Leasing a Car or Truck with Bad Credit
Do I Need Good Credit to Lease a Car?
Are you wondering if you can lease a car with ugly credit? Well, you'll be relieved to know that the answer is yes. Unfortunately, it's not always easy. However, with a little research, some smart shopping, and knowing where your credit stands, it can be done. The following are several ideas and concepts brought to you by industry professionals that can help transform the anxious buyer into a clear-eyed consumer.
Find Out Your Credit Rating
An official credit rating is a map of your ability to take care of your credit payments. It is a glimpse of your exact standing 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. Plus, be aware that every 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 visit.
Your credit score will range from 850 to 300.. Any score below 620 is classified as a "subprime score". On average, the minimum credit score needed for leasing a car is 700.
Be Realistic About Your Options
Even if you have ugly credit, or might need to lease a car without any credit, realistically you probably won't be bringing home your dream car. However, with low credit, cheaper vehicles will be less difficult to qualify for. Some leasing companies specifically only work with applicants with low credit. Undoubtedly, there are car dealers that work with all kinds of credit scores.
Choose a Car Model that Dealers Are Most Eager to Lease
If you are challenged to find somewhere to get a car with ugly credit, then it's the same as anything else - you may broaden your search. Car manufacturers generally release new models and trims near the end of each year. Therefore, most dealerships may not want outdated models taking up valuable room on their lots. Instead of continuing to lose money, they'll probably be interested to unload. This can be a good time for those with a weak credit rating.
Prove a Regular Income
How about poor credit without a co-signer? You simply won't qualify for a vehicle lease without income. All may not be lost. There is such a thing as bad credit car leasing. Show 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 expenses. Indicate that you are working to improve your ugly credit history, and even include professional/personal references. Verification of previous leases you have had with perfect payment history. If not a car lease, a mortgage may impress as well.
Put Money Away for a Greater Down-Payment
Down-payments are a important factor for leasing companies when they figure out your options. Generally speaking, those with near perfect credit will qualify for a no money down vehicle lease. For those with less than perfect credit, however, the option for offering up a large down-payment will greatly improve your chances of an ideal lease.How to Lease a Vehicle with Weak Credit | Gene Messer Toyota