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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. Quite simply, car leasing is where you will be getting in touch with a leasing company to let you 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 car leasing options will you be choosing from? In terms of car leasing, you will be choosing from either the open-end leasing option or the closed-end leasing option. 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. 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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Also, this option allows you to buy the car that you have rented at the price of 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. So, what makes the open-end car lease very different from the other 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. What are the benefits of car leasing, then? For starters, when you lease a car, you will not be paying a huge sum of money for its upfront cost. Majority of leasing companies will only be letting you pay for security deposit along with your first-month lease payment. This is what really sets it apart from buying a car because in buying one, you may have to quickly pay the car that you want with a huge sum of money along with paying your car loan lender some down payment.

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