How to lease a car when you have bad credit
If you have bad credit car leasing can be a favorable alternative for getting into a newer car. Without settling on an older used model. The first step is to know your credit score and understand why its affecting your ability to get fully financed or how it will affect your leasing options.
Depending on how immediate the need is for a new vehicle. You may want to sign up for a monthly credit service to help prepare your score before attempting to get financed. Leasing is generally easier to get but is still often held to the stringent standards of approval based on your credit score. The optimal range for your credit score in getting the best deals starts at 680 and above. There is a little wiggle room, but the next drop down in quality of pricing is around 640. In this range it won’t be as cheap as higher scores. If your score is in the 500s or lower then most financing companies will flat out refuse. Or tack on some serious fees and rates, such as a higher down payment, even for a lease.
Steps towards bad credit car leasing: Plan and remedy
Aside from obtaining an up to date credit report, or signing up with a credit service like IdentityGuard. You will want a good calculator to get the most out of your planning. Depending on just how bad or in what way your credit has been damaged, you may be able to salvage it.
Opening small lines of credit, such as in stores, and using their credit card instead of cash. This will help you rebuild your credit. So long as you remember to never charge for more than you have money in the bank and pay it off that month. You can start growing your score again. If there is no time and you have to make due with what you have. Then rely on the calculators that help you factor in higher interest rates. You would not want to go in over your head and end up making your score worse with late payments.
Why bad credit car leasing may be best done through online connections
Finding a dealership that works with bad credit car leasing can be difficult. They may want to each pull your report. Which can slowly bring down your score if you visit a lot of different dealers in a short period of time. Dealers who work with bad credit are not impossible to find. It is often easier to use a site like 1800GetALease that are geared towards people with credit problems.
There are a lot of companies out there that can help get you into a new car with a reasonable lease. Even if you have bad credit. Always check up on the site’s reputation with the BBB and on complaint boards to get an idea of which company may be best for you. The trick to bad credit car leasing is to be prepared, be patient, and be aware that it is possible.