Poor Credit Car and SUV Leasing
Do I Need Good Credit to Lease a Car or SUV?
Are you wondering if you can lease a car or SUV with bad credit? Well, you’ll be relieved to be told that yes is the answer. But, it’s not always easy. With a little research, however, some smart shopping, and knowing how your credit stands, it can be done. The following are just a few concepts and ideas brought to you by industry professionals that can help transform the distressed buyer into a clairvoyant consumer.
Come to Grips With Your Credit Summary
An official credit history is a map of your ability to take care of your credit payments. It is a glimpse of your exact stance at the instant of query. Your credit report, on the other hand, is a complete summary of your history as a consumer and reliable debtor. Additionally, note that every time you run a credit check can negatively affect this number. It certainly can’t hurt to get a copy of your report and bring it to the dealership when you stop by.
Credit scores go from 850 to 300. A rating below 620 is classified as “subprime”. The minimum credit score needed for leasing most vehicles is 700, on average.
What You Should Expect
If you’ve got bad credit, or even if you may be leasing a car with no credit, realistically you probably won’t be getting your dream car. With bad credit, however, cheaper vehicles should be less difficult to get qualified for. Some leasing companies specifically handle applicants with weak credit. Indubitably, there are car dealers that work with all kinds of credit scores.
Target a Vehicle Model that Dealerships Are Most Likely to Lease
If you are challenged to find somewhere to get a car or SUV with weak credit, then it’s the same as anything else – you may broaden your search. Car and SUV manufacturers generally release new models and trims at the end of each year. Therefore, dealerships may not want outdated models taking up valuable space on their lots. Instead of continue to lose cash, they’ll most likely be interested to unload. This can be a great opportunity for those with an ugly credit history.
Prove Your Consistent Income
What about poor credit without a co-signer? You likely won’t be approved for a car or SUV lease without an income. All is not lost, however – there is such a thing as bad credit car leasing. Bring actual proof of your regular income, copies of pay stubs and evidence of an income that is more than enough to take care of your expenses. Show that you are working to improve your ugly credit ranking, and even include personal and professional references. Verification of previous leases you have had with perfect payment history. If not a vehicle lease, a house may impress as well.
Save Up for a Larger Down-Payment
Down-payments can be a important factor for leasing companies when they analyze your options. Typically, those with excellent credit will qualify for a nearly no money down car or SUV lease. For those with less than perfect credit, however, the option for offering up a large down-payment may significantly improve your chances of an ideal lease.
Poor Credit Car and SUV Leasing | Mercedes-Benz of Beverly Hills