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Basic Car Leasing Facts and Tips You Ought to Know 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. 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 car leasing options that are there for you? When it comes to car leasing, it is up to you if you choose an open-end lease or a closed-end lease. For the closed-end car leasing option, you can simply return the car that you have leased at the end of you term 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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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. 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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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 should you expect with the open-end car lease? If you talk about this type of leasing option, it is for the those that have 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 should you expect to get in car leasing? First and foremost, car leasing allows you to pay only the slightest amount in terms of its 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.