Can You Lease a Vehicle with a Poor Credit History
Can I Lease a Car Without Great Credit?
Curious to know if you can lease a vehicle with less-than-perfect credit? Well, the answer is yes, but it can still prove to be considerably difficult. With a little research, however, some smart shopping, and understanding how you and your credit stand, it can be done. The following are some ideas and concepts brought to you by automotive professionals that can help turn the worried buyer into a clear-eyed consumer.
Understand Your Credit Profile
An official credit rating is an indicative summary of your ability to take care of your credit responsibilities. The credit profile is a glimpse of your precise stance at the instant of research. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Also, be aware that each 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 dealership when you visit.
Your credit score will range from 300 to 850.. Anything under 620 is classified as "subprime". Typically, the minimum credit score required to lease a vehicle is 700.
What You Can Expect
If you have low credit, or even if you may be leasing a car with no credit, realistically you most likely won't be bringing home your dream car. However, with low credit, cheaper vehicles should be easier to get qualified for. Some leasing companies specifically handle applicants with poor credit. Indubitably, there are car dealers that work with all types of credit scores.
Target a Car or Truck Model that Dealers Are Most Likely to Lease
If you're struggling to find somewhere to get a car or truck with weak credit, then it's just like anything else - you may need to broaden your search. Car manufacturers generally release new models towards the end of each year. As a result, most dealerships most likely won't want older models taking up valuable room on their lots. Instead of continue to lose money, they'll most likely be eager to unload. This can be a good time for those with a low credit history.
Verify a Consistent Income
How about low credit without a co-signer? You probably won't be approved for a car or truck lease without proof of income. All is not lost, however - there is such a thing as bad credit car leasing. Bring actual proof of your regular income, 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 low credit score, and even include personal/professional references. Verification of previous leases you have had with exceptional payment history. If not a car or truck lease, a mortgage may impress as well.
Put Money Away for a Larger Down-Payment
Down-payments are a strong reason for leasing agents when they figure out your options. Typically, those with excellent credit will qualify for a nearly zero money down car or truck lease. For those with less impressive credit, however, the option for offering up a large down-payment will greatly improve your ability to acquire a reasonable vehicle lease.How to Lease a Vehicle with Bad Credit | Miller Toyota of Anaheim