How to Lease a Car or SUV with a Bad Credit Score

how to lease a car or suv with bad credit

Do I Need Good Credit to Lease a Car or SUV?

Curious to know if you can lease a car with less-than-perfect credit? Well, you’ll be relieved to be told that yes is the answer. But, it’s not always easy. However, with a little research, some intelligent shopping, and understanding where you and your credit stand, it isn’t impossible. The following are several ideas and concepts from automotive experts that can help transform the distressed buyer into a clear-eyed consumer.

Find Out Your Credit Rating

An official credit score is an indicative summary of your ability to take care of your credit payments. It is a hint of your exact stance at the moment of research. Your credit report, on the other hand, is a full summary of your history as a debtor and consumer. Also, note that every time you run a credit check can negatively affect this rating. It certainly can’t hurt to get a copy of the report and bring it to the dealer when you visit.

Your credit score can range from 850 to 300.. Any score below 620 is designated as “subprime”. On average, the minimum credit score required for leasing a car or SUV is 700.

What One Should Expect

If you have poor credit, or even if you may be leasing a car without any credit, rationally you most likely won’t be getting your dream machine. With weak credit, however, cheaper vehicles should be easier to qualify for. Some leasing companies specifically handle applicants with low credit. Indubitably, there are car dealerships that work with all kinds of credit scores.

Choose a Car Model that Dealerships Are Most Eager to Lease

If you are challenged to find somewhere to get a car with poor credit, then it’s just like anything else – you may need to broaden your search. Car manufacturers generally release new models towards the end of each year. As a result, dealerships may not want older models using up valuable room on their lots. Rather than continuing to lose money, they’ll likely be keen to unload. This can be a great opportunity for those with a bad credit score.

Prove Your Steady Income

How about bad credit without a co-signer? You probably won’t qualify for a car lease without an income. All may not be lost. There is such a thing as bad credit car leasing. Show actual proof of your consistent income, copies of pay stubs and evidence of a salary that is more than needed to take care of your monthly debts. Indicate that you are working to improve your weak credit history, and even include professional and personal references. Verification of previous leases you have had with excellent payment history. If not a car or SUV lease, a condo may impress as well.

Save for a Greater Down-Payment

Down-payments can be a significant factor for leasing companies when they analyze your options. Generally speaking, those with near perfect credit will qualify for a zero money down car lease. However, for those with less impressive credit, the option for offering up a large down-payment can significantly increase your chances of a reasonable car or SUV lease.

How to Lease a Car or SUV with a Bad Credit Score | Mercedes-Benz of Georgetown