News For This Month: Cars

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Everything You Need to Know and More About Car Leasing

If the need for driving a car arises but you just do not have that huge sum of money to get one, then there is one thing that you can do as of the moment and that is car leasing. 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 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. 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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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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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? The open end car lease you must know is particularly offered for 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.

What are the benefits of car leasing, then?

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.