Less-than-Perfect Credit Car Leasing
Do You Need Great Credit to Lease a Car or Truck?
Curious to know if you can lease a vehicle with poor credit? Well, the answer is almost always yes, but it can still prove to be very difficult. With a little research, however, some wise shopping, and knowing where your credit stands, it isn’t impossible. The following are just a few concepts and ideas brought to you by industry professionals that can help evolve the worried buyer into a clairvoyant consumer.
Find Out Your Credit Rating
Your official credit score is a summary of your ability to take care of your credit payments. It is a hint of your precise standing at the moment of query. Your credit report, on the other hand, is a full summary of your history as a consumer and reliable debtor. Also, note that every 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 visit.
Your credit score can go from 300 to 850.. A rating under 620 is classified as a “subprime score”. The minimum credit score needed for leasing most cars or trucks is 700, on average.
Be Realistic About Your Situation
Even if you’ve got low credit, or may be leasing a car without any credit, rationally you most likely will not be bringing home your dream car. With poor credit, however, cheaper vehicles will be easier to get qualified for. Some leasing agents specifically work with poor credit applicants. Undoubtedly, there are car dealers that work with all kinds of credit scores.
Find a Car Model that Dealerships May Be More Focused on Leasing
If you’re struggling 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 and truck manufacturers generally release new models and trims towards the end of each year. As a result, dealerships will not want previous year models taking up valuable room on their lots. Rather than continue to lose cash, they’ll probably be keen to unload. This can be a good time for those with an inferior credit score.
Prove a Consistent Income
What about weak credit without a co-signer? You probably won’t be approved for a vehicle lease without income. All is not lost, however – there is such a thing as bad credit car leasing. Show actual proof of your steady salary, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your monthly expenses. Demonstrate that you are working to improve your weak credit score, and even include professional/personal references. Verification of prior leases you have had with exceptional payment history. If not a car lease, a house may impress as well.
Put Money Away for a Bigger Down-Payment
Down-payments are a strong factor for leasing companies when they figure out your options. Generally speaking, those with excellent 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 a reasonable lease.
Less-than-Perfect Credit Car Leasing
