Leasing a Car or Truck with Poor Credit
Will I Be Able to Lease a Car without A Good Credit Score?
Curious to know if you can lease a car or truck with poor credit? Well, you’ll be relieved to know that the answer is yes. Unfortunately, it’s not always easy. However, with a little research, some smart shopping, and understanding how you stand, it can be done. The following are several concepts and ideas brought to you by automotive professionals that can help turn the anxious buyer into a clairvoyant consumer.
Know Your Credit Rating
An official credit score is a snapshot of your standing as someone who takes care of their credit payments. It is a hint of your precise standing at the instant of query. Conversely, your credit report is a full summary of your history as a consumer and debtor. Additionally, note that every time you check your credit score can negatively affect this score. It certainly can’t hurt to get a copy of the report and bring it to the dealer when you stop by.
Your credit score will go from 300 to 850.. Any score under 620 is designated as “subprime”. The minimum credit score needed to lease most cars is 700, typically.
Come to Grips with Your Situation
If you have weak credit, or even if you may be leasing a car without any credit, rationally you most likely won’t be getting your dream machine. However, with weak credit, cheaper vehicles should be easier to qualify for. Some leasing companies specifically handle applicants with bad credit. Undoubtedly, there are car lots that work with all types of credit scores.
Target a Car Model that Dealerships May Be Most Eager to Lease
If you are challenged to find somewhere to get a car or truck with poor credit, then it’s the same as anything else – you may broaden your search. Car manufacturers generally release new models and trims near the end of each year. As a result, dealerships will not want older models taking up room on their lots. Rather than continuing to lose money, they’ll most likely be keen to unload. This can be a great opportunity for those with a weak credit rating.
Prove Your Consistent Income
What about poor credit without a co-signer? You likely won’t be approved for a car or truck lease without an income. All is not lost, however – there is such a thing as bad credit car leasing. Show actual proof of your consistent salary, copies of pay stubs and evidence of an income that is more than sufficient to take care of your debts. Indicate that you are working to improve your low credit profile, and even include professional/personal 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.
Save up For a Bigger Down-Payment
Down-payments are a strong reason for leasing agents when they figure out your options. Generally speaking, those with great credit will qualify for a zero money down car lease. For those with less impressive credit, however, the option for handing over a large down-payment may greatly increase your chances of an ideal car lease.