Can You Lease a Car or Truck with a Weak Credit History
Do I Need Great Credit to Lease a Car or Truck?
Do you need to know if you can lease a vehicle with bad credit? Well, the answer is yes, but it can still prove to be considerably difficult. With a little research, however, some intelligent shopping, and understanding where your credit stands, it can be done. The following are some ideas and concepts brought to you by industry professionals that can help transform the anxious buyer into a keen-eyed consumer.
Know Your Credit Rating
Your official credit history is an indicative summary of your standing as someone who takes care of their credit payments. It is a glimpse of your precise standing at the instant of query. Your credit report, on the other hand, is a complete summary of your history as a consumer and debtor. Additionally, be aware that each 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 visit.
Credit scores range from 300 to 850. A rating under 620 is classified as “subprime”. The minimum credit score required for leasing most vehicles is 700, generally speaking.
What You Should Reasonably Expect
If you have poor credit, or even if you may be leasing a car with no credit, realistically you most likely will not be bringing home your dream machine. However, with ugly credit, cheaper vehicles will be less challenging to qualify for. Some leasing agents specifically work with low credit applicants. Indubitably, there are car dealers that work with all types of credit scores.
Find a Car or Truck Model that Dealerships May Be Most Eager to Lease
If you are struggling to find somewhere to lease a vehicle with bad credit, then it’s just like anything else and you may need to broaden your search. Vehicle manufacturers generally release new models and trims at the end of each year. As a result, most dealerships most likely won’t want older models taking up valuable room on their lots. Instead of continue to lose cash, they’ll most likely be interested to unload. This can be a boon for those with a poor credit score.
Prove a Steady Income
What about poor 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. Show that you are working to improve your poor credit score, and even include personal and professional references. Verification of prior leases you’ve had with excellent payment history. If not a car or truck lease, a house may also impress.
Put Money Away for a Bigger Down-Payment
Down-payments can be a strong reason for leasing companies when they figure out your options. On average, those with excellent credit will qualify for a nearly no money down car or truck lease. However, for those with less impressive credit, the option for handing over a large down-payment will greatly improve your ability to acquire an ideal vehicle lease.
How to Lease a Vehicle with Weak Credit | Gene Messer Ford of Amarillo
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