Poor Credit Car and Truck Leasing
Will I Be Able to Lease a Car Without Good Credit?
Do you need to know if you can lease a vehicle with ugly credit? Well, you’ll be glad to be told that yes is the answer. But, it’s not always easy. However, with a little research, some intelligent shopping, and knowing where your credit stands, it isn’t impossible. The following are some concepts and ideas from automotive experts that can help transform the worried buyer into a clear-eyed consumer.
Come to Grips With Your Credit Profile
Your official credit score is a snapshot of your ability to take care of your credit obligations. The credit score is a hint of your exact stance at the instant of research. Your credit report, on the other hand, is a complete summary of your history as a debtor and consumer. Additionally, be aware that each time you check your credit score can negatively affect this number. It certainly can’t hurt to get a copy of the report and bring it to the dealership when you visit.
Credit scores range from 850 to 300. Any score under 620 is designated as a “subprime score”. The minimum credit score needed for leasing most vehicles is 700, on average.
Understand Your Options
Even if you’ve got bad credit, or might need to lease a car with no credit, realistically you most likely won’t be bringing home your dream car. However, with ugly credit, cheaper vehicles will be easier to qualify for. Some leasing companies specifically only work with applicants with low credit. Undoubtedly, there are car dealers that work with all types of credit.
Select a Car Model that Dealerships May Be More Eager to Lease
If you are challenged to find somewhere to get a car or truck with poor credit, then it’s just like anything else – you may need to broaden your search. Vehicle manufacturers generally release new models at the end of each year. Therefore, dealerships most likely won’t want outdated models using up space on their lots. Instead of continuing to lose money, they’ll probably be keen to unload. This can be a good time for those with an inferior credit score.
Prove that You Have a Consistent Income
How about poor credit without a co-signer? You likely won’t be approved for a vehicle lease without proof of income. All is not lost, however – 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 sufficient to take care of your debts. Demonstrate that you are working to improve your weak credit rating, and even include professional/personal references. Verification of prior leases you have had with perfect payment history. If not a car lease, a mortgage may impress as well.
Save Up for a Greater Down-Payment
Down-payments can be a strong reason for leasing agents when they figure out your choices. On average, those with great credit will qualify for a nearly no money down vehicle lease. However, for those with less than perfect credit, the option for offering up a large down-payment may significantly improve your chances of an ideal lease.
Poor Credit Car and Truck Leasing | Sterling McCall Honda
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