What to know about short-term car leases Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and when products are featured on this site, including such things as the order in which they appear in the listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity, and other home lending products. But this compensation does affect the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial offers that may be accessible to you. SHARE: Smederevac/Getty Images
3 min read Published June 27, 2022
The article was written by Josephine Nesbit Written by Josephine Nesbit is a former writer for Bankrate. Written 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 gain confidence to manage their finances through providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate promises
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We receive compensation for the promotion of sponsored goods and services or through you clicking specific links on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own proprietary website rules and whether or not a product is available in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include specific information on every financial or credit item or product. The car lease a type of auto financing that allows the user to drive a vehicle or truck for a predetermined length of time as well as a certain number of miles. Although most leases are for 3 or more years, a short-term car lease permits consumers to lease a car for just a few months, and as long as two years. These kinds of leases aren’t as popular but they are a viable option for those who need an automobile for a short time. What a short-term car lease is a short-term car lease is much like a typical car lease, but it offers a much shorter duration. Although there’s no regulation that specifies the exact length of a short-term lease generally speaking, experts recommend 24 months or less. The typical car lease includes a three-year or four-year agreement. For some, the standard car lease length is longer than they want to commit to a particular car, which makes a short-term lease a feasible option. In the case of a have a temporary need like traveling out of town for work, or you are looking to test drive a car for a short period of time. Because the duration is shorter than traditional leases the monthly installments are usually higher with this type of contract. Even though it’s short-term, these leases typically require paying sales taxes and charges in many states. Three options for short-term car leases There are many short-term lease options for cars to choose from, all with each having its own pros and cons. 1. Transfer the lease of someone else. You can do this for a couple of months. Many auto manufacturers allow another person to from the original leasee who wishes to out of their contract. Although this can be conducted between two people however, it is more efficient to use an outside party such as SwapALease , or LeaseTrader since they specialize in bringing existing lessees with those who are who are looking for a short-term lease. A short-term lease via leasing transfers allows you to avoid having to make a down payment. The monthly lease payment will be the rate that the initial lessee agreed to when they signed their lease. 2. Consider a long-term lease Many rental car rental companies also offer long-term rental options, which are often short-term, or called “mini leases.” This option has some advantages and disadvantages to be considered. Flexibility: Since these are rentals of cars, not leases, you’re not locked into a contract and can return the vehicle anytime. There are no mileage limitations — most of the time: Unlike when choosing to lease a vehicle typically, there aren’t limits on mileage when you go for an extended-term rental. However, this might not always be the case, especially when it comes to specialty vehicles. Change cars at will Car rental companies typically permit renters to swap vehicles during their rental period and give you the chance to drive more than one vehicle. Costlier However however, even though the prices are lower than a normal car rental for a few days or a week, long-term car rentals are typically more expensive than lease-takeovers. 3. Traditional lease You can also sign the traditional car lease, but for a much shorter term. However, the shorter the car lease, the more difficult it will be to find, and you will likely need to shop at several dealers. Car leases with longer terms generally include more lease offers from automakers. If vehicles aren’t selling as well or are nearing at the conclusion of manufacturing cycles, manufacturers try to increase sales through special lease offers that come with lower costs. There are many leases that are 36-months longer than 24-month leases. If you choose a traditional lease that has a shorter duration for example, two years, the monthly payments will be much higher because you’re spread the cost of the lease across a shorter time. The bottom line is that a short-term lease on a car can be an appealing option for those who aren’t looking to sign a contract for a particular kind of vehicle over long periods of time or are in need of a temporary car. Be aware, however, that shorter-term leases usually come with higher prices. Before deciding on a short-term lease look for the most affordable 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 editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to control their finances through providing precise, well-researched and well-researched facts that break down complex subjects into bite-sized pieces.
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