Can You Lease a Car with Bad Credit?
Do You Need Great Credit to Lease a Car or Truck?
Do you need to know if you can lease a car with poor credit? Well, you’ll be happy to be told that yes is the answer. But, it’s not always easy. However, with a little research, some smart shopping, and understanding how you stand, it can be done. The following are just a few ideas and concepts brought to you by automotive experts that can help evolve the worried buyer into a clear-eyed consumer.
Come to Grips With Your Credit History
An official credit rating is a summary of your ability to take care of your credit responsibilities. The credit profile is a hint of your exact standing at the moment of query. Your credit report, on the other hand, is a complete summary of your history as a debtor and consumer. Also, note that every time you check your credit score can negatively affect this number. It certainly can help to get a copy of the report and bring it to the dealership when you visit.
Credit scores go from 850 to 300. Any score below 620 is designated as a “subprime score”. The minimum credit score required for leasing most cars or trucks is 700, generally speaking.
What One 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 bad credit, cheaper vehicles will be easier to get qualified for. Some leasing agents specifically only work with applicants with ugly credit. Undoubtedly, there are car lots that work with all kinds of credit.
Find a Vehicle Model that Dealers May Be Most Focused on Leasing
If you are struggling to find somewhere to get a car or truck with low credit, then it’s the same as anything else – you may need to broaden your search. Vehicle manufacturers generally release new models and trims at the end of each year. As a result, most dealerships may not want older models taking up space on their lots. Rather than continuing to lose cash, they’ll likely be keen to unload. This can be a great opportunity for those with a poor credit rating.
Prove a Regular Income
What about low credit without a co-signer? You likely won’t be approved for a vehicle lease without proof of income. All may not be lost. There is such a thing as bad credit car leasing. Bring actual proof of your regular salary, copies of pay stubs and evidence of a salary that is more than enough to take care of your debts. Demonstrate that you are working to improve your weak credit history, and even include professional and personal references. Verification of previous leases you have had with excellent payment history. If not a car lease, a mortgage may impress as well.
Put Money Away for a Bigger Down-Payment
Down-payments can be a important reason for leasing agents when they figure out your choices. Typically, those with great credit will qualify for a zero money down vehicle lease. For those with less impressive credit, however, the option for offering up a large down-payment will significantly improve your ability to acquire a reasonable vehicle lease.Can You Lease a Car with Bad Credit | Town North Nissan