Understand Your Credit Rating
An official credit history is a summary of your ability to take care of your credit obligations. It is a hint of your precise stance at the moment of research. Conversely, your credit report is a full summary of your history as a consumer and debtor. Plus, be aware that every 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 dealer when you stop by.
Your credit score will go from 300 to 850.. Anything below 620 is designated as “subprime”. Generally speaking, the minimum credit score needed to lease a car or truck is 700.
What One Should Reasonably Expect
If you have ugly credit, or even if you might be leasing a car without any credit, realistically you probably will not be bringing home your dream machine. However, with weak credit, cheaper vehicles will be less difficult to get qualified for. Some leasing companies specifically handle ugly credit applicants. Undoubtedly, there are car dealers that work with all types of credit.
Target a Car Model that Dealers May Be Most Likely to Lease
If you’re struggling to find somewhere to lease a vehicle with low credit, then it’s the same as anything else – you’ll have to broaden your search. Vehicle manufacturers generally release new models and trims at the end of each year. Therefore, dealerships most likely won’t want older models using up valuable room on their lots. Instead of continuing to lose cash, they’ll most likely be eager to unload. This can be a boon for those with a bad credit score.
Verify that You Have a Consistent Income
How about bad credit without a co-signer? You probably won’t be approved for a lease without proof of income. All may not be lost. There is such a thing as bad credit car leasing. Produce actual proof of your steady income, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your debts. Indicate that you are working to improve your ugly credit history, and even include personal and professional references. Verification of prior leases you have had with excellent payment history. If not a car or truck lease, a house may also impress.
Save for a Greater Down-Payment
Down-payments can be an important reason for leasing agents when they determine your choices. On average, those with perfect credit will qualify for a nearly no money down vehicle lease. However, for those with less impressive credit, the option for offering up a large down-payment may greatly improve your ability to acquire an ideal lease.
