Bad Credit Car and Truck Leasing

tips to get a lease with bad credit

Will I Be Able to Lease a Car Without a Good Credit Score?

Curious to know if you can lease a car with ugly credit? Well, you’ll be relieved to know that the answer is yes. Unfortunately, it’s not always easy. With a little research, however, some wise shopping, and understanding where you stand, it isn’t impossible. The following are some ideas and concepts brought to you by automotive experts that can help transform the worried buyer into a clairvoyant consumer.

Come to Grips With Your Credit Profile

An official credit score is a summary of your standing as someone who takes care of their credit payments. It is a glimpse of your precise stance at the moment of research. Your credit report, on the other hand, is a full summary of your history as a consumer and reliable debtor. Plus, note that each time you check your credit score can negatively affect this score. It certainly can’t hurt to get a copy of your report and bring it to the dealership when you stop by.

Credit scores start at 300 and go up to 850. A rating below 620 is designated as a “subprime score”. Generally speaking, the minimum credit score required for leasing a car is 700.

Be Realistic About Your Options

Even if you’ve got ugly credit, or might have to lease a car without any credit, rationally you probably won’t be bringing home your dream car. However, with bad credit, cheaper vehicles will be less difficult to get qualified for. Some leasing agents specifically only work with low credit applicants. Without a doubt, there are car lots that work with all kinds of credit scores.

Choose a Car Model that Dealerships Are More Eager to Lease

If you’re challenged to find somewhere to lease a vehicle with low credit, then it’s just like anything else – you can broaden your search. Vehicle manufacturers generally release new models near the end of each year. As a result, dealerships will not want previous year models using up room on their lots. Instead of continuing to lose money, they’ll likely be interested to unload. This can be a good time for those with a poor credit score.

Verify Your Steady Income

What about poor credit without a co-signer? You probably won’t be approved for a vehicle lease without income. All may not be lost. 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 needed to take care of your monthly expenses. Indicate that you are working to improve your weak credit score, and even include personal and professional references. Verification of previous leases you have had with exceptional payment history. If not a car lease, a mortgage may also impress.

Put Money Away for a Larger Down-Payment

Down-payments are a strong reason for leasing agents when they figure out your choices. Generally speaking, those with great credit will qualify for a no money down car lease. For those with less impressive credit, however, the option for offering up a large down-payment can greatly increase your chances of a reasonable car or truck lease.

Bad Credit Car and Truck Leasing | Sterling McCall Nissan