How to Lease a Vehicle with Weak Credit
Do I Need Good Credit to Lease a Car?
Curious to know if you can lease a car with bad credit? Well, the answer is yes, but it can still prove to be very difficult. With a little research, however, some smart shopping, and knowing where you and your credit stand, it can be done. The following are just a few ideas and concepts brought to you by automotive professionals that can help transform the anxious buyer into a clear-eyed consumer.
Come to Grips With Your Credit History
Your official credit history is a summary of your ability to take care of your credit responsibilities. Your credit profile is a glimpse of your precise stance 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, be aware that each time you check your credit score can negatively affect this rating. It certainly can't hurt to get a copy of your report and bring it to the dealer when you visit.
Your credit score will go from 300 to 850.. Anything below 620 is classified as a "subprime score". On average, the minimum credit score required to lease a vehicle is 700.
What You Should Expect
Even if you've got bad credit, or may need to lease a car without any credit, rationally you most likely won't be bringing home your dream machine. However, with low credit, cheaper vehicles should be less difficult to qualify for. Some leasing companies specifically only work with low credit applicants. Indubitably, there are car dealers that work with all states of credit.
Find a Car or Truck Model that Dealerships Are Most Focused on Leasing
If you are struggling to find somewhere to lease a car with weak credit, then it's just like anything else – you may need to broaden your search. Car manufacturers generally release new models near the end of each year. Therefore, dealerships most likely won't want outdated models using up valuable space on their lots. Instead of continuing to lose cash, they'll probably be keen to unload. This can be a boon for those with a bad credit score.
Prove Your Steady Income
How about bad credit without a co-signer? You simply won't be approved for a lease without proof of income. All is not lost, however – there is such a thing as bad credit car leasing. Produce actual proof of your consistent salary, copies of pay stubs and evidence of an income that is more than sufficient to take care of your expenses. Demonstrate that you are working to improve your low credit ranking, and even include personal/professional references. Verification of prior leases you have had with exceptional payment history. If not a vehicle lease, a mortgage may also impress.
Put Money Away for a Bigger Down-Payment
Down-payments are a important factor for leasing agents when they determine your choices. On average, those with excellent credit will qualify for a no money down car lease. For those with less impressive credit, however, the option for offering up a large down-payment can significantly improve your ability to acquire an ideal lease.
How to Lease a Vehicle with Weak Credit | Bob Howard Chevrolet