Leasing a Vehicle with Poor Credit
Can I Lease a Car or Truck Without Great Credit?
Do you need to know if you can lease a car or truck with bad credit? Well, you'll be happy to be told that yes is the answer. Unfortunately, it's not always easy. With a little research, however, some intelligent shopping, and understanding how you stand, it can be done. The following are several concepts and ideas brought to you by industry experts that can help transform the distressed buyer into a keen-eyed consumer.
Know Your Credit Summary
An official credit history is a map of your ability to take care of your credit payments. The credit profile is a glimpse of your exact standing at the instant of query. Conversely, your credit report is a full summary of your history as a consumer and reliable debtor. Additionally, note that each time you check your credit score can negatively affect this rating. It certainly can't hurt to get a copy of the report and bring it to the dealership when you visit.
Your credit score can go from 300 to 850.. Anything below 620 is designated as "subprime". The minimum credit score required for leasing most cars is 700, on average.
What You Should Reasonably Expect
Even if you've got ugly credit, or may be leasing a car with no credit, rationally you most likely will not be getting your dream machine. However, with low credit, cheaper vehicles will be less challenging to qualify for. Some leasing companies specifically only work with applicants with weak credit. Without a doubt, there are car lots that work with all states of credit.
Find a Vehicle Model that Dealers May Be More Focused on Leasing
If you are struggling to find somewhere to get a vehicle with poor credit, then it's just like anything else – you may broaden your search. Car manufacturers generally release new models and trims near the end of each year. Therefore, most dealerships most likely won't want previous year models taking up valuable room on their lots. Rather than continuing to lose cash, they'll likely be eager to unload. This can be a great opportunity for those with a poor credit history.
Verify a Regular Income
What about poor credit without a co-signer? You probably won't be approved 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 regular salary, copies of pay stubs and evidence of an income that is more than needed to take care of your debts. Show that you are working to improve your low credit history, and even include professional and personal references. Verification of prior leases you have had with excellent payment history. If not a car or truck lease, a condo may also impress.
Put Money Away for a Greater Down-Payment
Down-payments are a strong factor for leasing companies when they analyze your options. Typically, those with near perfect credit will qualify for a nearly no money down car lease. However, for those with less impressive credit, the option for offering up a large down-payment will greatly improve your ability to acquire a reasonable vehicle lease.
Leasing a Vehicle with Poor Credit | Bob Howard Buick GMC