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 better financial decisions by offering you interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare data for free to help you make informed financial decisions. 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 are from companies who pay us. This compensation can affect the way and where products appear on the site, such as for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law for our loans, mortgages, and other home loan products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial offers that may be available to you. SHARE Smederevac/Getty Images
3 min read Published June 27, 2022
Writer: Josephine Nesbit Written by Josephine Nesbit was a writer 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 committed to helping readers gain confidence to manage their finances by providing concise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee
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So, this compensation can impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own rules for our website and whether the product is offered in your area or at your self-selected credit score range may also influence the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include specific information on each credit or financial item or product. Car leases are one type of financing for cars that permits the driver to use a car, truck or SUV for a set period of time and miles. Although most leases are for 3 or more years, a short-term lease lets consumers lease a car for just a few months, and for up to two years. These kinds of leases are not as common however they can be a great option if you need a vehicle for a brief time. What exactly a short-term car lease is A short-term is very similar to a regular car lease except that it offers a much shorter time. While there's no official standard that defines the length of a lease for a car with a short term however, the majority of experts suggest 24 months or less. The standard car lease usually includes a three-year or four-year lease. For some, the traditional car lease length is longer than what they would like for committing to a specific car, which makes a short-term lease a feasible option. In the case of a are in a situation that is temporary for example, such as leaving town to work, or are looking to test drive an automobile for a short period of duration. Since the lease is less than traditional leases the monthly installments are usually higher for this type of contract. Although it's short-term, these leases still generally require the payment of sales tax and fees in many states. 3 short-term car lease options There are a variety of short-term lease options for cars to pick from, each having each having its own pros and cons. 1. Transfer the lease of someone else. You can do this for a couple of months. Most auto manufacturers will allow another person to from the original lessee who wants to get out of the contract. While this type of transaction could be conducted between two people however, it is more efficient to use a third party, such as SwapALease , or LeaseTrader since they are specialized in pairing current lessees and those who are looking for a short-term lease. The short-term lease you can get through the transfer of a lease lets you avoid having to pay for a downpayment. The monthly lease payments would be the amount that the original lessee negotiated for when they started their lease term. 2. Consider a long-term lease Many rental car rental companies also offer long-term rentalsthat are effectively short-term or called "mini leases." This method has some pros and cons that you should consider. Flexibility: Because these are car rentals and not leases, you're not locked to a contract and you can return the vehicle anytime. There are no mileage limitations usually. time: Unlike when you lease a vehicle generally, there are no limits on mileage when you go for the long-term rental. However, this may not always be the case particularly when it comes to specialty vehicles. Change cars at will Car rental companies typically allow renters to switch cars throughout the duration of their lease which gives you the option to use more than one vehicle. More expensive: On the downside although the costs are lower than a normal car rental cost for a few days or a week, long-term car rentals are typically more expensive than a lease-takeover. 3. Traditional leases You could also sign the traditional car lease, but with a shorter duration. But the shorter the lease, the harder it is to find, and you might have to look at several dealers. Longer-term car leases generally come with more lease deals from automakers. If vehicles aren't selling as well or are nearing the end of their manufacturing cycles, automakers attempt to increase sales by offering special lease deals that have lower costs. There are leases that are 36-months longer than 24-month leases. If you select an old-fashioned lease with a shortened timeline for example, two years, the monthly payments will be higher since you're dispersing the cost of the contract across a shorter time. The bottom line A short-term lease on a car can be an appealing option if you don't want to be tied to a specific kind of vehicle over an extended period of time or are in need of a temporary car. Be aware, however, that shorter terms often have higher costs. Before deciding on a short-term car lease look for the most competitive contract and compare the costs with long-term rental options as well. 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 the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-studied information that breaks down otherwise complex topics into manageable bites.
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