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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 aim is to assist you make better financial choices by offering you 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 — so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited 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 who pay us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may be listed within the categories of listing, except where prohibited by law for our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does affect the content we publish or the reviews you read on this site. 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

Written by Josephine Nesbit Written by Josephine Nesbit is a former writer for Bankrate. 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 gain confidence to manage their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee

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We are compensated for the placement of sponsored products and services or by you clicking on specific links on our site. This compensation could affect the way, location and when products are listed, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, such as our own rules for our website and whether a product is available within your region or within your own personal credit score can also impact the manner in which products appear on this site. Although we try to offer a wide range offers, Bankrate does not include specific information on each credit or financial products or services. The car lease a type of financing for cars that permits the user to drive a vehicle, truck or SUV for a predetermined length of time and miles. The majority of leases last for longer than three years, a short-term car lease lets consumers contract a car lease for a few months up to two years. These types of leases aren’t as popular however they can be a great option if you need the vehicle for a short time. What a short-term car lease is a short-term car lease is much like a typical car lease except that it has a shorter duration. Although there’s no standard that defines the exact length of a short-term car lease generally speaking, experts recommend 24-months or less. The standard car lease usually includes a three-year or four-year contract. Some people find that the traditional lease period is more than the time they’d like for committing to a specific car, which makes a short-term lease an alternative. In the case of a require a short-term need, such as traveling out of town to work, or just want to try out the car for a brief period of time. Because the term is shorter than traditional leases and the payments per month are generally higher for this type of contract. And even though it is short-term, these leases usually require sales taxes and fees in many states. Three short-term lease options for cars There are several short-term car lease options you can select from, each with each having its own pros and cons. 1. Transfer the lease of someone else. You can do this for few months. The majority of automakers will permit a third party to take over the initial lessee to get out of their contract. While this transaction can be done between two individuals, it’s easier to use 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 the transfer of a lease will allow you to not have to pay for a downpayment. The monthly lease payment will be the amount that the original lessee negotiated for at the time they began their lease term. 2. Get a long-term rental Many rental car companies also offer long-term rentals, which are effectively short-term or sometimes known as «mini leases.» This option comes with advantages and disadvantages to be considered. Flexibility: Since these are rentals of cars, not leases, you’re not bound to a contract and you can return the car anytime. There are no mileage limitations generally. time: Unlike when you lease a vehicle, there are usually no limitations on mileage when opting for a long-term rental. However, this might not be the case all the time particularly when it comes to specialty vehicles. You can change cars at any time: Car rental companies often permit renters to swap cars during the term, giving you the opportunity to use more than one vehicle. More expensive 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 get a traditional car lease but for a shorter period. The shorter the car lease, the harder it is to find. You may need to shop around at multiple dealers. Longer-term car leases generally include more lease offers from automakers. When vehicles aren’t selling well or have reached at the conclusion of manufacturing cycles, automakers attempt to increase sales by offering special lease offers that come with less expense. There are a lot more leases with 36 months than there are 24-month deals. If you choose traditional leases with a shorter timeframe, such as two years, your monthly payments will be much higher because you’re dispersing all the expenses of the lease over a shorter period. The bottom line: A short-term car lease can be an appealing option for those who aren’t looking to commit to one kind of vehicle over a lengthy period or you have temporary needs for a car. Remember, however, that shorter terms often have higher costs. Before deciding on a short-term car lease, to find the most cost-effective agreement and compare prices with long-term rental options as well. Discover more SHARE:

The writer, Josephine Nesbit is a former contributor to Bankrate. Written 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 feel confident to take control of their finances with concise, well-studied details that cut otherwise complicated topics into digestible pieces.

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