This paper presents a comprehensive analysis of non-linear voltage-dependent capacitances of vertical SiC power MOSFETs with lateral channel, focusing specifically on fast switching transients. The capacitance-voltage (C-V) device characteristics, (Cgs, C gd , C ds), being dependent on both Vgs and V ds , are extracted by means of two-dimensional Technology Computer Aided Design (TCAD) simulations for a commercially available device in both off-and on-state modes. Different compact models for the power MOSFET are investigated, each employing a three inter-terminal capacitance model as typically used in power electronics. The performed analysis provides a detailed explanation for the importance of taking into account the dependence of C gd , Cgs and C ds on both of the voltages Vgs and V ds. This is especially important for fast switching transients (in the range of 10 ns) in order to accurately predict switching losses, driver losses, current and voltage slopes, as well as current and voltage delays. As direct measurements for C gd , Cgs and C ds in dependence of both Vgs and V ds are highly demanding, the results presented in this paper increase the understanding of both the underlying effects as well as of the trade-offs between accuracy and computational complexity made by simplifying device models. In turn, this information is highly beneficial for enabling accurate and computationally efficient automated design procedures for power electronics.