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 that provide objective and original 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 partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation could affect how and where products are displayed on this website, for example, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our loans, mortgages,, or other home loan products. But this compensation does not influence the information we publish, or the reviews appear on this website. 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
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We are compensated in exchange for placement of sponsored products and, services, or when you click on specific links on our site. Therefore, this compensation may impact how, where and when products appear in listing categories, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own proprietary website rules and whether or not a product is available within your area or at your personal credit score can also impact the manner in which products appear on this site. We strive to offer a wide range offers, Bankrate does not include information about each credit or financial products or services. Car leases are a type of financing for cars that permits the user to drive a vehicle, truck or SUV for a specified period of time as well as a certain number of miles. Although most leases are for 3 or more years, a short-term car lease lets consumers contract a car lease for a short period of time, as long as two years. These types of leases are not as common but they are a viable alternative if you require a vehicle for a brief period. What is A short-term is very similar to a regular car lease, but it has a shorter term. While there’s no official rule that stipulates the exact duration of a short-term lease generally speaking, experts recommend 24-months or less. The standard car lease usually is a three-year, or four-year lease. Some people find that the traditional lease period is more than the time they’d like in order to sign a specific vehicle, making a short-term lease a viable option. It is for instance, if you are in a situation that is temporary for example, such as leaving town for work, or you just want to try out a car for a short period of time. Because the term is shorter than a conventional lease, monthly payments are typically more expensive for this kind of contract. And even though it is short-term, these leases generally require the payment of sales tax and charges in many states. 3 short-term car lease options There are a variety of short-term car lease options to pick from, each having their own advantages and drawbacks. 1. Intake over the lease of someone else. can do this for a few months. Many auto manufacturers permit a third party to take over the original leasee who wishes to to get out of the contract. While this type of transaction could be made between two parties, it’s easier to use a third party, such as SwapALease , or LeaseTrader since they are specialized in pairing existing lessees with those who are seeking a short-term vehicle lease. A short-term lease via leasing transfers allows you to avoid having to make a down payment. The monthly lease payments would be the amount that the original lessee negotiated for when they signed their lease term. 2. Find a long-term rental rental car companies also offer long-term rentals, which are effectively short-term or called “mini leases.” This approach has some pros and cons that you should consider. Flexible: Since they are not car rentals but leases, you’re not bound to a contract and you can return the vehicle anytime. There are no mileage limitations usually. time: Unlike when you lease a car generally, there are no mileage restrictions when you opt for a long-term rental. However, this may not be the case all the time particularly when it comes to vehicles that are specially designed. 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 drive more than one vehicle. Costlier However although the costs are lower than a normal car rental rate for a few days or one week, long-term rentals are typically more expensive than a lease-takeover. 3. Traditional leases You could also take out a traditional car lease but for a shorter period. But the shorter the car lease, the more difficult it will be to find, and you may need to shop around with several dealers. Car leases with longer terms generally come with more lease deals from automakers. If vehicles aren’t selling as well or are nearing close to the finish line of product cycles, automakers try to increase sales through special lease deals that have low costs. There are many more leases with 36 months than there are 24-month deals. If you select an old-fashioned lease with a shortened timeline like two years, your monthly payment will be more expensive because you’re dispersing the cost of the contract over a shorter term. The bottom line: A short-term car lease is an attractive option if you don’t want to commit to one type of vehicle for an extended period of time or require a temporary vehicle. Remember, however, that shorter terms often are more expensive. Before deciding to lease a car for a short period choose the most cost-effective contract and compare the costs with long-term rental alternatives as well. Find out more about SHARE:
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 dedicated to helping their readers to take control of their finances through providing concise, well-studied details that cut otherwise complex topics into manageable bites.
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