Can You Lease a Car with Bad Credit?
Will I Be Able to Lease a Car or Truck Without a Good Credit Score?
Do you need to know if you can lease a vehicle with ugly credit? Well, the answer is yes, but it can still prove to be extremely challenging With a little research, however, some smart shopping, and knowing how you stand, it can be done. The following are just a few ideas and concepts brought to you by industry professionals that can help evolve the distressed buyer into a keen-eyed consumer.
Understand Your Credit History
An official credit history is a summary of your ability to take care of your credit payments. Your credit history is a hint of your exact standing at the instant of research. Your credit report, on the other hand, is a full summary of your history as a consumer and reliable debtor. Additionally, be aware that every time you check your credit score can negatively affect this score. It certainly can’t hurt to get a copy of the report and bring it to the dealership when you stop by.
Credit scores range from 850 to 300. Anything below 620 is designated as a “subprime score”. The minimum credit score required to lease most vehicles is 700, generally speaking.
What You Can Expect
If you have bad credit, or even if you may be leasing a car without any credit, realistically you most likely won’t be getting your dream car. However, with ugly credit, cheaper vehicles will be easier to qualify for. Some leasing agents specifically work with applicants with ugly credit. Without a doubt, there are car dealers that work with all states of credit scores.
Find a Vehicle Model that Dealers Are Most Eager to Lease
If you are struggling to find somewhere to get a car with low credit, then it’s just like anything else – you may need to broaden your search. Vehicle manufacturers generally release new models at the end of each year. As a result, dealerships may not want older models using up room on their lots. Instead of continuing to lose money, they’ll probably be eager to unload. This can be a good time for those with a poor credit rating.
Prove that You Have a Steady Income
How about bad credit without a co-signer? You probably won’t be approved for a lease without an income. All is not lost, however – there is such a thing as bad credit car leasing. Produce actual proof of your consistent income, copies of pay stubs and evidence of a salary that is more than needed to take care of your monthly expenses. Indicate that you are working to improve your poor credit rating, and even include personal/professional references. Verification of previous leases you have had with excellent payment history. If not a car or truck lease, a household may also impress.
Save for a Greater Down-Payment
Down-payments can be a significant reason for leasing agents when they analyze your choices. On average, those with near perfect credit will qualify for a nearly no money down car or truck lease. However, for those with less impressive credit, the option for handing over a large down-payment will significantly increase your chances of a reasonable car lease.
Can You Lease a Car with Bad Credit? | Munday Mazda