Curious to know if you can lease a vehicle with ugly credit? Well, the answer is almost always yes, but it can still prove to be very difficult. However, with a little research, some wise shopping, and understanding where you and your credit stand, it can be done. The following are just a few concepts and ideas from industry experts that can help evolve the distressed buyer into a keen-eyed consumer.
Your official credit score is a map of your ability to take care of your credit payments. It is a hint of your exact standing at the moment of research. Conversely, your credit report 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 score. It certainly can help to get a copy of your report and bring it to the dealership when you visit.
Your credit score will range from 850 to 300.. Anything under 620 is designated as a “subprime score”. The minimum credit score needed to lease most vehicles is 700, typically.
If you have weak credit, or even if you might be leasing a car without any credit, realistically you probably will not be getting your dream car. With weak credit, however, cheaper vehicles will be easier to qualify for. Some leasing companies specifically work with low credit applicants. Indeed, there are car lots that work with all types of credit scores.
If you are challenged to find somewhere to lease a car with ugly credit, then it’s the same as anything else – you may broaden your search. Car manufacturers generally release new models at the end of each year. As a result, dealerships may not want older models taking up valuable room on their lots. Instead of continue to lose money, they’ll most likely be interested to unload. This can be a boon for those with a poor credit score.
How about weak credit without a co-signer? You probably won’t qualify for a car lease without an income. All may not be lost. There is such a thing as bad credit car leasing. Bring actual proof of your consistent salary, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your monthly debts. Indicate that you are working to improve your low credit score, and even include personal/professional references. Verification of prior leases you have had with excellent payment history. If not a car lease, a condo may also impress.
Down-payments can be a important factor for leasing companies when they determine your choices. Generally speaking, those with great credit will qualify for a nearly zero money down vehicle lease. However, for those with less than perfect credit, the option for offering up a large down-payment can significantly improve your chances of a reasonable vehicle lease.
How to Lease a Vehicle with Weak Credit | Kearny Mesa Chrysler Dodge Jeep Ram