Bad Credit Car and Truck Leasing
Do I Need Great Credit to Lease a Car or Truck?
Curious to know if you can lease a car or truck with poor credit? Well, you'll be happy to know that yes is the answer. But, it's not always easy. However, with a little research, some wise shopping, and knowing how you stand, it can be done. The following are some concepts and ideas from automotive professionals that can help transform the worried buyer into a keen-eyed consumer.
Know Your Credit Profile
An official credit history is a snapshot of your ability to take care of your credit responsibilities. Your credit score is a hint of your precise standing at the instant of research. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Plus, note that each time you run a credit check can negatively affect this score. It certainly can help to get a copy of your report and bring it to the dealer when you visit.
Your credit score will range from 850 to 300.. Any score under 620 is classified as "subprime". The minimum credit score needed for leasing most cars is 700, on average.
Understand Your Situation
Even if you have weak credit, or might have to lease a car with no credit, rationally you most likely won't be getting your dream machine. However, with low credit, cheaper vehicles will be easier to get qualified for. Some leasing companies specifically work with low credit applicants. Without a doubt, there are car dealerships that work with all types of credit scores.
Find a Vehicle Model that Dealerships Are Most Likely to Lease
If you are struggling to find somewhere to lease a vehicle with ugly credit, then it's just like anything else – you can broaden your search. Car manufacturers generally release new models at the end of each year. As a result, most dealerships may not want older models taking up valuable room on their lots. Rather than continuing to lose money, they'll most likely be interested to unload. This can be a boon for those with a poor credit rating.
Verify that You Have a Regular Income
How about weak credit without a co-signer? You likely won't qualify for a vehicle lease without income. All is not lost, however – there is such a thing as bad credit car leasing. Show actual proof of your regular salary, copies of pay stubs and evidence of an income that is more than sufficient to take care of your monthly debts. Show that you are working to improve your low credit ranking, and even include personal/professional references. Verification of prior leases you've had with near perfect payment history. If not a vehicle lease, a mortgage may also impress.
Save Up for a Bigger Down-Payment
Down-payments are a strong reason for leasing agents when they analyze your options. Typically, those with near perfect credit will qualify for a zero money down vehicle lease. However, for those with less than perfect credit, the option for offering up a large down-payment may significantly increase your ability to acquire a reasonable car or truck lease.
Leasing a Car With Bad Credit | Munday Chevrolet