Leasing a Car with Less-than-Perfect Credit
Can I Lease a Car Without a Great Credit Score?
Curious to know if you can lease a car or truck with less-than-perfect credit? Well, the answer is yes, but it can still prove to be considerably challenging With a little research, however, some wise shopping, and knowing where you and your credit stand, it can be done. The following are some ideas and concepts from automotive professionals that can help evolve the worried buyer into a clear-eyed consumer.
Know Your Credit Summary
An official credit rating is a summary of your ability to take care of your credit payments. It is a glimpse of your precise standing at the instant of research. Your credit report, on the other hand, is a complete summary of your history as a debtor and consumer. Additionally, be aware that every time you run a credit check 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.
Credit scores go from 300 to 850. A rating below 620 is classified as "subprime". Generally speaking, the minimum credit score required for leasing a car is 700.
Be Realistic About Your Expectations
Even if you've got ugly credit, or may be leasing a car without any credit, rationally you probably won't be bringing home your dream machine. However, with low credit, cheaper vehicles should be easier to qualify for. Some leasing companies specifically work with applicants with ugly credit. Indubitably, there are car dealers that work with all types of credit scores.
Select a Car or Truck Model that Dealers Are Most Eager to Lease
If you're struggling to find somewhere to get a car with poor credit, then it's the same as anything else – you'll have to broaden your search. Vehicle manufacturers generally release new models towards the end of each year. Therefore, dealerships will not want previous year models using up valuable space on their lots. Instead of continue to lose money, they'll probably be eager to unload. This can be a good time for those with a poor credit history.
Prove a Steady Income
What about poor credit without a co-signer? You probably won't qualify for a car or truck lease without proof of income. All may not be lost. There is such a thing as bad credit car leasing. Show actual proof of your steady income, copies of pay stubs and evidence of a salary that is more than enough to take care of your expenses. Show that you are working to improve your inferior credit score, and even include professional and personal references. Verification of previous leases you've had with near perfect payment history. If not a car or truck lease, a condo may impress as well.
Put Money Away for a Larger Down-Payment
Down-payments are a significant factor for leasing agents when they present your options. Generally speaking, those with near perfect credit will qualify for a nearly zero money down car lease. However, for those with less impressive credit, the option for offering up a large down-payment may greatly increase your chances of a reasonable lease.
Leasing a Car with Less-than-Perfect Credit | Shamaley Buick GMC