Leasing a Vehicle with Poor Credit
Do You Need Great Credit to Lease a Car or Truck?
Do you need to know if you can lease a car or truck with less-than-perfect credit? Well, the answer is yes, but it can still prove to be considerably difficult. With a little research, however, some intelligent shopping, and knowing where you stand, it isn’t impossible. The following are several concepts and ideas brought to you by industry experts that can help transform the anxious buyer into a clairvoyant consumer.
Find Out Your Credit Summary
An official credit score is a map of your standing as someone who takes care of their credit payments. The credit history is a hint of your exact stance at the moment of research. Your credit report, on the other hand, is a complete summary of your history as a consumer and debtor. Additionally, note that each time you run a credit check can negatively affect this score. It certainly can help to get a copy of the report and bring it to the dealership when you visit.
Your credit score can go from 300 to 850.. Anything under 620 is designated as “subprime”. The minimum credit score needed for leasing most cars or trucks is 700, typically.
What One Can Expect
If you’ve got ugly credit, or even if you might need to lease a car with no credit, rationally you most likely won’t be bringing home your dream machine. With poor credit, however, cheaper vehicles should be less challenging to qualify for. Some leasing agents specifically handle applicants with low credit. Without a doubt, there are car lots that work with all types of credit.
Find a Vehicle Model that Dealers May Be Most Likely to Lease
If you’re challenged to find somewhere to lease a car or truck with weak credit, then it’s just like anything else – you may broaden your search. Car and truck manufacturers generally release new models at the end of each year. Therefore, most dealerships will not want older models taking up valuable room on their lots. Rather than continue to lose cash, they’ll most likely be keen to unload. This can be a great opportunity for those with a poor credit history.
Verify that You Have a Consistent Income
How about weak credit without a co-signer? You probably won’t be approved for a car or truck lease without 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 an income that is more than sufficient to take care of your expenses. Indicate that you are working to improve your bad credit rating, and even include personal/professional references. Verification of previous leases you have had with perfect payment history. If not a car or truck lease, a mortgage may also impress.
Save for a Greater Down-Payment
Down-payments are a important factor for leasing companies when they analyze your choices. Typically, those with near perfect credit will qualify for a no money down vehicle lease. However, for those with less than perfect credit, the option for handing over a large down-payment may significantly improve your chances of an ideal vehicle lease.
Leasing a Vehicle with Poor Credit | Fernandez Honda