Are you wondering if you can lease a vehicle with bad credit? Well, the answer is almost always yes, but it can still prove to be very difficult. However, with a little research, some intelligent shopping, and knowing how you stand, it isn’t impossible. The following are just a few ideas and concepts brought to you by industry professionals that can help transform the distressed buyer into a clairvoyant consumer.
Your official credit rating is an indicative summary of your ability to take care of your credit payments. It is a hint of your exact stance at the instant of query. Conversely, your credit report is a complete 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’t hurt to get a copy of your report and bring it to the dealer when you stop by.
Credit scores range from 850 to 300. Anything below 620 is designated as “subprime”. The minimum credit score required for leasing most cars or trucks is 700, on average.
If you have ugly credit, or even if you might be leasing a car without any credit, realistically you probably won’t be getting your dream car. With poor credit, however, cheaper vehicles should be less challenging to qualify for. Some leasing companies specifically handle applicants with ugly credit. Indubitably, there are car dealerships that work with all types of credit scores.
If you are struggling to find somewhere to get a car with low credit, then it’s just like anything else – you’ll have to broaden your search. Vehicle manufacturers generally release new models and trims towards the end of each year. As a result, most dealerships may not want outdated models using up valuable space on their lots. Rather than continue to lose cash, they’ll likely be interested to unload. This can be a boon for those with a weak credit rating.
How about bad credit without a co-signer? You probably won’t qualify for a lease without income. All may not be lost. There is such a thing as bad credit car leasing. Show actual proof of your regular income, copies of pay stubs and evidence of a salary that is more than needed to take care of your monthly expenses. Show that you are working to improve your low credit history, and even include professional/personal references. Verification of prior leases you have had with exceptional payment history. If not a car or truck lease, a house may impress as well.
Down-payments can be a important factor for leasing companies when they analyze your options. Typically, those with perfect credit will qualify for a nearly no money down car or truck lease. For those with less impressive credit, however, the option for giving up a large down-payment may greatly increase your chances of a reasonable car lease.
How to Lease a Vehicle with Weak Credit | Advantage BMW Midtown