20 Nov Rental and leasing — what’s the difference?
You are not alone if you are confused with rental and leasing. In fact, a lot of people are confused about it and can’t tell the difference between the two. In this article, you will learn the major difference between leasing and renting so that you can be clearer about these two terms and would know how to discern between the two.
Typically, leasing and rental are terms that are often being used during a contract agreement between a landlord and tenant for temporary tenancy of a property in exchange for money. In the car rental industry, the two contracts is getting increasingly popular due to the flexibility it offers. The biggest difference between rental and leasing lies in the time period of an agreement
Leasing is an agreement for a fixed long-term period. It is popular among people in Singapore seeking flexible, private hire drivers; and companies with commercial car leasing needs. In recent times, business owners are also turning to leasing to fulfill their business needs.
On the other hand, rental is mostly used to describe short-term agreements. This is usually used by drivers seeking a weekend car or with an urgent need for 1 to 4 weeks.
There are more specific difference between rental and leasing but that differs between companies. It is advised that you ask questions to ensure clarity. Always be sure about whether you are seeking to lease a vehicle or just seeking to rent one.