Poor Credit Car and SUV Leasing

poor credit leasing a car or suv

Will I Be Able to Lease a Car Without Great Credit?

Are you wondering if you can lease a vehicle with ugly credit? Well, the answer is yes, but it can still prove to be very difficult. However, with a little research, some wise shopping, and knowing where you stand, it isn’t impossible. The following are several concepts and ideas brought to you by industry professionals that can help evolve the anxious buyer into a clear-eyed consumer.

Understand Your Credit History

An official credit history is a snapshot of your standing as someone who takes care of their credit payments. It is a glimpse of your exact stance at the moment of query. Your credit report, on the other hand, is a complete summary of your history as a consumer and debtor. Plus, note that each time you check your credit score can negatively affect this rating. It certainly can help to get a copy of your report and bring it to the dealership when you visit.

Your credit score can range from 300 to 850.. Anything below 620 is designated as a “subprime score”. The minimum credit score required for leasing most cars is 700, typically.

Understand Your Expectations

If you have bad credit, or even if you may have to lease a car without any credit, realistically you probably won’t be getting your dream machine. With ugly credit, however, cheaper vehicles should be easier to qualify for. Some leasing agents specifically only handle applicants with ugly credit. Undoubtedly, there are car dealers that work with all kinds of credit scores.

Select a Car Model that Dealerships Are More Focused on Leasing

If you are struggling to find somewhere to lease a vehicle with poor credit, then it’s the same as anything else – you’ll have to broaden your search. Car and truck manufacturers generally release new models and trims towards the end of each year. Therefore, most dealerships most likely won’t want outdated models using up space on their lots. Rather than continuing to lose money, they’ll likely be keen to unload. This can be a good time for those with a low credit history.

Verify a Regular Income

How about bad credit without a co-signer? You likely won’t be approved for a lease without proof of income. All is not lost, however – there is such a thing as bad credit car leasing. Bring actual proof of your steady salary, copies of pay stubs and evidence of an income that is more than needed to take care of your monthly debts. Demonstrate that you are working to improve your inferior credit rating, and even include personal/professional references. Verification of prior leases you have had with near perfect payment history. If not a car lease, a mortgage may impress as well.

Save Up for a Larger Down-Payment

Down-payments are a important reason for leasing agents when they determine your choices. Generally speaking, those with near perfect credit will qualify for a nearly no money down vehicle 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 vehicle lease.
Poor Credit Car and SUV Leasing | Mercedes-Benz of Clear Lake