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Your Essential Guide to 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. 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 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. 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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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. Moreover, when you return your car, the leasing company will make sure to evaluate it and if they find out that is has been subject to wear and tear beyond their level of acceptance based on your contract, then you may have to pay them.
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You are also given the option to be buying the car depending on their residual value. It is crucial that the buyout price will be made mention in the contract that you have signed when you made a leasing deal. Now, what should you expect with the open-end car lease? 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. Oftentimes, leasing companies will let you pay two things that are just minimum in amount: your security deposit and your lease payment for the first month. 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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