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 decisions by providing you with financial calculators and interactive tools as well as publishing unique and impartial content, by enabling users to conduct research and analyze information for no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that compensate us. This compensation may impact how and when products are featured on this site, including such things as the order in which they appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that might be accessible to you. SHARE: Smederevac/Getty Images
3 min read Published June 27, 2022
The article was written by Josephine Nesbit Written by Josephine Nesbit is a former journalist for Bankrate. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched and well-written facts that break down complex subjects into digestible pieces. The Bankrate promise
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We are compensated for placement of sponsored products and, services, or through you clicking certain hyperlinks on our website. So, this compensation can influence the manner, place and in what order items are listed and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own rules for our website and whether a product is offered in your region or within your self-selected credit score range may also influence how and where products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit item or product. The car lease one type of auto financing that allows the user to drive a vehicle or truck for a specified period of time as well as a certain number of miles. While most leases are for 3 or more 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 are less common but can be a good option if you need a vehicle for a brief time. What exactly a short-term car lease is much like a typical car lease, but it is a shorter time. Although there’s no rule that stipulates the exact duration of a lease for a car with a short term however, the majority of experts suggest 24-months or less. The traditional car lease typically includes a three-year or four-year agreement. Some people find that the traditional car lease is longer than they want to commit to a specific car, which makes a short-term lease a feasible option. For instance, if you are in a situation that is temporary for example, such as leaving town for work, or you are looking to test drive a car for a short period of time. Because the term is shorter than traditional leases the monthly installments are usually more expensive for this kind of contract. Even though it’s short-term, these leases still typically require paying sales taxes and charges in many states. 3 short-term car lease options There are a variety of short-term lease options for cars to select from, each with each having its own pros and cons. 1. Intake over the lease of someone else. can do this for 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 type of transaction could be conducted between two people but it’s more convenient to utilize a third party, such as SwapALease , or LeaseTrader, because they are specialized in pairing existing lessees with those who are who are looking for a short-term lease. Getting a short-term lease through leasing transfers lets you avoid having to make a down payment. The monthly lease payment will be the rate that the original lessee negotiated for when they started their lease term. 2. Consider a long-term lease Many rental car firms also provide long-term rentals, which are effectively short-term or known as “mini leases.” This method comes with pros and cons that you should consider. Flexibility: Because these are car rentals and not leases, you aren’t locked into a lease and are able to return the vehicle anytime. There are no mileage limitations generally. time: Unlike when you lease a vehicle generally, there are no mileage restrictions when you opt for the long-term rental. However, this may not always be the case particularly when it comes to specialty vehicles. Change cars at will Car rental companies typically allow renters to switch cars during the term which gives you the option to use more than one vehicle. Costlier However 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 a lease-takeover. 3. Traditional lease You can also sign an old-fashioned car lease for a much shorter term. However, the shorter the lease the harder it is to find, and you will likely need to shop at several dealers. Car leases with longer terms generally come with more lease deals from automakers. If cars aren’t performing well or reach at the conclusion of manufacturing cycles, automakers attempt to increase sales by offering special lease deals that have low costs. There are leases that are 36-months longer than there are 24-month deals. If you choose an old-fashioned lease with a shortened timeline for example, two years, your monthly payments will be higher since you’re spreading all the expenses of the contract over a shorter term. The bottom line: A short-term car lease is an appealing option if you aren’t looking to be tied to a specific kind of vehicle for long periods of time or require a temporary vehicle. Be aware, however, that shorter leases typically are more expensive. Before deciding on a short-term car lease, to find the most competitive agreement and compare prices with long-term rental options as well. Discover 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 feel confident to control their finances with concise, well-studied facts that break down complex topics into manageable bites.
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