You can get the right to use the car through leasing. Generally, your right to use the car lasts for two to four years. After the lease contract expires, you need to return the car on time, or if you like to drive the car, you can buy it, or if you want to change a car to drive, you can sign a new lease contract, Then I get a new car, but I don't need to rent a car. Through some financing loans, when you buy the car, the ownership of the car belongs to you. However, during the rental period, although you signed a lease contract, the ownership of the car still belongs to the dealer. Therefore, during this period, you cannot mortgage or invest the car. However, considering that the amount payable for leasing your car is less than the full amount of money to buy the car, and you do not have to bear the loss of depreciation of the car due to aging, So car rental is also an option worth considering.
Both open lease and closed lease are available for you to choose from. Open lease requires you to pay the difference between the estimated value and the actual value of the vehicle. For example, in the process of signing the agreement, the expected value of the vehicle will be included in the agreement, but with the flow of the market and the depreciation of the vehicle. Its actual value may change. Therefore, you need to pay any difference between the estimated residual value of the vehicle and the actual market value at the end of the lease term. Although open lease still exists in the market, few people use this leasing method
Then let's introduce the closed lease. The closed lease is the price at which you can purchase the car after the lease period ends, but you don't have to buy the car. You can also sign a new lease contract and open a new car. In short, you don't need to bear any losses due to the depreciation of the closed car. The lessor should bear these losses, However, you need to bear the wear and tear that exceeds the specified mileage and some compensation for accidents, as well as some specific details about leasing. I will explain to you
Because the amount paid for leasing is relatively small, the lessor is faced with greater risk of asset loss in case of debt default. Therefore, the lessor usually requires the customer to have a very good credit to rent a car
The rental process is simply the return process accepted by the lessor. If the return process is lower, it means that your rent is lower, so you should find some low rent vehicles
Generally, you cannot terminate the lease in advance because you have signed a contract. If you break the contract, you will usually be charged a high fine
As we mentioned earlier in the agreement, your maximum mileage is usually 15000 miles per year. If you exceed this mileage, you will have to bear some losses and corresponding expenses.
Although the lessor is the main person in charge of the car, he will carry out some routine regular maintenance for the car, etc., but you should bear other costs of the car, such as his insurance premium and the occurrence of some accidents.
