What to know about short-term car leases Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our loan products, such as mortgages and home equity, or other products for home loans. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not include the vast array of companies or financial deals that could be available to you. SHARE: Smederevac/Getty Images
3 min read Published June 27, 2022
Writer: Josephine Nesbit Written by Josephine Nesbit is a former writer for Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing concise, well-studied information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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We are compensated for placement of sponsored products and services or through you clicking certain links posted on our site. This compensation could influence the manner, place and in what order items appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home lending products. Other factors, like our own website rules and whether a product is available in your area or at your own personal credit score could also affect the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include details about each credit or financial item or product. The car lease a type of auto financing that allows the driver to use a car or truck for a specified period of time and number of miles. Although most leases are for 3 or more years, a shorter-term lease permits consumers to lease a vehicle for just a few months, and up to two years. These types of leases aren’t as popular but can be a good option if you need a vehicle for a brief time. What is A short-term is very much like a typical car lease, but it offers a much shorter term. There’s no formal standard that defines the exact length of a short-term car lease generally speaking, experts recommend at least 24 months. The traditional car lease typically includes a three-year or four-year agreement. For some, the standard car lease is longer than the time they’d like to commit to a specific vehicle, making a short-term lease a viable option. For instance, if you have a temporary need such as traveling out of town to work, or are looking to test drive the car for a brief period of time. Because the duration is shorter than a conventional lease, monthly payments are typically higher for this type of contract. Even though it’s short-term, these leases usually require sales taxes and fees in many states. Three options for short-term car leases There are a variety of short-term car lease options you can pick from, each having distinct advantages and disadvantages. 1. Takeover someone else’s lease You can do this for few months. Many auto manufacturers let a third party take over the original leasee who wishes to out of their contract. While this transaction can be made between two parties but it’s more convenient to utilize a third party, like SwapALease or LeaseTrader since they are specialized in pairing current lessees and those who are looking for a short-term lease. The short-term lease you can get through a lease transfer lets you avoid having to make a down payment. The monthly lease payments would be the amount that the lessee originally negotiated at the time they began their lease term. 2. Consider a long-term lease Many rental car rental companies also offer long-term rental options, which are often short-term, or known as “mini leases.” This approach offers pros and cons to consider. Flexibility: Because these are rentals of cars, not leases, you’re not bound into a lease and are able to return the vehicle at any time. No mileage limits generally. times: Unlike when you lease a vehicle, there are usually no mileage restrictions when you opt for the long-term rental. However, this may not be the case all the time particularly when it comes to vehicles that are specially designed. Change cars at will Car rental firms typically allow renters to switch cars during the term, giving you the opportunity to take a trip in more than one car. Costlier However although the costs are lower than a typical car rental for only a few days or a week, long-term car rentals can be more expensive than a lease-takeover. 3. Traditional lease You can also take out the traditional car lease, but with a shorter duration. But the shorter the lease the harder it is to locate, and you may need to shop around at multiple dealers. The longer-term leases typically include more lease offers from automakers. If vehicles aren’t selling as well or reach at the conclusion of product cycles, automakers try to boost sales with special lease offers that come with less expense. There are many more 36-month lease deals than deals for 24-months. When you opt for an old-fashioned lease that has a shorter duration, such as two years, your monthly payment will be higher since you’re dispersing costs of your lease over a shorter term. The bottom line: A short-term car lease is an appealing option for those who do not want to be tied to a specific kind of vehicle for an extended period of time or are in need of a temporary vehicle. Keep in mind, however that shorter-term leases usually have higher costs. Before you decide to lease a car for a short period look for the most competitive contract and compare costs with long-term rental alternatives as well. Find out more about SHARE:
The writer, Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to take control of their finances through providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
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