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 choices by providing you with financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct research and analyze information for no cost – so that you can make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they appear within the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity, or other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies 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 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 from late 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-researched and well-written information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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Therefore, this compensation may influence the manner, place and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your own personal credit score could also affect the manner in which products appear on this site. We strive to offer a wide range offers, Bankrate does not include specific information on each credit or financial products or services. The car lease one type of financing for cars that permits the driver to use a car or truck for a predetermined length of time and miles. Although most leases are for 3 or more years, a shorter-term lease permits consumers to lease a car for just a few months, and up to two years. These kinds of leases are less common however they can be a great option for those who need the vehicle for a short period. What exactly a short-term car lease is a short-term car lease is similar to a standard car lease, but it has a shorter duration. Although there’s no rule that stipulates the exact length of a short-term car lease however, the majority of experts suggest 24-months or less. The typical car lease comes with a three-year or four-year contract. For some, the traditional car lease length is longer than they want to commit to a specific vehicle, making the short-term lease a feasible option. In the case of a have a temporary need like traveling out of town for workor simply want to test drive a car for a short period of time. Because the term is shorter than a conventional lease the monthly installments are usually higher with this type of contract. Although it’s short-term, these leases still generally require the payment of sales tax and other fees in several states. Three short-term lease options for cars There are several short-term lease options for cars to pick from, each having distinct advantages and disadvantages. 1. Transfer the lease of someone else. You can do this for few months. The majority of automakers will allow another person to from the original lessee who wants out of their lease. While this type of transaction could be done between two individuals, it’s easier to use an outside party such as SwapALease , or LeaseTrader since they are specialized in pairing current lessees and those who are looking for a short-term lease. Getting a short-term lease through a lease transfer lets you avoid having to pay a down payment. The monthly lease payments would be the amount that the lessee originally negotiated when they signed their lease. 2. Consider a long-term lease Many rental car companies also offer long-term rentalsthat are effectively short-term or sometimes known as “mini leases.” This option offers pros and cons that you should consider. Flexibility: Since these are car rentals and not leases, you aren’t locked into a lease and are able to return the vehicle at any time. No mileage limits — most of the time: Unlike when you lease a car typically, there aren’t mileage restrictions when you opt for the long-term rental. However, this may not be the case all the time, especially when it comes to specialty vehicles. You can change cars at any time Car rental companies typically permit renters to swap cars throughout the duration of their lease and give you the chance to use more than one vehicle. Costlier In the end, while the rates are lower than a typical car rental cost for only a few days or for a week, long-term rentals are typically more expensive than lease-takeovers. 3. Traditional lease You can also sign an old-fashioned car lease with a shorter duration. But the shorter the lease the more difficult it is to locate, and you will likely need to shop at several dealers. Longer-term car leases 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, automakers attempt to increase sales through special lease deals that have lower costs. There are many leases that are 36-months longer than 24-month leases. If you choose a traditional lease with a shortened timeline for example, two years, the monthly payments will be higher since you’re dispersing costs of your contract over a shorter term. The bottom line A short-term car lease can be an attractive option if you aren’t looking to be tied to a specific kind of vehicle over a lengthy period or you have temporary needs for a car. Keep in mind, however that shorter leases typically are more expensive. Before you decide on a short-term lease choose the most affordable contract and compare costs with long-term rental options as well. Learn more SHARE:
Writer: Josephine Nesbit is a former contributor to Bankrate. The article was 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 gain the confidence to manage their finances by providing concise, well-studied information that breaks down complicated topics into digestible pieces.
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