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ASKARI CARS: BOLGS

Leasing Vs Hiring Which is Better

Post ByJohnson    04-20-18

The basic Difference Between leasing a car and Renting a car is Time Frame, when you rent a vehicle you enter in short term and Narrow commitment it may be for One day or one week, on the other hand in case of leasing a car you enter in long term commitment, in this you has the right to use the car for your personal use, in leasing a car you pay the lease until you buy another lease.

There are Some Factors Like Money Factor, Your Credit Score, Lease Term, Residual Value use to calculate Your Lease Payment. Now I want to describe Some Benefits and Draw back of Leasing

  1. Benefits
  1. By Leasing you can get the taxation Benefit
  2. No Large Capital investment Required you can invest this money to other revenue generated assets
  3. These contracts are flexible you can change your vehicle as per your requirement
  4. It is easy to obtain then Loan even you don’t have good credit rating
  1. Disadvantage
  1. You have to pay Fee whenever you change your vehicle. It will be your expense
  2. Sometime leasing company add Mileage Limit and for getting unlimited millage you have to pay some extra or it may increase your depreciation cost which will hit to your lease payment calculation
  3. It is seen that you have to pay extra cost for damage
  4. From Islamic point of view leasing is not allow in Islam

 

For Hiring a vehicle from any car rental company suitable if you don’t have regular requirement of vehicle For example if you required to hire vehicle for 10 to 15 days in month then hiring vehicle is economical

  1. Benefits
  1. There is not required Initial Deposit you pay for only the number of days you use car
  2. Choose Vehicle which you want not required any detail processing like your credit rating checking and different paper work you get the vehicle within short period of time
  3. Car Rental companies give you assurance to replace vehicle in case of any breakdown of vehicle
  4. Not any payment of maintenance of vehicle required. Vehicle Rent normally include all repair and maintenance cost
  5. You can return vehicle whenever you want there is not penalty of cancelation of vehicle only pay for number of days for which you have used rented vehicle
  6. Car Rental company’s vehicles are normally insured and you not required to enter in insurance process that save your lot of time

 

In conclusion the selection Between leasing and hiring is depend your requirement and your situation. you can apply above mentioned benefits and drawback at your situation then you can reach a decision whether you should go for leasing or hiring

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