Can You Lease a Vehicle with Weak Credit
Can I Lease a Car or Truck Without a Great Credit Score?
Do you need to know if you can lease a vehicle with poor 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 smart shopping, and knowing how you and your credit stand, it can be done. The following are just a few ideas and concepts from industry experts that can help turn the distressed buyer into a clairvoyant consumer.
Understand Your Credit Rating
An official credit rating is a map of your standing as someone who takes care of their credit obligations. Your credit profile is a hint of your precise standing at the instant of query. Conversely, your credit report is a complete summary of your history as a consumer and debtor. Plus, be aware that each time you check your credit score can negatively affect this score. It certainly can help to get a copy of the report and bring it to the dealership when you stop by.
Your credit score will range from 850 to 300.. Any score under 620 is classified as "subprime". Generally speaking, the minimum credit score required for leasing a car is 700.
Be Realistic About Your Situation
If you've got poor credit, or even if you might be leasing a car without any credit, rationally you probably won't be getting your dream car. With weak credit, however, cheaper vehicles will be less difficult to get qualified for. Some leasing companies specifically handle bad credit applicants. Undoubtedly, there are car dealerships that work with all states of credit.
Find a Car Model that Dealerships May Be Most Interested in Leasing
If you're challenged to find somewhere to lease a car or truck with weak credit, then it's the same as anything else – you may broaden your search. Vehicle manufacturers generally release new models at the end of each year. Therefore, most dealerships may not want outdated models taking up space on their lots. Rather than continuing to lose money, they'll probably be keen to unload. This can be a great opportunity for those with a poor credit history.
Verify Your Regular Income
What about bad credit without a co-signer? You probably won't be approved for a car or truck lease without an income. All may not be lost. There is such a thing as bad credit car leasing. Arrive at the dealership or leasing agent with actual proof of your consistent salary, copies of pay stubs and evidence of a salary that is more than needed to take care of your expenses. Show that you are working to improve your ugly credit ranking, and even include personal and professional references. Verification of previous leases you have had with near perfect payment history. If not a car lease, a condo may impress as well.
Put Money Away for a Greater Down-Payment
Down-payments are a significant factor for leasing agents when they determine your choices. On average, those with excellent credit will qualify for a nearly zero money down vehicle lease. However, for those with less impressive credit, the option for giving up a large down-payment can greatly increase your ability to acquire an ideal car or truck lease.
Leasing a Car With Bad Credit | Gene Messer Chevrolet