Lease A Vehicle With Any Kind of Credit
Do I Need Good Credit to Lease a Car or Truck?
Do you need to know if you can lease a car or truck with any kind of credit? Well, the answer is yes, but it can still prove to be extremely difficult. However, with a little research, some intelligent shopping, and understanding where your credit stands, it can be done. The following are just a few ideas and concepts from industry experts that can help turn the anxious buyer into a keen-eyed consumer.
Come to Grips With Your Credit Summary
An official credit history is a map of your ability to take care of your credit payments. It is a glimpse of your exact standing at the moment of query. Conversely, your credit report is a complete summary of your history as a consumer and reliable debtor. Also, be aware that every time you check your credit score can negatively affect this score. It certainly can help to get a copy of your report and bring it to the dealer when you visit.
Your credit score will go from 850 to 300.. Anything under 620 is classified as a “subprime score”. The minimum credit score required for leasing most cars is 700, on average.
Understand Your Situation
Even if you’ve got ugly credit, or may need to lease a car without any credit, rationally you most likely will not be getting your dream machine. However, with any kind of credit, cheaper vehicles should be less difficult to get qualified for. Some leasing companies specifically work with poor credit applicants. Without a doubt, there are car dealerships that work with all kinds of credit.
Find a Car Model that Dealers Are More Eager to Lease
If you’re challenged to find somewhere to get a vehicle with low credit, then it’s the same as anything else and you may broaden your search. Car and truck manufacturers generally release new models at the end of each year. Therefore, most dealerships will not want outdated models taking up valuable space on their lots. Rather than continue to lose money, they’ll most likely be eager to unload. This can be a boon for those with an inferior credit score.
Prove a Regular Income
What about any kind of credit without a co-signer? You probably won’t qualify for a car or truck lease without income. All is not lost, however, there is such as a low credit car leasing. Arrive at the dealership or leasing agent with actual proof of your consistent income, copies of pay stubs and evidence of an income that is more than needed to take care of your debts. Demonstrate that you are working to improve your low credit profile, and even include professional/personal references. Verification of prior leases you’ve had with exceptional payment history. If not a vehicle lease, a condo may impress as well.
Put Money Away for a Bigger Down-Payment
Down-payments can be a strong reason for leasing agents when they present your options. Generally speaking, those with near perfect credit will qualify for a nearly zero money down vehicle lease. However, for those with less impressive credit, the option for handing over a large down-payment can greatly increase your chances of a reasonable lease.