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 providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare data for free – so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they appear within 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. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not include the entire universe of businesses or financial offerings that might be available 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 contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances with precise, well-researched and well-written information that breaks down complex topics into manageable bites. The Bankrate guarantee
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This compensation could impact how, where and in what order products appear within listing categories in the event that they are not permitted 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 offered in your region or within your self-selected credit score range could also affect the manner in which products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include information about each credit or financial products or services. Car leases are a type of auto financing that allows the user to drive a vehicle or truck for a specified period of time and miles. The majority of leases last for longer than three years, a shorter-term lease lets consumers contract a car lease for just a few months, and as long as two years. These kinds of leases aren’t as popular but can be a good option if you need the vehicle for a short period. What a short-term car lease is much like a typical car lease, except it offers a much shorter term. There’s no formal standard that defines the length of a lease for a car with a short term, most experts say it’s 24 months or less. The standard car lease usually is a three-year, or four-year agreement. For some, the traditional car lease length is longer than what they would like for committing to a particular vehicle, making the short-term lease a viable alternative. It is for instance, if you are in a situation that is temporary such as traveling out of town for workor just want to try out the car for a brief period of time. Because the duration is shorter than a conventional lease, monthly payments are typically higher with this type of contract. And even though it is short-term, these leases generally require the payment of sales tax 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 their own advantages and drawbacks. 1. Transfer the lease of someone else. You could do this for a few months. Many auto manufacturers allow another person to from the initial lessee to get to get out of the contract. While this transaction can be done between two individuals but it’s more convenient to utilize a third party, such as SwapALease or LeaseTrader, because they specialize in bringing current lessees and those who are looking for a short-term lease. Getting a short-term lease through the transfer of a lease lets you avoid having to pay for a downpayment. The monthly lease payments would be the same as the initial lessee agreed to when they started their lease term. 2. Get a long-term rental Many rental car firms also provide long-term rental options, which are often short-term, or called “mini leases.” This option has some pros and cons that you should consider. Flexibility: Because these are rentals of cars, not leases, you’re not bound into a lease and are able to return the car at any time. There are no mileage limitations usually. times: Unlike when you lease a car generally, there are no mileage restrictions when you opt for the long-term rental. However, this might not be the norm especially with regards to vehicles that are specially designed. You can change cars at any time Car rental firms typically allow renters to switch cars during the term and give you the chance to take a trip in more than one car. Costlier However although the costs are lower than a normal car rental for a few days or for a week, long-term rentals are still typically more expensive than a lease-takeover. 3. Traditional leases You could also get an old-fashioned car lease for a much shorter term. But the shorter the lease, the harder it is to find, and you may need to shop around at multiple dealers. Car leases with longer terms generally come with more lease deals from automakers. When vehicles aren’t selling well or have reached close to the finish line of product cycles, manufacturers try to increase sales by offering special lease deals with lower costs. There are a lot leases that are 36-months longer than there are 24-month deals. If you choose an old-fashioned lease with a shortened timeline like two years, the monthly payments will be much higher because you’re dispersing all the expenses of the contract across a shorter time. The bottom line: A short-term car lease can be an attractive option if you don’t want to be tied to a specific type of vehicle for a lengthy period or you have temporary needs for a car. Be aware, however, that shorter leases typically have higher costs. When deciding on a short-term lease, to find the most cost-effective 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 writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances by providing clear, well-researched details that cut complicated topics into digestible pieces.
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