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 better financial choices by providing you with interactive tools and financial calculators as well as publishing unique and impartial content. This allows you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they may be listed within the categories of listing 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 not influence the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial offerings that might 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 writer for Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied information that breaks down complex subjects into digestible pieces. The Bankrate guarantee
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We are compensated for the promotion of sponsored goods and services or by you clicking on certain hyperlinks on our site. This compensation could influence the manner, place and in what order items are listed, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own rules for our website and whether a product is available within your region or within your personal credit score could also affect the manner in which products appear on this site. Although we try to offer a wide range offers, Bankrate does not include information about each credit or financial product or service. The car lease a kind of auto financing that allows 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 3 or more years, a shorter-term lease allows consumers to contract a car lease for a short period of time, up to two years. These types of leases aren’t as popular but can be a good option for those who need an automobile for a short period. What is a short-term car lease is similar to a standard car lease except that it is a shorter term. While there’s no official regulation that specifies the exact length 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. Some people find that the traditional lease period is more than what they would like to commit to a particular car, which makes a short-term lease an option. For instance, if you are in a situation that is temporary such as traveling out of town for workor are looking to test drive an automobile for a short period of duration. Since the lease is less than traditional leases and the payments per month are generally more expensive for this kind of contract. And even though it is short-term, these leases still typically require paying sales taxes and other fees in several states. 3 short-term car lease options There are many short-term lease options for cars to choose from, all with each having its own pros and cons. 1. Takeover someone else’s lease You could do this for a couple of months. Most auto manufacturers will permit a third party to take over the original lessee who wants out of their lease. While this type of transaction could be done between two individuals however, it is more efficient to use a third party, like SwapALease or LeaseTrader since they are specialized in pairing current lessees and those who are looking for a short-term lease. Getting a short-term lease through a lease transfer lets you avoid having to pay a down payment. The monthly lease payment will be the amount that the lessee originally negotiated when they started their lease term. 2. Get a long-term rental Many rental car companies also offer long-term rentals, which are effectively short-term or sometimes known as “mini leases.” This method offers pros and cons to consider. Flexibility: Since these are rentals of cars, not leases, you’re not locked to a contract and you can return the vehicle anytime. There are no mileage limitations generally. times: Unlike when you lease a vehicle generally, there are no mileage restrictions when you opt for an extended-term rental. However, this might not always be the case especially with regards to specialty vehicles. Switch cars as you please Car rental companies typically allow renters to switch cars during the term, giving you the opportunity to take a trip in more than one car. More expensive In the end although the costs are lower than a normal car rental for only a few days or one week, long-term rentals are still typically more expensive than a lease-takeover. 3. Traditional leases You could also get the traditional car lease, but for a much shorter term. But the shorter the car lease, the more difficult it will be to locate, and you might have to look with several dealers. The longer-term leases typically come with more lease deals from automakers. When vehicles aren’t selling well or are nearing close to the finish line of manufacturing cycles, automakers try to increase sales through special lease deals with low costs. There are many more leases with 36 months than there are 24-month deals. When you opt for traditional leases with a shortened timeline, such as two years, your monthly payment will be much higher because you’re spread the cost of the contract over a shorter term. The bottom line is that a short-term car lease is an appealing option for those who do not want to be tied to a specific kind of vehicle for long periods of time or require a temporary car. Be aware, however, that shorter terms often have higher costs. Before you decide to lease a car for a short period look for the most cost-effective contract and compare the 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 feel confident to manage their finances by providing concise, well-studied information that breaks down otherwise complex topics into manageable bites.
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