Weak Credit Car and Truck Leasing
Will I Be Able to Lease a Car Without a Good Credit Score?
Are you wondering if you can lease a car or truck with bad credit? Well, the answer is almost always yes, but it can still prove to be very difficult. However, with a little research, some smart shopping, and knowing where your credit stands, it isn't impossible. The following are just a few ideas and concepts from industry experts that can help turn the distressed buyer into a keen-eyed consumer.
Come to Grips With Your Credit Rating
An official credit history is a snapshot of your ability to take care of your credit payments. Your credit score is a hint of your precise standing at the moment of query. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Plus, note that every time you check your credit score can negatively affect this rating. It certainly can help to get a copy of the report and bring it to the dealership when you visit.
Your credit score will go from 850 to 300.. Any score under 620 is classified as a “subprime score”. The minimum credit score required for leasing most cars or trucks is 700, typically.
Come to Grips with the Reality of your Options
Even if you have bad credit, or may be leasing a car without any credit, rationally you probably won't be getting your dream machine. However, with low credit, cheaper vehicles should be easier to qualify for. Some leasing companies specifically only work with applicants with ugly credit. Undoubtedly, there are car dealerships that work with all types of credit scores.
Target a Vehicle Model that Dealerships Are More Focused on Leasing
If you're struggling to find somewhere to get a car or truck with ugly credit, then it's the same as anything else – you may broaden your search. Vehicle manufacturers generally release new models near the end of each year. As a result, dealerships most likely won't want older models taking up valuable space on their lots. Rather than continuing to lose cash, they'll likely be interested to unload. This can be a great opportunity for those with a weak credit rating.
Verify Your Consistent Income
How about weak credit without a co-signer? You probably won't qualify for a car or truck lease without income. All may not be lost. There is such a thing as bad credit car leasing. Bring actual proof of your consistent income, copies of pay stubs and evidence of a salary that is more than enough to take care of your monthly debts. Demonstrate that you are working to improve your poor credit history, and even include personal and professional references. Verification of previous leases you have had with near perfect payment history. If not a car lease, a condo may impress as well.
Save for a Larger Down-Payment
Down-payments are a significant factor for leasing agents when they figure out your choices. Typically, those with excellent credit will qualify for a nearly no money down car lease. For those with less than perfect credit, however, the option for giving up a large down-payment can greatly increase your chances of a reasonable lease.Weak Credit Car and Truck Leasing | Cedar Park Nissan