented at the price of 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? When it comes to this kind of leasing option, it is usually 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.

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