Weak Credit Vehicle Leasing
Can I Lease a Car or Truck Without Good Credit?
Curious to know if you can lease a car or truck with poor credit? Well, the answer is yes, but it can still prove to be considerably difficult. With a little research, however, some wise shopping, and knowing where your credit stands, it can be done. The following are just a few concepts and ideas brought to you by industry experts that can help turn the worried buyer into a clairvoyant consumer.
Find Out Your Credit Rating
An official credit rating is a summary of your standing as someone who takes care of their credit obligations. It is a glimpse of your precise standing at the moment of research. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Additionally, note that every time you run a credit check can negatively affect this rating. It certainly can help 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. Anything under 620 is classified as "subprime". Typically, the minimum credit score required for leasing a car is 700.
Be Realistic About the Reality of your Options
Even if you have low credit, or may have to lease a car with no credit, realistically you probably will not be getting your dream car. However, with ugly credit, cheaper vehicles will be less challenging to qualify for. Some leasing agents specifically handle applicants with low credit. Indubitably, there are car dealers that work with all states of credit scores.
Select a Car Model that Dealerships Are Most Focused on Leasing
If you are challenged to find somewhere to get a car or truck with weak credit, then it's the same as anything else – you'll have to broaden your search. Vehicle manufacturers generally release new models and trims near the end of each year. Therefore, most dealerships may not want previous year models using up room on their lots. Rather than continue to lose cash, they'll likely be interested to unload. This can be a boon for those with an inferior credit rating.
Prove that You Have a Regular Income
How about bad credit without a co-signer? You likely won't be approved for a car lease without an income. All may not be lost. 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 an income that is more than needed to take care of your monthly expenses. Demonstrate that you are working to improve your low credit score, and even include personal/professional references. Verification of previous leases you have had with perfect payment history. If not a vehicle lease, a condo may also impress.
Save Up for a Bigger Down-Payment
Down-payments are a important reason for leasing companies when they present your choices. Generally speaking, those with excellent credit will qualify for a nearly zero money down vehicle lease. For those with less impressive credit, however, the option for handing over a large down-payment can significantly improve your ability to acquire an ideal car or truck lease.
Leasing a Car With Bad Credit | South Pointe Chevrolet