Can You Lease a Vehicle with a Weak Credit Rating
Do I Need Great Credit to Lease a Car or Truck?
Are you wondering if you can lease a car or truck with less-than-perfect credit? Well, you'll be happy to know that the answer is yes. Unfortunately, it's not always easy. However, with a little research, some intelligent shopping, and understanding how you and your credit stand, it isn't impossible. The following are just a few ideas and concepts brought to you by industry experts that can help transform the distressed buyer into a clear-eyed consumer.
Know Your Credit Summary
Your official credit history is a snapshot of your standing as someone who takes care of their credit payments. It is a hint of your precise standing at the instant of query. Conversely, your credit report is a full summary of your history as a consumer and reliable debtor. Additionally, note that each time you check your credit score can negatively affect this number. It certainly can help to get a copy of the report and bring it to the dealer when you stop by.
Credit scores start at 300 and go up to 850. Anything under 620 is classified as "subprime". Typically, the minimum credit score required to lease a vehicle is 700.
What You Should Realistically Expect
If you've got ugly credit, or even if you may be leasing a car with no credit, realistically you most likely won't be getting your dream car. With low credit, however, cheaper vehicles should be less difficult to qualify for. Some leasing agents specifically handle applicants with poor credit. Without a doubt, there are car lots that work with all states of credit scores.
Find a Vehicle Model that Dealers May Be Most Focused on Leasing
If you are struggling to find somewhere to get a car or truck with bad credit, then it's just like anything else - you can broaden your search. Car and truck manufacturers generally release new models and trims towards the end of each year. Therefore, most dealerships may not want outdated models using up space on their lots. Rather than continue to lose cash, they'll likely be keen to unload. This can be a great opportunity for those with an ugly credit score.
Verify Your Regular Income
What about poor credit without a co-signer? You likely won't be approved for a lease without proof of income. All may not be lost. There is such a thing as bad credit car leasing. Bring actual proof of your consistent income, copies of pay stubs and evidence of an income that is more than enough to take care of your expenses. Demonstrate that you are working to improve your inferior credit ranking, and even include personal/professional references. Verification of prior leases you have had with perfect payment history. If not a car lease, a condo may also impress.
Put Money Away for a Greater Down-Payment
Down-payments can be a strong reason for leasing agents when they analyze your options. On average, those with near perfect credit will qualify for a no money down car lease. For those with less than perfect credit, however, the option for handing over a large down-payment may greatly increase your chances of a reasonable vehicle lease.Can You Lease a Vehicle with Weak Credit? | Round Rock Nissan