Can You Lease a Car or Truck with Weak Credit
Can I Lease a Car or Truck Without a Great Credit Score?
Curious to know if you can lease a car with poor credit? Well, you'll be glad to know that the answer is yes. But, it's not always easy. With a little research, however, some smart shopping, and understanding how you stand, it can be done. The following are just a few concepts and ideas from automotive professionals that can help turn the distressed buyer into a clairvoyant consumer.
Understand Your Credit Rating
Your official credit rating is a map of your standing as someone who takes care of their credit obligations. It is a glimpse of your precise stance at the moment of query. Your credit report, on the other hand, is a complete 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 score. It certainly can help to get a copy of the report and bring it to the dealer when you stop by.
Credit scores start at 300 and go up to 850. A rating under 620 is classified as "subprime". Typically, the minimum credit score required for leasing a car is 700.
What One Can Reasonably Expect
Even if you've got poor credit, or might have to lease a car without any credit, rationally you most likely will not be bringing home your dream machine. With bad credit, however, cheaper vehicles should be less difficult to get qualified for. Some leasing companies specifically only handle low credit applicants. Undoubtedly, there are car lots that work with all states of credit.
Find a Vehicle Model that Dealerships May Be More Likely to Lease
If you are challenged to find somewhere to get a vehicle with low credit, then it's the same as anything else - you may need to broaden your search. Car manufacturers generally release new models and trims near the end of each year. As a result, dealerships will probably not want previous year models taking up valuable space on their lots. Instead of continue to lose cash, they'll probably be eager to unload. This can be a good time for those with a low credit history.
Prove that You Have a Steady Income
How about poor credit without a co-signer? You simply won't be approved for a car or truck lease without income. All is not lost, however - 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 a salary that is more than enough to take care of your expenses. Indicate that you are working to improve your poor credit score, and even include personal and professional references. Verification of previous leases you have had with perfect payment history. If not a vehicle lease, a condo may also impress.
Save Up for a Larger Down-Payment
Down-payments can be a significant factor for leasing agents when they analyze your choices. Generally speaking, those with perfect credit will qualify for a no money down car or truck lease. For those with less than perfect credit, however, the option for offering up a large down-payment may significantly improve your chances of an ideal car lease.How to Lease a Vehicle with Bad Credit | Sterling McCall Toyota