Lease a Car with Weak Credit
Do I Need Great Credit to Lease a Car or Truck?
Are you wondering if you can lease a vehicle with less-than-perfect credit? Well, you’ll be happy to know that the answer is yes. But, it’s not always easy. With a little research, however, some intelligent shopping, and understanding where your credit stands, it isn’t impossible. The following are some ideas and concepts brought to you by automotive professionals that can help transform the distressed buyer into a clairvoyant consumer.
Understand Your Credit Profile
Your official credit score is a snapshot of your ability to take care of your credit obligations. It is a glimpse of your exact stance at the instant of research. Your credit report, on the other hand, is a full summary of your history as a consumer and reliable debtor. Additionally, be aware that every time you run a credit check can negatively affect this score. It certainly can help to get a copy of your report and bring it to the dealer when you stop by.
Credit scores range from 300 to 850. Anything below 620 is classified as a “subprime score”. The minimum credit score needed for leasing most cars is 700, generally speaking.
Be Realistic About Your Situation
Even if you have bad credit, or may need to lease a car with no credit, realistically you most likely will not be getting your dream machine. With bad credit, however, cheaper vehicles will be less challenging to qualify for. Some leasing companies specifically handle low credit applicants. Undoubtedly, there are car dealers that work with all states of credit scores.
Find a Vehicle Model that Dealers Are More Interested in Leasing
If you’re challenged to find somewhere to get a car or truck with weak credit, then it’s just like anything else – you can broaden your search. Vehicle manufacturers generally release new models and trims near the end of each year. As a result, dealerships will probably not want outdated models using up room on their lots. Instead of continuing to lose money, they’ll most likely be interested to unload. This can be a great opportunity for those with a weak credit rating.
Verify Your Steady Income
How about weak credit without a co-signer? You likely won’t be approved for a car lease without proof of 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 an income that is more than enough to take care of your expenses. Show that you are working to improve your poor credit history, and even include professional/personal references. Verification of prior leases you have had with near perfect payment history. If not a car or truck lease, a household may also impress.
Save Up for a Larger Down-Payment
Down-payments can be a strong reason for leasing companies when they figure out your options. Generally speaking, those with great credit will qualify for a zero money down vehicle lease. However, for those with less impressive credit, the option for offering up a large down-payment can significantly improve your ability to acquire a reasonable car or truck lease.