How to Lease a Car with Bad Credit
Will I Be Able to Lease a Car or Truck Without a Great Credit Score?
Are you wondering if you can lease a car with poor credit? Well, the answer is almost always yes, but it can still prove to be extremely difficult. With a little research, however, some smart shopping, and understanding how you and your credit stand, it can be done. The following are several concepts and ideas brought to you by industry professionals that can help evolve the distressed buyer into a keen-eyed consumer.
Know Your Credit History
Your official credit rating is a summary of your standing as someone who takes care of their credit responsibilities. It is a glimpse of your precise stance at the moment of research. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Also, be aware 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 dealer when you stop by.
Credit scores start at 300 and go up to 850. Any score below 620 is classified as "subprime". Generally speaking, the minimum credit score required for leasing a car or truck is 700.
What You Can Expect
If you have ugly credit, or even if you might need to lease a car with no credit, realistically you probably won't be bringing home your dream machine. However, with poor credit, cheaper vehicles should be easier to get qualified for. Some leasing companies specifically only work with low credit applicants. Without a doubt, there are car dealers that work with all kinds of credit scores.
Choose a Vehicle Model that Dealers May Be Most Focused on Leasing
If you're struggling to find somewhere to lease a car with bad credit, then it's the same as anything else – you'll have to broaden your search. Car and truck manufacturers generally release new models and trims towards the end of each year. As a result, most dealerships may not want older models using up valuable space on their lots. Rather than continuing to lose money, they'll most likely be eager to unload. This can be a boon for those with an ugly credit rating.
Verify Your Steady Income
What about bad credit without a co-signer? You likely won't qualify for a vehicle lease without income. All may not be lost. There is such a thing as bad credit car leasing. Show actual proof of your steady income, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your expenses. Show that you are working to improve your ugly credit profile, and even include personal/professional references. Verification of previous leases you have had with perfect payment history. If not a car lease, a condo may impress as well.
Save for a Bigger Down-Payment
Down-payments can be a strong reason for leasing companies when they present your choices. Generally speaking, those with great credit will qualify for a no money down car lease. However, for those with less than perfect credit, the option for giving up a large down-payment can significantly improve your ability to acquire an ideal lease.
Leasing a Car With Bad Credit | Smicklas Chevrolet