Can You Lease a Car with Bad Credit?
Can I Lease a Car or Truck Without a Great Credit Score?
Do you need to know if you can lease a car or truck with less-than-perfect credit? Well, you’ll be glad to know that yes is the answer. Unfortunately, it’s not always easy. With a little research, however, some intelligent shopping, and understanding where your credit stands, it isn’t impossible. The following are several concepts and ideas brought to you by industry professionals that can help evolve the worried buyer into a clear-eyed consumer.
Come to Grips With Your Credit Profile
An official credit rating is a map of your ability to take care of your credit responsibilities. It is a glimpse of your precise stance at the instant of research. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Additionally, note that every time you check your credit score can negatively affect this score. It certainly can help to get a copy of your report and bring it to the dealership when you visit.
Credit scores start at 300 and go up to 850. Any score under 620 is designated as “subprime”. Typically, the minimum credit score required to lease a car is 700.
What You Can Reasonably Expect
If you have bad credit, or even if you may be leasing a car with no credit, rationally you most likely won’t be bringing home your dream car. With bad credit, however, cheaper vehicles should be less challenging to get qualified for. Some leasing companies specifically only handle low credit applicants. Indubitably, there are car dealerships that work with all kinds of credit scores.
Choose a Car or Truck Model that Dealers May Be Most Likely to Lease
If you’re challenged to find somewhere to get a car with weak credit, then it’s just like anything else – you may need to broaden your search. Car manufacturers generally release new models towards the end of each year. As a result, dealerships may not want previous year models taking up valuable room on their lots. Rather than continuing to lose money, they’ll most likely be eager to unload. This can be a great opportunity for those with a bad credit rating.
Prove Your Steady Income
What about poor credit without a co-signer? You simply won’t qualify for a car or truck lease without an income. All may not be lost. There is such a thing as bad credit car leasing. Bring actual proof of your consistent salary, copies of pay stubs and evidence of a salary that is more than needed to take care of your monthly expenses. Show that you are working to improve your low credit history, and even include personal and professional references. Verification of prior leases you’ve had with near perfect payment history. If not a car lease, a house may also impress.
Save Up for a Larger Down-Payment
Down-payments are a strong factor for leasing agents when they figure out your options. Generally speaking, those with near perfect credit will qualify for a no money down car or truck lease. However, for those with less than perfect credit, the option for offering up a large down-payment can greatly increase your ability to acquire a reasonable car lease.