6, 12, 24 or 36 Month Car Lease: How to Decide
Finding the right month length for your car lease is important. There are short term car lease options available, although you will only find long term car lease information from new car dealers. That is because new cars are not usually advertised for loans under 24 months in duration. There are car lease terms though that are for as few as 6 or 12 months. Here are some steps to figure out what type of lease you need.
Step 1: Figure Out Your Situation
Short term leases are not for everyone. Most of the time, short term leases are for those who have a job temporarily in a different part of the country, or even in another country. They may also be going to school, have a military deployment or a variety of other things. If the stay is fewer than six months, it may be best to get a long term car rental, but anything more, and you should look for a short term car lease. If you are looking for a new car, a 24 or 36 month lease may be your best option. 24 and 36 month leases for new cars are very easy to find at any car dealership that you can go to. Because of this, the rest of this article will be based on short term leases for six and twelve month periods as those are harder to obtain.
Step 2: How to Get a Short Term Lease
As mentioned earlier, you can't get a short term lease of six or twelve months from a new car dealership. You have to look elsewhere. Most of the time, it is a private party who is looking to get out of their current lease for a bit. Maybe they don't need their car, or are in a bad financial situation and can't pay the monthly payments. Whatever the case may be, it may be your best choice. Often times, they offer incentives for you to take their lease over. This takeover means that you will be paying their lease, and you are now responsible for making the payments. You will be liable for any damages, mileage allowance penalties and everything else the original lessee was on the hook for.
Step 3: Where to Find Them
The great thing about a short term monthly car lease is that there are no heavy down payments or other high up front fees that you would get if you were to lease it yourself. You have a few options on how to find a short term lease. You can look in your local newspaper or classified sections to find if there are any private sellers out there who have these short term leases available. The other option is to use the Internet. Swaplease is the original site for this, and is the industry leader in short term leases. There are many leases that are available on the website, and you can choose which one you want to take over. Swaplease will then facilitate and complete the deal for you.
To recap, if you are in a temporary situation, such as a job or school, a short term six or twelve month lease may be best for you. 24 and 36 month leases are more apt for new car purchases.