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 financial calculators and interactive tools that provide objective and original content. This allows you to conduct your own research and compare data for free and 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 that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity, and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not include the universe of companies or financial offerings that might be open to you. Share: Smederevac/Getty Images
3 min read Published June 27, 2022
Written by Josephine Nesbit Written by Josephine Nesbit is a former journalist for Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-studied information that breaks down complex subjects into digestible pieces. The Bankrate promise
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So, this compensation can impact how, where and when products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own proprietary website rules and whether a product is available in your area or at your personal credit score can also impact the way and place products are listed on this site. We strive to offer a wide range offers, Bankrate does not include specific information on every credit or financial products or services. Car leases are a kind of financing for cars that permits you to drive a car, truck or SUV for a predetermined length of time and miles. Although most leases are for longer than three years, a shorter-term lease permits consumers to contract a car lease for a few months as long as two years. These types of leases aren’t as popular but can be a good alternative if you require the vehicle for a short time. What a short-term car lease is similar to a standard car lease except that it offers a much shorter term. Although there’s no regulation that specifies the length of a short-term car lease, most experts say it’s at least 24 months. The standard car lease usually comes with a three-year or four-year lease. Some people find that the traditional lease period is more than what they would like in order to sign a specific vehicle, making the short-term lease a viable alternative. It is for instance, if you are in a situation that is temporary for example, such as leaving town to work, or simply want to test drive the car for a brief period of time. Because the term is shorter than traditional leases, monthly payments are typically higher for this type of contract. Even though it’s short-term, they generally require the payment of sales tax and charges in many states. Three short-term lease options for cars There are a variety of short-term car lease options to choose from, all with each having its own pros and cons. 1. Takeover someone else’s lease You can do this for a few months. The majority of automakers will permit a third party to take over the original leasee who wishes to to get out of the contract. While this transaction can be made between two parties but it’s more convenient to utilize an outside party such as SwapALease , or LeaseTrader since they are specialized in pairing current lessees with 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 a down payment. The monthly lease payments would be the rate that the original lessee negotiated for at the time they began their lease. 2. Consider a long-term lease Many rental car companies also offer long-term rental options, which are effectively short-term or sometimes known as «mini leases.» This option comes with pros and cons to consider. Flexibility: Since these are not car rentals but leases, you’re not locked to a contract and you can return the car anytime. No mileage limits usually. time: Unlike when you lease a car generally, there are no limitations on mileage when opting for an extended-term rental. However, this may not always be the case especially with regards to vehicles that are specially designed. Change cars at will Car rental firms typically allow renters to switch vehicles during their rental period which gives you the option to take a trip in more than one car. More expensive In the end however, even though the prices are lower than a normal car rental cost for a few days or for a week, long-term rentals are still typically more expensive than lease-takeovers. 3. Traditional leases You could also take out a traditional car lease but for a shorter period. However, the shorter the car lease, the more difficult it is to locate, and you might have to look at multiple dealers. Car leases with longer terms generally include more lease offers from automakers. When vehicles aren’t selling well or have reached the end of their manufacturing cycles, manufacturers try to increase sales by offering special lease offers that come with less expense. There are many more leases with 36 months than 24-month leases. If you select traditional leases with a shorter timeframe, such as two years, your monthly payments will be higher since you’re spread all the expenses of the lease across a shorter time. The bottom line: A short-term lease on a car can be an appealing option for those who don’t want to commit to one type of vehicle for a lengthy period or you require 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 affordable contract and compare the costs with long-term rental alternatives as well. Learn more SHARE:
The writer, 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 passionate about helping readers feel confident to take control of their finances through providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
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