Leasing a Car with Bad Credit
Can I Lease a Car Without Good Credit?
Are you wondering if you can lease a vehicle with less-than-perfect credit? Well, you’ll be relieved to be told that yes is the answer. Unfortunately, it’s not always easy. However, with a little research, some intelligent shopping, and understanding where your credit stands, it can be done. The following are several ideas and concepts from automotive professionals that can help turn the distressed buyer into a keen-eyed consumer.
Find Out Your Credit History
Your official credit rating is an indicative summary of your standing as someone who takes care of their credit responsibilities. It is a glimpse of your precise standing at the instant of research. Conversely, your credit report is a full summary of your history as a debtor and consumer. Additionally, note that each time you run a credit check can negatively affect this number. It certainly can’t hurt 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. Anything under 620 is designated as “subprime”. Generally speaking, the minimum credit score required to lease a car is 700.
Be Realistic About Your Expectations
Even if you’ve got bad credit, or may be leasing a car with no credit, realistically you probably won’t be getting your dream car. With low credit, however, cheaper vehicles should be less challenging to qualify for. Some leasing agents specifically handle low credit applicants. Indeed, there are car dealerships that work with all states of credit.
Target a Car Model that Dealerships May Be Most Likely to Lease
If you are challenged to find somewhere to get a vehicle with bad credit, then it’s the same as anything else – you’ll have to broaden your search. Car manufacturers generally release new models at the end of each year. As a result, dealerships will probably not want outdated models taking up space on their lots. Instead of continue to lose cash, they’ll most likely be keen to unload. This can be a good time for those with a weak credit rating.
Verify that You Have a Consistent Income
What about low credit without a co-signer? You probably won’t be approved for a car lease without an income. All is not lost, however – there is such a thing as bad credit car leasing. Bring actual proof of your steady salary, copies of pay stubs and evidence of an income that is more than needed to take care of your expenses. Show that you are working to improve your low credit ranking, and even include personal and professional references. Verification of prior leases you have had with exceptional payment history. If not a car lease, a house may impress as well.
Save Up for a Bigger Down-Payment
Down-payments can be a strong factor for leasing agents when they determine your options. Generally speaking, those with perfect credit will qualify for a nearly zero money down car lease. However, for those with less impressive credit, the option for offering up a large down-payment will greatly increase your ability to acquire an ideal car lease.
Leasing a Car with Bad Credit | MINI of El Paso