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 choices 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 to help you make sound financial decisions. Bankrate has agreements with issuers, including 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 compensate us. This compensation could affect how and where products are displayed on this site, including, for example, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our loans, mortgages,, or other home loan products. But this compensation does not influence the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be open to you. Share: Smederevac/Getty Images
3 min read Published June 27, 2022
Written by Josephine Nesbit Written by Josephine Nesbit was a journalist for 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 committed to helping readers gain the confidence to take control of their finances by providing precise, well-researched and well-written information that breaks down complex topics into manageable bites. The Bankrate promises
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This compensation could affect the way, location and in what order items appear in listing categories in the event that they are not permitted by law. We also offer mortgage, home equity and other products for home loans. Other factors, such as our own proprietary website rules and whether the product is available in the area you reside in or is within your personal credit score could also affect the manner in which products appear on this website. While we strive to provide an array of offers, Bankrate does not include details about each credit or financial item or product. The car lease one type of financing for cars that permits the driver to use a car, truck or SUV for a set period of time and number of miles. The majority of leases last for 3 or more years, a shorter-term lease allows consumers to contract a car lease for a short period of time, up to two years. These kinds of leases aren’t as popular but they are a viable option if you need a vehicle for a brief period. What a short-term car lease is A short-term is very similar to a standard car lease, except it offers a much shorter term. Although there’s no rule that stipulates the length of a short-term lease, most experts say it’s at least 24 months. The traditional car lease typically includes a three-year or four-year agreement. Some people find that the traditional lease period is more than the time they’d like to commit 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 are looking to test drive an automobile for a short period of duration. Because the term is shorter than traditional leases the monthly installments are usually higher with this type of contract. Although it’s short-term, these leases usually require sales taxes and other fees in several states. Three options for short-term car leases There are several short-term car lease options you can pick from, each having each having its own pros and cons. 1. Takeover someone else’s lease You can do this for couple of months. Many auto manufacturers permit a third party to take over the original lessee who wants to get out of the contract. Although this can be done between two individuals however, it is more efficient to use third-party companies such as SwapALease or LeaseTrader, because they specialize in pairing current lessees with those who are looking for a short-term lease. A short-term lease via leasing transfers will allow you to not have to make a down payment. The monthly lease payments would be the same as the lessee originally negotiated at the time they began their lease. 2. Consider a long-term lease Many rental car rental companies also offer long-term rental options, which are often short-term, or called “mini leases.” This method offers pros and cons to consider. Flexibility: Since these are rentals of cars, not leases, you aren’t locked into a lease and are able to return the vehicle at any time. No mileage limits generally. time: Unlike when choosing to lease a car generally, there are no limits on mileage when you go for the long-term rental. However, this might not always be the case particularly when it comes to vehicles that are specially designed. Switch cars as you please Car rental firms typically permit renters to swap cars during the term, giving you the opportunity to use more than one vehicle. More expensive However however, even though the prices are lower than a typical car rental rate for just a few days or even one week, long-term rentals are still typically more expensive than a lease-takeover. 3. Traditional lease You can also get an old-fashioned car lease with a shorter duration. But the shorter the car lease, the more difficult it is to find. You may need to shop around at multiple dealers. Car leases with longer terms generally have more lease deals from automakers. If cars aren’t performing well or reach close to the finish line of production cycles, manufacturers try to increase sales through special lease deals that have lower costs. There are many more 36-month lease deals than there are 24-month deals. When you opt for a traditional lease that has a shorter duration, such as two years, your monthly payment will be much higher because you’re spreading costs of your 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 long periods of time or have temporary needs for a car. Be aware, however, that shorter-term leases usually are more expensive. When deciding on a short-term lease, to find the most affordable contract and compare the costs with longer-term rental options, too. Learn more SHARE:
The writer, Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances by providing concise, well-studied information that breaks down complicated topics into digestible pieces.
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