What to know about short-term car leases Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information for free to help you 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 Make money The products that appear on this website are provided by companies who pay us. This compensation can affect the way and where products are displayed on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, or other home lending products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not cover 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 late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate promises
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We are compensated for placement of sponsored products and services, or through you clicking certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and in what order products appear in listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether a product is available within your area or at your self-selected credit score range could also affect the manner in which products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Car leases are a type of financing for cars that permits you to drive a car, truck or SUV for a specified period of time and number of miles. The majority of leases last for 3 or more years, a shorter-term lease lets consumers contract a car lease for just a few months, and up to two years. These types of leases aren’t as popular however they can be a great option for those who need an automobile for a short period. What exactly a short-term car lease is a short-term car lease is similar to a standard car lease except that it has a shorter time. While there’s no official regulation that specifies the exact length of a lease for a car with a short term generally speaking, experts recommend 24-months or less. The traditional car lease typically includes a three-year or four-year contract. For some, the traditional car lease length is longer than they want to commit to a particular vehicle, making the short-term lease a viable alternative. It is for instance, if you are in a situation that is temporary for example, such as leaving town for work, or you just want to try out a car for a short period of duration. Since the lease is less than traditional leases the monthly installments are usually higher with this type of contract. Even though it’s short-term, they usually require sales taxes and other fees in several states. 3 short-term car lease options There are several short-term car lease options to choose from, all with distinct advantages and disadvantages. 1. Intake over the lease of someone else. could do this for a few months. The majority of automakers will permit a third party to take over the original leasee who wishes to out of their lease. While this transaction can be conducted between two people but it’s more convenient to utilize a third party, such as SwapALease or LeaseTrader since they specialize in bringing current lessees and those looking for a short-term car lease. Getting a short-term lease through a lease transfer allows you to avoid having to pay a down payment. The monthly lease payment would be the rate that the lessee originally negotiated at the time they began their lease. 2. Consider a long-term lease Many rental car firms also provide long-term rental options, which are often short-term, or known as “mini leases.” This approach has some advantages and disadvantages to be considered. Flexibility: Because these are car rentals and not leases, you’re not bound into a contract and can return the car anytime. No mileage restrictions generally. time: Unlike when you lease a vehicle, there are usually no limitations on mileage when opting for an extended-term rental. But this may not always be the case particularly when it comes to specialty vehicles. Switch cars as you please Car rental firms typically permit renters to swap cars throughout the duration of their lease and give you the chance to take a trip in more than one car. More expensive In the end however, even though the prices are lower than a normal car rental rate for just a few days or even for a week, long-term rentals can be more expensive than a lease-takeover. 3. Traditional leases You could also take out the traditional car lease, but for a shorter period. But the shorter the lease, the more difficult it will be to find, and you will likely need to shop at multiple dealers. Car leases with longer terms generally include more lease offers from automakers. If vehicles aren’t selling as well or reach the end of their production cycles, automakers attempt to increase sales through special lease offers that come with low costs. There are more leases with 36 months than there are 24-month deals. If you select a traditional lease that has a shorter duration like two years, your monthly payment will be much higher because you’re dispersing costs of your lease over a shorter term. The bottom line A short-term lease on a car can be an appealing option if you do not want to commit to one type of vehicle for long periods of time or are in need of a temporary car. Keep in mind, however that shorter-term leases usually are more expensive. When deciding on a short-term car lease, to find the most cost-effective contract and compare costs with longer-term rental options, too. Discover more SHARE:
Written by Josephine Nesbit is a former contributor to Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers to control their finances by providing precise, well-researched and well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
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