What is a short term lease?
With a shorter term lease/rental contract, you can lease a car for 3 to 12 months. Only a small amount of financial information is required and the car can generally be delivered much quicker.
Who is short term rental for?
Short term leasing is perfect for new employees and contract workers. It is also great for those with low credit scores that are soon to be cleared. It is also significantly less than traditional daily rentals.
The Pros of Short Term Rental
- Allows for small commitment. This is particularly useful for new employees still on their probation, or contract workers who only need their car temporarily
- Maintenance and Road Fund License is included in the costs. So any servicing and wear and tear items are included in the price. This makes for easy budgeting.
- Reduced underwriting criteria. This means you are less likely to have to provide as much financial information, this is great for those with a bad credit score.
The Cons of Short Term Rental
- Short term leasing tends to be more expensive than other forms of leasing, such as contract hire.
- You are limited to only a number of cars. These also might not have the specification you want.
- Insurance is significantly more on a short term lease.