Can You Lease A Car For A Year? Would Short Term Leasing Be Better For Me?

Share

Can You Lease A Car For A Year

Introduction

There are a number of people who are often looking to lease a car. When leasing a car, you will be able to get a new vehicle every three years as well as making lower monthly payments. In some situations, people may look to move or get a new vehicle within one year.

As a result, there are many people who wonder can you lease a car for a year. According to many sources, car dealerships don’t offer one year car leases. As a result, the answer to the question, can you lease a car for a year is no.

However there are a few alternatives to leasing a car for one year. These include lease assumptions, car rentals and also buying a used car.

While car dealerships typically offer car leases for as little as 24 months, they don’t offer a 12 month car lease. As a result, individuals looking to get a one year car lease will need to focus on taking advantages of the alternatives.

The alternatives are able to allow consumers to get a vehicle and use it for a very short period of time. These alternatives will also enable them to avoid long term obligations that can be quite costly as well.

Therefore, using the alternatives such as lease assumptions and car rentals will serve as the ideal options for those looking to use a car on a short term basis.

Related: What Are The Advantages Of Leasing A Car Instead Of Buying One?

Lease Assumptions Allow You To Lease For One Year

The main option to consider when looking to drive a car on a short term basis is a lease assumption. This is when one party leases a car from another party.

In this situation, one person will no longer want to use a particular car and get out of their lease while having another person take it over. The person who takes the car will then assume the payments for the duration of the lease.

These types of deals are also known as takeovers and transfers. With this option, a number of people will get to take advantage of a very flexible arrangement when it comes to using a car.

• Benefits Of A Lease Assumption

There are a number of benefits with lease assumptions. One of the top benefits is that it allows a person to immediately get rid of a car without any penalties. Instead of breaking the lease, they will just need to transfer their lease agreement to another party.

They will be able to avoid paying extra fees for getting out of a lease prematurely. For the new lessee of the vehicle, it gives them a chance to lease a car with a shorter term.

For instance, the original party signs a 24 month lease. After the first 12 months, they decide that they no longer want the car. This person will then transfer the lease to another person who will lease it for the final 12 months of the term.

• Allows Consumers To Get A Car That Has Already Been Driven

Another benefit of lease assumptions is that they can allow a person to get a car that has already been broken in. There are a number of vehicles that come out with questionable reliability, performance and safety ratings.

As a result, some people may hold off on buying or leasing a particular vehicle until they know more about its ratings. With a lease assumption, these individuals can get a short term lease on that car while knowing that it will meet their needs in terms of reliability, safety and performance.

• Lease A Car On More Favorable Terms

When looking to get a short term car lease such as a lease assumption, consumers will also have the opportunity to get a car at certain terms.

This kind of lease deal will allow a consumer to know what the monthly payment is and therefore enable them to get a car that is most affordable for them.

Instead of going to a dealership and ending having to pay more than expected, a lease assumption allows the consumer to know how much they need to pay every month ahead of time.

As a result, a lease assumption provides consumers with a clearer idea of the costs of leasing a vehicle.

Typical Amount Of Months And Monthly Payment

Like all car financing arrangements, a lease assumption will have certain terms. These are provisions such as the monthly payment and the duration of the lease term. Fortunately for consumers, lease assumptions have varying terms and payments.

However, you can lease a car for only 12 months if you find the right deal. The terms of a lease assumption range between 12-36 months and payments between $150 and $450 per month in most cases.

With the right terms, consumers will be in position to take advantage of using a lease assumption for their next car.

Assume Lease During The Last Year Of Agreement

If you are looking to get a 12 month lease on a vehicle, then using a lease assumption will be the ideal option. The reason why is because you will get the most flexible terms.

Most car leases range between 24 and 36 months.

If you were to assume a car lease, you will need to make sure you take over a car that is in its final year of the lease agreement. As a result, you will want to find vehicles that are towards the end of their lease terms.

Affordable Monthly Payments

Not only is the amount of time remaining on the lease important but also the monthly payment. Since a car lease will cost you money, it is important to make sure that you get a lease assumption that is most affordable for you.

Those who are looking to lease an economy car will have the opportunity to assume leases for as low as $140 per month. For luxury vehicles, you will often need to make aof close to $500 per month. So it will be very important to verify the payment before assuming a car lease.

Related: What Credit Score Do I Need To Buy A Car?

Conclusion

Since lease assumptions are quite desirable to some auto consumers, it is important to know where to find such deals. While you can use magazines and newspaper classified ads, they are not usually the best options to look for such a deal.

The best place to find lease assumptions is to go online. On the internet there are a number of companies that match car leases with consumers. By going on these sites, you will be able to look at and evaluate a large selection of lease deals and inquire about the ones that most appeal to you.

While getting a one year car lease is not possible, there are ways to lease a car for only one year. The best way to lease a car for one year is to get a lease assumption.

With this agreement, you will be able to take over the lease payments of a vehicle that has been leased by someone else. By taking advantage of a lease assumption, you will be able to get the car you want on a temporary basis.

(4 votes, average: 3.50 out of 5)
Loading...

AutoUpdates

The newest gear, techniques, & advice delivered to your inbox.

Latest in Leasing