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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 offering you financial calculators and interactive tools that provide objective and original content. This allows you to conduct your own research and analyze information for no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted 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 who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity, or other products for home loans. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not contain the universe of companies 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances by providing precise, well-researched and well-written information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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You have money questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We strive to continuously provide our readers with the professional advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. Our content produced by our editorial team is objective, factual and is not influenced through our sponsors. We're transparent regarding how we're able to bring quality information, competitive rates and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or through you clicking certain hyperlinks on our site. This compensation could influence the manner, place and when products appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other factors, such as our own rules for our website and whether a product is available within your region or within your self-selected credit score range may also influence the manner in which products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include details about every credit or financial products or services. A car lease is one type of auto financing that allows the driver to use a car, truck or SUV for a specified period of time and miles. Although most leases are for three or more years, a short-term car lease permits consumers to lease a vehicle for just a few months, and for up to two years. These types of leases are not as common however they can be a great option if you need an automobile for a short time. What a short-term car lease is much like a typical car lease, except it has a shorter term. While there's no official regulation that specifies the length of a short-term car lease generally speaking, experts recommend 24-months or less. The standard car lease usually comes with a three-year or four-year agreement. For some, the traditional lease period is more than they want for committing to a particular vehicle, making the short-term lease a feasible alternative. It is for instance, if you have a temporary need for example, such as leaving town for workor 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 higher for this type of contract. Although it's short-term, these leases usually require sales taxes and charges in many states. Three options for short-term car leases There are a variety of short-term car lease options to pick from, each having their own advantages and drawbacks. 1. Transfer the lease of someone else. You can do this for a couple of months. Most auto manufacturers will let a third party take over the original lessee who wants out of their lease. Although this can be conducted between two people, it's easier to use third-party companies like SwapALease or LeaseTrader, because they specialize in bringing current lessees and those who are looking for a short-term lease. Getting a short-term lease through leasing transfers will allow you to not have to make a down payment. The monthly lease payment would be the rate that the initial lessee agreed to at the time they began their lease. 2. Find a long-term rental rental car companies also offer long-term rentalsthat are often short-term, or known as "mini leases." This approach comes with advantages and disadvantages to be considered. Flexibility: Because these are not car rentals but leases, you're not bound into a lease and are able to return the car anytime. No mileage restrictions usually. time: Unlike when you lease a vehicle, there are usually no 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 allow renters to switch vehicles during their rental period, giving you the opportunity to drive more than one vehicle. Costlier However however, even though the prices are lower than a typical car rental cost for just a few days or even for a week, long-term rentals can be more expensive than lease-takeovers. 3. Traditional lease You can also get the traditional car lease, but for a much shorter term. However, the shorter the lease the more difficult it will be to locate, and you might have to look with several dealers. Longer-term car leases generally come with more lease deals from automakers. When vehicles aren't selling well or reach 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 24-month leases. If you choose traditional leases with a shortened timeline like two years, the monthly payments will be more expensive because you're spread all the expenses of the lease across a shorter time. The bottom line: A short-term lease on a car can be an attractive option if you aren't looking to commit to one type of vehicle for a lengthy period or you are in need of a temporary vehicle. Remember, however, that shorter-term leases usually are more expensive. Before you decide on a short-term 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. 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 feel confident to take control of their finances through providing precise, well-researched and well-researched facts that break down otherwise complex topics into manageable bites.
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