What to know about short-term car leases Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing unique and impartial content. We also allow you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including such things as the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our loans, mortgages, and other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offers that may be open to you. SHARE: Smederevac/Getty Images
3 min read Published June 27, 2022
The article was 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promise
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Therefore, this compensation may affect the way, location and when products appear in listing categories and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own proprietary website rules and whether a product is available in your area or at your personal credit score may also influence the manner in which products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on each credit or financial product or service. The car lease a kind of financing for cars that permits the user to drive a vehicle, truck or SUV for a specified period of time and miles. While most leases are for three or more years, a short-term lease allows consumers to lease a car for just a few months, and up to two years. These kinds of leases are less common but can be a good alternative if you require an automobile for a short period. What a short-term car lease is a short-term car lease is much like a typical car lease except that it offers a much shorter term. There’s no formal standard that defines the exact duration of a short-term car lease, most experts say it’s 24-months or less. The typical car lease is a three-year, or four-year lease. Some people find that the traditional car lease length is longer than the time they’d like in order to sign a specific car, which makes a short-term lease a viable option. It is for instance, if you require a short-term need, such as traveling out of town to work, or are looking to test drive a car for a short period of time. Since the lease is less than traditional leases and the payments per month are generally higher with this type of contract. And even though it is short-term, these leases still usually require sales taxes and fees in many states. Three options for short-term car leases There are many short-term car lease options to choose from, all with their own advantages and drawbacks. 1. Takeover someone else’s lease You could do this for a few months. Most auto manufacturers will allow another person to from the original lessee who wants to get out of the contract. Although this can be conducted between two people but it’s more convenient to utilize third-party companies like SwapALease or LeaseTrader, because they are specialized in pairing existing lessees with those who are looking for a short-term car lease. The short-term lease you can get through the transfer of a lease lets you avoid having to make a down payment. The monthly lease payments would be the same as the original lessee negotiated for when they signed their lease term. 2. Consider a long-term lease Many rental car firms also provide long-term rentalsthat are often short-term, or known as “mini leases.” This method offers pros and cons to consider. Flexible: Since they are car rentals and not leases, you’re not bound into a contract and can return the vehicle anytime. No mileage restrictions generally. times: Unlike when you lease a car typically, there aren’t limits on mileage when you go for an extended-term rental. But this may not be the case all the time especially with regards to special vehicles. Switch cars as you please Car rental companies typically allow renters to switch vehicles during their rental period, giving you the opportunity to take a trip in more than one car. Costlier However although the costs are lower than a typical car rental cost for a few days or a week, long-term car rentals can be more expensive than a lease-takeover. 3. Traditional leases You could also take out an old-fashioned car lease for a much shorter term. But the shorter the lease, the more difficult it will be to find, and you might have to look with several dealers. Car leases with longer terms generally have more lease deals from automakers. If vehicles aren’t selling as well or have reached close to the finish line of product cycles, automakers attempt to boost sales with special lease deals with lower costs. There are more 36-month lease deals than 24-month leases. When you opt for a traditional lease with a shortened timeline, such as two years, the monthly payments will be much higher because you’re spread costs of your contract over a shorter period. The bottom line is that a short-term lease on a car can be an appealing option for those who don’t want to commit to one kind of vehicle for long periods of time or are in need of a temporary car. Be aware, however, that shorter leases typically are more expensive. Before deciding to lease a car for a short period look for the most affordable agreement and compare prices with long-term rental options as well. Learn more SHARE:
Written by Josephine Nesbit is a former contributor to Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers to take control of their finances with concise, well-studied details that cut complicated topics into digestible pieces.
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