Leasing a Car with Poor Credit
Do I Need Good Credit to Lease a Car?
Wondering if you can lease a car or truck with bad credit? Well, the answer is yes, but it can still prove to be considerably challenging With a little research, however, some smart shopping, and knowing how your credit stands, it isn’t impossible. The following are some ideas and concepts from automotive professionals that can help evolve the distressed buyer into a keen-eyed consumer.
Find Out Your Credit History
Your official credit rating is a summary of your ability to take care of your credit payments. It is a glimpse of your exact standing at the instant of query. Conversely, your credit report is a complete summary of your history as a consumer and debtor. Additionally, note that each time you run a credit check can negatively affect this score. It certainly can’t hurt to get a copy of your report and bring it to the dealership when you stop by.
Credit scores start at 300 and go up to 850. Anything below 620 is classified as “subprime”. The minimum credit score needed to lease most cars or trucks is 700, typically.
What You Can Realistically Expect
Even if you’ve got low credit, or may be leasing a car with no credit, realistically you probably will not be bringing home your dream machine. However, with weak credit, cheaper vehicles should be less difficult to get qualified for. Some leasing agents specifically only work with ugly credit applicants. Indeed, there are car dealerships that work with all states of credit.
Select a Vehicle Model that Dealers Are More Likely to Lease
If you are challenged to find somewhere to get a vehicle with ugly 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 room on their lots. Rather than continue to lose cash, they’ll most likely be interested to unload. This can be a boon for those with a weak credit rating.
Verify that You Have a Steady Income
How about low credit without a co-signer? You simply won’t qualify for a lease without income. All is not lost, however – there is such a thing as bad credit car leasing. Show actual proof of your regular income, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your expenses. Demonstrate that you are working to improve your ugly credit score, and even include professional and personal references. Verification of prior leases you have had with excellent payment history. If not a car or truck lease, a house may also impress.
Put Money Away for a Bigger Down-Payment
Down-payments can be a important factor for leasing companies when they determine your options. Generally speaking, those with great credit will qualify for a nearly no money down car lease. For those with less than perfect credit, however, the option for handing over a large down-payment may greatly improve your chances of a reasonable car lease.Leasing a Car with Poor Credit | Bob Howard Nissan