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 offering you financial calculators and interactive tools as well as publishing unique and impartial content. We also allow you to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation may impact how and where products are displayed on this site, including such things as the order in which they appear within the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity and other home loan products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial deals that could 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. 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 committed to helping readers gain confidence to take control of their finances by providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate promise
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So, this compensation can impact how, where and in what order items are listed and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, like our own website rules and whether a product is offered in your area or at your self-selected credit score range could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial item or product. Car leases are a kind of auto financing that allows the user to drive a vehicle or truck for a set period of time as well as a certain number of miles. The majority of leases last for longer than three years, a short-term car lease lets consumers contract a car lease for a short period of time, as long as two years. These kinds of leases are not as common but they are a viable option for those who need the vehicle for a short period. What a short-term car lease is a short-term car lease is similar to a regular car lease, except it offers a much shorter duration. There's no formal regulation that specifies the length of a lease for a car with a short term generally speaking, experts recommend 24-months or less. The traditional car lease typically comes with a three-year or four-year contract. Some people find that the traditional lease period is more than they want to commit to a particular vehicle, making the short-term lease a viable option. In the case of a are in a situation that is temporary like traveling out of town for work, or you just want to try out a car for a short period of time. Since the lease is less than a traditional lease the monthly installments are usually higher for this type of contract. Although it's short-term, they usually require sales taxes and other fees in several states. 3 short-term car lease options There are a variety of short-term car lease options you can select from, each with distinct advantages and disadvantages. 1. Intake over the lease of someone else. can do this for few months. Most auto manufacturers will permit a third party to take over the original leasee who wishes to out of their contract. Although this can be done between two individuals however, it is more efficient to use an outside party such as SwapALease , or LeaseTrader, because they are specialized in pairing current lessees and those seeking a short-term vehicle lease. A short-term lease via a lease transfer lets you avoid having to pay for a downpayment. The monthly lease payment would be the rate that the initial lessee agreed to at the time they began their lease. 2. Consider a long-term lease Many rental car companies also offer long-term rentals, which are effectively short-term or sometimes known as "mini leases." This option has some advantages and disadvantages to be considered. Flexible: Since they are not car rentals but leases, you aren't locked into a contract and can return the car anytime. No mileage restrictions usually. times: Unlike when you lease a car typically, there aren't limits on mileage when you go for an extended-term rental. However, this may not be the norm especially with regards to special vehicles. Change cars at will Car rental companies typically allow renters to switch cars throughout the duration of their lease and give you the chance to take a trip in more than one car. More expensive: On the downside although the costs are less than the typical car rental rate for only a few days or for a week, long-term rentals are still typically more expensive than lease-takeovers. 3. Traditional lease You can also take out the traditional car lease, but for a much shorter term. But the shorter the car lease, the harder it is to locate, and you might have to look with several dealers. Car leases with longer terms generally come with more lease deals from automakers. If cars aren't performing well or reach the end of their manufacturing cycles, manufacturers try to increase sales through special lease deals with lower costs. There are a lot more 36-month lease deals than deals for 24-months. If you choose a traditional lease that has a shorter duration, such as two years, your monthly payment will be more expensive 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 aren't looking to commit to one kind of vehicle for a lengthy period or you require a temporary vehicle. Remember, however, that shorter-term leases usually have higher costs. Before you decide on a short-term car lease, to find the most affordable contract and compare costs with long-term rental alternatives as well. Learn more SHARE:
Written by Josephine Nesbit is a former contributor to Bankrate. The article was 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 to manage their finances by providing precise, well-researched and well-researched information that breaks down complex topics into manageable bites.
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