Do you need to know if you can lease a vehicle with poor credit? Well, the answer is yes, but it can still prove to be extremely difficult. However, with a little research, some smart shopping, and knowing how you and your credit stand, it can be done. The following are just a few concepts and ideas brought to you by industry professionals that can help evolve the distressed buyer into a keen-eyed consumer.
An official credit history is a map of your standing as someone who takes care of their credit payments. It is a hint of your exact stance at the instant of research. Your credit report, on the other hand, is a full summary of your history as a consumer and debtor. Additionally, be aware that each 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. A rating under 620 is designated as “subprime”. Generally speaking, the minimum credit score required for leasing a vehicle is 700.
If you have low credit, or even if you might have to lease a car with no credit, rationally you most likely will not be bringing home your dream machine. However, with ugly credit, cheaper vehicles will be less challenging to get qualified for. Some leasing companies specifically only handle bad credit applicants. Indubitably, there are car dealers that work with all types of credit.
If you are challenged to find somewhere to get a car or truck with poor credit, then it’s the same as anything else – you can broaden your search. Vehicle manufacturers generally release new models and trims near the end of each year. Therefore, dealerships will not want previous year models using up valuable room on their lots. Rather than continue to lose money, they’ll probably be interested to unload. This can be a good time for those with an ugly credit history.
What about low credit without a co-signer? You simply won’t qualify for a vehicle lease without income. All is not lost, however – 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 enough to take care of your expenses. Demonstrate that you are working to improve your bad credit profile, and even include professional/personal references. Verification of previous leases you have had with exceptional payment history. If not a vehicle lease, a household may also impress.
Down-payments can be a important factor for leasing agents when they figure out your choices. Typically, those with near perfect credit will qualify for a zero money down vehicle lease. For those with less impressive credit, however, the option for handing over a large down-payment can significantly increase your ability to acquire an ideal vehicle lease.
How to Lease a Vehicle with Weak Credit | Advantage BMW of Clear Lake