If you need a car to drive but do not have the budget to make a large down payment, then you may consider getting a car lease. Merely put, car leasing indicates “renting” a vehicle from a leasing company. Instead of making one large payment to buy a car, leasing gives you the option to pay small month-to-month instalments as you get to drive the leased car. In this article, we talk about essential facts that you should know about car leasing.Types of Car LeaseYou can make a choice in between a closed-end lease and an open-end lease. The first option enables you to return the car at the finish of the lease term and merely walk away. Nevertheless, you should be able to comply with the terms of use of the leasing company to steer clear of paying penalty charges.For instance, if you exceed the maximum number of mileage, you will be subjected to pay charges for each exceeding mile. In addition, the car will be evaluated upon return and if the wear and tear is beyond the acceptable level defined in your contract, you will need to pay the charges.You can also choose to buy out the car at the residual value. The buyout price should be clearly stipulated in your contract when you signed up for the lease.What about an open-finish car lease? This particular type of lease is especially offered for companies. In an open-finish lease, the lessee pays the difference between the pre-determined residual worth and the market value of the car which is determined at the finish of the lease.Car Lease AdvantagesFirst, leasing a car involves a minimal upfront price. Most leasing companies only need the first-month lease payment and a safety deposit. On the contrary, purchasing a car requires a huge sum of money because you will need to pay the cost of the car at once, including the down payment to your car loan lender.Month-to-month lease payments are also a lot reduce compared to the month-to-month car loan payments. Because you are merely “renting” the car from the leasing company, you are not paying the full cost of the car as you would if you will purchase.Car Lease DisadvantagesWhat about the disadvantages? Of course, you should also be aware about the disadvantages associated with a car lease. For instance, you must be able to comply with the terms of use of your lessor. Failing to comply by these rules could mean paying the penalty charges. Most leasing companies impose a limit on the number of mileage you can drive in a year. If you go beyond the maximum mileage, you should spend a price for every exceeding mile.Terminating your car lease earlier than the agreed term may also cost you a significant quantity of money. Even though leases generally finish their car lease term, there may be situations when you are forced to finish the lease such as when the car gets into an accident or when the car is stolen. You should be clearly conscious of your lessor’s policy in such circumstance right from the beginning to steer clear of unpleasant surprises later on.Just what could Audi Leasing do for you? You ask We tell.