Can You Lease a Vehicle with Weak Credit

leasing a vehicle with weak credit

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

Curious to know if you can lease a car with poor credit? Well, the answer is yes, but it can still prove to be very difficult. However, with a little research, some wise shopping, and understanding how you and your credit stand, it isn’t impossible. The following are just a few concepts and ideas from automotive professionals that can help evolve the worried buyer into a clairvoyant consumer.

Find Out Your Credit Rating

Your official credit score is a summary of your standing as someone who takes care of their credit payments. The credit profile is a glimpse of your precise stance at the moment of query. Your credit report, on the other hand, is a complete summary of your history as a consumer and debtor. Also, be aware that every time you run a credit check can negatively affect this score. It certainly can’t hurt to get a copy of the report and bring it to the dealer when you visit.

Your credit score can range from 300 to 850.. Any score below 620 is classified as a “subprime score”. Generally speaking, the minimum credit score required for leasing a vehicle is 700.

What You Should Realistically Expect

If you have weak credit, or even if you may be leasing a car with no credit, realistically you probably won’t be getting your dream car. With bad credit, however, cheaper vehicles should be less difficult to qualify for. Some leasing companies specifically only handle weak credit applicants. Undoubtedly, there are car dealers that work with all types of credit scores.

Choose a Car Model that Dealers May Be Most Focused on Leasing

If you are challenged to find somewhere to get a vehicle with ugly credit, then it’s the same as anything else – you’ll have to broaden your search. Vehicle manufacturers generally release new models and trims towards the end of each year. As a result, dealerships may not want previous year models taking up valuable space 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 rating.

Verify Your Steady Income

What about poor 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. Produce actual proof of your steady salary, copies of pay stubs and evidence of a salary that is more than needed to take care of your monthly debts. Indicate that you are working to improve your bad credit ranking, and even include professional and personal references. Verification of prior leases you have had with perfect payment history. If not a vehicle lease, a house may impress as well.

Save Up for a Greater Down-Payment

Down-payments are a strong reason for leasing agents when they present your choices. On average, those with great credit will qualify for a nearly zero money down vehicle lease. For those with less than perfect credit, however, the option for offering up a large down-payment may significantly increase your chances of a reasonable vehicle lease.

Can You Lease a Vehicle with Weak Credit | Mercedes-Benz of Beaumont