Poor Credit Car Leasing
Do You Need Great Credit to Lease a Car?
Do you need to know if you can lease a car or truck with ugly credit? Well, you’ll be relieved to be told that the answer is yes. Unfortunately, it’s not always easy. However, with a little research, some smart shopping, and knowing how you and your credit stand, it isn’t impossible. The following are some ideas and concepts from industry experts that can help turn the anxious buyer into a clairvoyant consumer.
Find Out Your Credit History
An official credit rating is a map of your standing as someone who takes care of their credit obligations. Your credit profile is a glimpse of your precise standing at the moment of query. Conversely, your credit report is a complete summary of your history as a debtor and consumer. Additionally, be aware that every time you check your credit score can negatively affect this number. 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 range from 850 to 300.. Any score under 620 is designated as “subprime”. The minimum credit score required to lease most cars is 700, generally speaking.
Come to Grips with the Reality of your Options
Even if you have poor credit, or may have to lease a car without any credit, realistically you probably will not be bringing home your dream car. However, with low credit, cheaper vehicles will be less challenging to get qualified for. Some leasing companies specifically handle poor credit applicants. Indubitably, there are car lots that work with all types of credit scores.
Choose a Vehicle Model that Dealerships Are More Interested in Leasing
If you are struggling to find somewhere to get a vehicle with poor credit, then it’s just like anything else – you may broaden your search. Car manufacturers generally release new models and trims near the end of each year. Therefore, dealerships may not want previous year models taking up valuable space on their lots. Instead of continuing to lose money, they’ll likely be eager to unload. This can be a good time for those with a weak credit score.
Verify Your Steady Income
How about weak 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. Arrive at the dealership or leasing agent with 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 expenses. Demonstrate that you are working to improve your poor credit history, and even include personal/professional references. Verification of prior leases you have had with excellent payment history. If not a car lease, a household may impress as well.
Save Up for a Greater Down-Payment
Down-payments are a significant factor for leasing agents when they analyze your choices. Typically, those with near perfect credit will qualify for a no money down car or truck lease. For those with less than perfect credit, however, the option for giving up a large down-payment may greatly improve your chances of an ideal vehicle lease.Poor Credit Car Leasing | Mike Smith Nissan