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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 smarter financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity and other home lending products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offers that may 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. Edited 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 control their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate guarantee

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We are compensated in exchange for the promotion of sponsored goods and services, or through you clicking certain links posted on our site. So, this compensation can influence the manner, place and in what order items appear within listing categories and categories, unless it is 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 website rules and whether the product is available in your region or within your self-selected credit score range can also impact the way and place products are listed on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on each credit or financial product or service. The car lease a kind of auto financing that allows the user to drive a vehicle, truck or SUV for a predetermined length of time and number of miles. While most leases are for three or more years, a short-term lease permits consumers to lease a car for a short period of time, up to two years. These types of leases are not as common but they are a viable option for those who need an automobile for a short period. What exactly a short-term car lease is similar to a standard car lease, except it has a shorter term. There’s no formal standard that defines the exact length of a short-term car lease generally speaking, experts recommend 24-months or less. 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 specific vehicle, making a short-term lease an alternative. For instance, if you are in a situation that is temporary such as traveling out of town to work, or simply want to test drive a car for a short period of time. Because the term is shorter than a traditional lease the monthly installments are usually higher with this type of contract. And even though it is short-term, these leases still generally require the payment of sales tax and other fees in several states. Three options for short-term car leases There are a variety of short-term car lease options you can pick from, each having each having its own pros and cons. 1. Transfer the lease of someone else. You can do this for couple of months. The majority of automakers will permit a third party to take over the original lessee who wants out of their contract. Although this can be made between two parties however, it is more efficient to use a third party, such as SwapALease or LeaseTrader, because they specialize in bringing existing lessees with those who are seeking a short-term vehicle lease. Getting a short-term lease through leasing transfers allows you to avoid having to pay for a downpayment. The monthly lease payment would be the same as the original lessee negotiated for when they started their lease term. 2. Get a long-term rental Many rental car companies also offer long-term rentalsthat are effectively short-term or sometimes known as “mini leases.” This method comes with pros and cons that you should consider. Flexible: Since they are car rentals and not leases, you’re not locked into a contract and can return the car at any time. No mileage limits generally. 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 always be the case especially with regards to special vehicles. Switch cars as you please Car rental firms typically permit renters to swap cars throughout the duration of their lease, giving you the opportunity to take a trip in more than one car. Costlier In the end, while the rates are less than the typical car rental cost for just a few days or even for a week, long-term rentals are typically more expensive than a lease-takeover. 3. Traditional lease You can also get an old-fashioned car lease for a shorter period. However, the shorter the lease, the more difficult it is to find, and you may need to shop around at several dealers. Car leases with longer terms generally include more lease offers from automakers. If cars aren’t performing well or have reached at the conclusion of manufacturing cycles, manufacturers try to increase sales through special lease deals with less expense. There are leases that are 36-months longer than there are 24-month deals. If you select a traditional lease with a shorter timeframe for example, two years, your monthly payments will be higher since you’re spread the cost of the contract over a shorter term. The bottom line: A short-term car lease can be an appealing option if you aren’t looking to commit to one kind of vehicle over long periods of time or have temporary needs for a car. Remember, however, that shorter terms often are more expensive. Before you decide on a short-term car lease choose the most affordable agreement and compare prices with long-term rental alternatives as well. Learn more 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 from late 2021. They are passionate about helping readers feel confident to control their finances through providing clear, well-researched facts that break down otherwise complex topics into manageable bites.

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