Can You Lease a Car or Truck with Bad Credit
Can I Lease a Car or Truck Without Great Credit?
Wondering if you can lease a car with poor credit? Well, you'll be happy to be told that the answer is yes. But, it's not always easy. With a little research, however, some intelligent shopping, and understanding where your credit stands, it isn't impossible. The following are just a few concepts and ideas from industry experts that can help transform the anxious buyer into a clear-eyed consumer.
Understand Your Credit Summary
Your official credit score is a snapshot of your standing as someone who takes care of their credit responsibilities. Your credit profile is a glimpse of your exact standing at the moment of query. Your credit report, on the other hand, is a full summary of your history as a consumer and debtor. Plus, be aware that each 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 visit.
Credit scores range from 300 to 850. A rating below 620 is designated as a "subprime score". Generally speaking, the minimum credit score needed to lease a vehicle is 700.
Understand Your Options
Even if you've got poor credit, or might have to lease a car with no credit, realistically you most likely won't be bringing home your dream machine. With weak credit, however, cheaper vehicles should be easier to qualify for. Some leasing companies specifically only work with applicants with weak credit. Without a doubt, there are car dealerships that work with all kinds of credit.
Select a Car Model that Dealerships May Be Most Eager to Lease
If you're struggling to find somewhere to get a car with bad credit, then it's the same as anything else – you'll have to broaden your search. Vehicle manufacturers generally release new models near the end of each year. Therefore, most dealerships will probably not want outdated models using up room on their lots. Rather than continuing to lose cash, they'll probably be keen to unload. This can be a boon for those with an inferior credit rating.
Prove that You Have a Regular Income
What about low credit without a co-signer? You simply won't be approved for a car lease without an income. All is not lost, however – there is such a thing as bad credit car leasing. Produce actual proof of your regular salary, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your monthly debts. Show that you are working to improve your inferior credit profile, and even include professional/personal references. Verification of prior leases you have had with excellent payment history. If not a vehicle lease, a condo may also impress.
Save for a Bigger Down-Payment
Down-payments are a strong reason for leasing companies when they analyze your options. Typically, those with excellent credit will qualify for a no money down vehicle lease. However, for those with less than perfect credit, the option for handing over a large down-payment will significantly improve your chances of an ideal car lease.
Can You Lease a Car or Truck with Bad Credit | David Taylor Cadillac