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3 min read Published June 27, 2022
Written by Josephine Nesbit Written by Josephine Nesbit was a journalist for Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-researched and well-written information that breaks down complex subjects into digestible pieces. The Bankrate promises
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This compensation could 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 or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether or not a product is available within your area or at your personal credit score could also affect the manner in which products appear on this site. We strive to offer an array of offers, Bankrate does not include information about every credit or financial products or services. A car lease is one type of financing for cars that permits the driver to use a car, truck or SUV for a specified period of time as well as a certain number of miles. The majority of leases last for longer than three years, a short-term lease permits consumers to contract a car lease for just a few months, and for up to two years. These kinds of leases aren’t as popular however they can be a great option if you need a vehicle for a brief time. What a short-term car lease is A short-term is very much like a typical car lease, except it offers a much shorter duration. While there’s no official rule that stipulates the exact duration of a short-term lease, most experts say it’s at least 24 months. The typical car lease includes a three-year or four-year contract. Some people find that the traditional lease period is more than the time they’d like to commit to a particular vehicle, making a short-term lease an option. It is for instance, if you require a short-term need, such as traveling out of town to work, or simply want to test drive an automobile for a short period of duration. Since the lease is less than a conventional lease the monthly installments are usually more expensive for this kind of contract. Although it’s short-term, these leases typically require paying sales taxes and other fees in several states. Three options for short-term car leases There are many short-term car lease options you can choose from, all with their own advantages and drawbacks. 1. Transfer the lease of someone else. You could do this for a couple of months. Most auto manufacturers will let a third party take over the original lessee who wants out of their contract. Although this can be done between two individuals but it’s more convenient to utilize a third party, like SwapALease or LeaseTrader as they are specialized in pairing current lessees and those who are looking for a short-term lease. A short-term lease via leasing transfers lets you avoid having to pay a down payment. The monthly lease payment will be the same as the original lessee negotiated for at the time they began their lease. 2. Consider a long-term lease Many rental car firms also provide long-term rentals, which are often short-term, or known as “mini leases.” This option has some advantages and disadvantages to be considered. Flexibility: Because these are car rentals and not leases, you’re not bound to a contract and you can return the car at any time. There are no mileage limitations — most of the time: Unlike when choosing to lease a car, there are usually no limitations on mileage when opting for an extended-term rental. However, this might not always be the case especially with regards to special vehicles. You can change cars at any time Car rental companies typically permit renters to swap vehicles during their rental period, giving you the opportunity to take a trip in more than one car. Costlier: On the downside however, even though the prices are lower than a typical car rental cost for just a few days or even a week, long-term car rentals can be more expensive than a lease-takeover. 3. Traditional leases You could also sign the traditional car lease, but with a shorter duration. However, the shorter the car lease, the harder it is to locate, and you may need to shop around at several dealers. Longer-term car leases generally have more lease deals from automakers. If cars aren’t performing well or reach close to the finish line of production cycles, automakers attempt to increase sales through special lease offers that come with less expense. There are many leases that are 36-months longer than deals for 24-months. When you opt for a traditional lease with a shortened timeline like two years, the monthly payments will be much higher because you’re dispersing all the expenses of the contract over a shorter period. The bottom line is that a short-term lease on a car can be an attractive option if you do not want to be tied to a specific kind of vehicle over an extended period of time or are in need of a temporary vehicle. Be aware, however, that shorter-term leases usually come with higher prices. Before you decide to lease a car for a short period choose the most cost-effective contract and compare costs with longer-term rental options, too. Discover more SHARE:
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 dedicated to helping their readers feel confident to manage their finances with concise, well-studied facts that break down otherwise complicated topics into digestible pieces.
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