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 better financial choices by providing you with financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct your own research and analyze information for no cost – so that you can make informed 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 offers that appear on this site are from companies that pay us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our loan products, such as mortgages and home equity, or other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the vast array of companies or financial deals that could be open to you. SHARE: Smederevac/Getty Images
3 min read Published June 27, 2022
Writer: Josephine Nesbit Written by 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 since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-studied information that breaks down complex subjects into digestible pieces. The Bankrate promises
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This compensation could affect the way, location and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether a product is available in your area or at your personal credit score can also impact how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit products or services. Car leases are a kind of auto financing that allows the driver to use a car, truck or SUV for a set period of time and number of miles. While most leases are for three or more years, a short-term car lease lets consumers lease a vehicle for a few months up to two years. These types of leases aren’t as popular but can be a good alternative if you require the vehicle for a short period. What exactly a short-term car lease is a short-term car lease is similar to a regular car lease, except it has a shorter term. Although there’s no rule that stipulates the exact duration of a lease for a car with a short term generally speaking, experts recommend at least 24 months. The standard car lease usually includes a three-year or four-year lease. Some people find that the traditional car lease is longer than what they would like in order to sign a specific vehicle, making the short-term lease a viable option. In the case of a require a short-term need, for example, such as leaving town for work, or you simply want to test drive a car for a short period of duration. Because the duration is shorter than traditional leases, monthly payments are typically more expensive for this kind of contract. Although it’s short-term, these leases still typically require paying sales taxes and fees in many states. 3 short-term car lease options There are many short-term car lease options you can select from, each with their own advantages and drawbacks. 1. Takeover someone else’s lease You can do this for couple of months. Most auto manufacturers will allow another person to from the initial lessee to get out of their contract. While this type of transaction could be made between two parties, it’s easier to use an outside party such as SwapALease or LeaseTrader since they are specialized in pairing existing lessees with those who are seeking a short-term vehicle lease. The short-term lease you can get through leasing transfers allows you to avoid having to pay a down payment. The monthly lease payment will be the same as the initial lessee agreed to when they signed their lease. 2. Find a long-term rental rental car firms also provide long-term rentalsthat are effectively short-term or sometimes known as “mini leases.” This method comes with advantages and disadvantages to be considered. Flexibility: Since these are car rentals and not leases, you aren’t locked to a contract and you can return the car at any time. No mileage restrictions — most of the times: Unlike when you lease a vehicle, there are usually no mileage restrictions when you opt for an extended-term rental. However, this might not be the norm particularly when it comes to vehicles that are specially designed. Switch cars as you please: Car rental companies often allow renters to switch cars during the term and give you the chance to use more than one vehicle. Costlier: On the downside, while the rates are lower than a typical car rental for a few days or one week, long-term rentals are still typically more expensive than a lease-takeover. 3. Traditional leases You could also take out a traditional car lease but for a shorter period. However, the shorter the lease, the harder it is to find, and you will likely need to shop with several dealers. Longer-term car leases generally include more lease offers from automakers. When vehicles aren’t selling well or have reached at the conclusion of production cycles, automakers try to boost sales with special lease deals with less expense. There are a lot more leases with 36 months than there are 24-month deals. If you select traditional leases with a shortened timeline, such as two years, the monthly payments will be more expensive because you’re spreading costs of your lease over a shorter term. The bottom line is that a short-term car lease is an attractive option if you don’t want to be tied to a specific type of vehicle for an extended period of time or have temporary needs for a vehicle. Be aware, however, that shorter leases typically have higher costs. Before you decide to lease a car for a short period choose the most cost-effective contract and compare costs with long-term rental alternatives as well. Discover more SHARE:
Writer: Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers feel confident to manage their finances through providing precise, well-researched and well-researched details that cut complicated topics into digestible pieces.
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