Leasing a Car or Truck with Poor Credit
Can I Lease a Car Without Great Credit?
Curious to know if you can lease a car with poor credit? Well, the answer is almost always yes, but it can still prove to be extremely difficult. With a little research, however, some intelligent shopping, and understanding where you and your credit stand, it isn’t impossible. The following are some concepts and ideas from industry experts that can help turn the distressed buyer into a keen-eyed consumer.
Understand Your Credit Summary
An official credit score is a summary of your standing as someone who takes care of their credit payments. It is a hint of your precise stance at the moment of research. Your credit report, on the other hand, is a complete summary of your history as a debtor and consumer. Also, note that every time you run a credit check can negatively affect this number. It certainly can help to get a copy of the report and bring it to the dealer when you visit.
Your credit score will range from 850 to 300.. A rating below 620 is classified as “subprime”. The minimum credit score needed to lease most vehicles is 700, typically.
What One Can Realistically Expect
Even if you’ve got bad credit, or might be leasing a car without any credit, rationally you probably will not be bringing home your dream car. However, with bad credit, cheaper vehicles should be easier to qualify for. Some leasing companies specifically only work with applicants with poor credit. Undoubtedly, there are car lots that work with all types of credit scores.
Find a Car or Truck Model that Dealers May Be Most Interested in Leasing
If you are struggling to find somewhere to get a car with poor credit, then it’s just like anything else – you may broaden your search. Vehicle manufacturers generally release new models and trims towards the end of each year. Therefore, most dealerships most likely won’t want outdated models taking up valuable room on their lots. Rather than continuing to lose money, they’ll likely be keen to unload. This can be a great opportunity for those with an inferior credit history.
Verify Your Consistent Income
How about bad 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 steady income, copies of pay stubs and evidence of a salary that is more than needed to take care of your expenses. Show that you are working to improve your weak credit history, and even include professional and personal references. Verification of prior leases you’ve had with exceptional payment history. If not a vehicle lease, a house may also impress.
Put Money Away for a Greater Down-Payment
Down-payments can be a significant factor for leasing companies when they present your choices. Typically, those with perfect credit will qualify for a zero money down car lease. However, for those with less than perfect credit, the option for offering up a large down-payment can significantly improve your ability to acquire an ideal vehicle lease.
Leasing a Car or Truck with Poor Credit | Mike Smith Honda