Leasing a Car or Truck with Weak Credit
Do I Need Good Credit to Lease a Car?
Wondering if you can lease a car or truck with bad credit? Well, the answer is almost always yes, but it can still prove to be considerably challenging With a little research, however, some intelligent shopping, and knowing how you and your credit stand, it can be done. The following are some concepts and ideas from industry experts that can help evolve the anxious buyer into a clairvoyant consumer.
Understand Your Credit Profile
An official credit history is an indicative summary of your ability to take care of your credit obligations. It is a hint of your precise standing at the instant of query. Your credit report, on the other hand, is a complete summary of your history as a debtor and consumer. Plus, note that each time you run a credit check can negatively affect this number. It certainly can help to get a copy of the report and bring it to the dealer when you visit.
Your credit score can range from 300 to 850.. Anything under 620 is designated as a “subprime score”. On average, the minimum credit score required for leasing a vehicle is 700.
What One Should Reasonably Expect
If you have poor credit, or even if you may have to lease a car without any credit, rationally you probably will not be getting your dream car. However, with weak credit, cheaper vehicles should be less challenging to get qualified for. Some leasing agents specifically only work with poor credit applicants. Indeed, there are car lots that work with all kinds of credit.
Select a Car Model that Dealerships May Be Most Eager to Lease
If you are challenged to find somewhere to get a car or truck with low credit, then it’s the same as anything else – you can broaden your search. Car manufacturers generally release new models near the end of each year. As a result, most dealerships most likely won’t want previous year models taking up room on their lots. Instead of continuing to lose money, they’ll most likely be eager to unload. This can be a boon for those with an inferior credit score.
Verify that You Have a Steady Income
What about weak credit without a co-signer? You probably won’t be approved for a lease without income. All may not be lost. There is such a thing as bad credit car leasing. Bring 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 monthly expenses. Demonstrate that you are working to improve your poor credit profile, and even include professional/personal references. Verification of prior leases you have had with perfect payment history. If not a vehicle lease, a household may impress as well.
Put Money Away for a Larger Down-Payment
Down-payments can be a strong reason for leasing agents when they figure out your choices. On average, those with excellent credit will qualify for a no money down car lease. However, for those with less than perfect credit, the option for giving up a large down-payment will significantly increase your chances of an ideal lease.