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, publishing original and objective content, by enabling you to conduct your own research and analyze information for no cost – so that you can make financial decisions with confidence. 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 site are from companies that pay us. This compensation could affect how and where products are displayed on this website, for example, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home loan products. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not include the universe of companies or financial offers that may be accessible to you. Share: Smederevac/Getty Images
3 min read Published June 27, 2022
Written by Josephine Nesbit Written by Josephine Nesbit was a contributor to Bankrate. The article was edited 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 gain the confidence to manage their finances through providing concise, well-studied facts that break down complex subjects into digestible pieces. The Bankrate promise
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Therefore, this compensation may affect the way, location and in what order products appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, such as our own website rules and whether a product is offered in your region or within your personal credit score may also influence the manner in which products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. A car lease is a kind of auto financing that allows you to drive a car or truck for a predetermined length of time as well as a certain number of miles. While most leases are for 3 or more years, a short-term lease permits consumers to contract a car lease for just a few months, and as long as two years. These kinds of leases are less common but can be a good option if you need the vehicle for a short period. What a short-term car lease is A short-term is very similar to a regular car lease, except it offers a much shorter duration. While there’s no official rule that stipulates the exact duration of a short-term car lease generally speaking, experts recommend 24 months or less. The standard car lease usually includes a three-year or four-year contract. For some, the standard car lease is longer than they want to commit to a particular vehicle, making a short-term lease an alternative. For instance, if you have a temporary need like traveling out of town for work, or you are looking to test drive an automobile for a short period of duration. Because the duration is shorter than a traditional lease and the payments per month are generally higher for this type of contract. Although it’s short-term, these leases usually require sales taxes and other fees in several states. Three options for short-term car leases There are several short-term car lease options to choose from, all with each having its own pros and cons. 1. Intake over the lease of someone else. can do this for a couple of months. Most auto manufacturers will allow another person to from the initial lessee to get out of their lease. Although this can be made between two parties but it’s more convenient to utilize a third party, such as SwapALease or LeaseTrader as they specialize in bringing existing lessees with those who are seeking a short-term vehicle lease. Getting a short-term lease through a lease transfer lets you avoid having to pay a down payment. The monthly lease payments would be the amount that the initial lessee agreed to when they signed their lease term. 2. Find a long-term rental rental car rental companies also offer long-term rentals, which are often short-term, or called “mini leases.” This method has some pros and cons that you should consider. Flexibility: Because these are rentals of cars, not leases, you’re not bound into a contract and can return the car at any time. No mileage restrictions generally. times: Unlike when you lease a car, there are usually no limitations on mileage when opting for the long-term rental. However, this may not be the case all the time, especially when it comes to specialty vehicles. You can change cars at any time Car rental companies typically allow renters to switch cars throughout the duration of their lease, giving you the opportunity to take a trip in more than one car. Costlier However however, even though the prices are lower than a typical car rental rate for a few days or one week, long-term rentals are typically more expensive than a lease-takeover. 3. Traditional leases You could also sign the traditional car lease, but for a much shorter term. But the shorter the lease, the more difficult it is to find. You may need to shop around with several dealers. Car leases with longer terms generally have more lease deals from automakers. When vehicles aren’t selling well or are nearing the end of their product cycles, automakers try to boost sales with special lease offers that come with low costs. There are more leases with 36 months than there are 24-month deals. When you opt for an old-fashioned lease that has a shorter duration for example, two years, your monthly payments will be more expensive because you’re dispersing all the expenses of the contract across a shorter time. The bottom line is that a short-term lease on a car can be an appealing option if you aren’t looking to commit to one type of vehicle for an extended period of time or require a temporary car. Keep in mind, however that shorter leases typically are more expensive. Before deciding on a short-term lease look for the most competitive contract and compare costs with longer-term rental options, too. Find out more about 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 from late 2021. They are passionate about helping readers feel confident to manage their finances by providing concise, well-studied information that breaks down complex subjects into bite-sized pieces.
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