How to Lease a Vehicle with a Poor Credit Rating


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

Curious to know if you can lease a vehicle with poor credit? Well, you’ll be relieved to be told that the answer is yes. Unfortunately, it’s not always easy. However, with a little research, some wise shopping, and understanding how your credit stands, it can be done. The following are just a few ideas and concepts brought to you by automotive experts that can help transform the distressed buyer into a keen-eyed consumer.

Find Out Your Credit Rating

An official credit score is a snapshot of your ability to take care of your credit payments. It is a glimpse of your exact standing at the moment of research. Conversely, your credit report is a full summary of your history as a consumer and reliable debtor. Plus, 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 dealership when you visit.

Your credit score can range from 850 to 300.. Anything below 620 is designated as “subprime”. Typically, the minimum credit score required to lease a vehicle is 700.

Come to Grips with Your Options

If you have bad credit, or even if you may be leasing a car with no credit, rationally you probably will not be bringing home your dream car. However, with weak credit, cheaper vehicles should be easier to get qualified for. Some leasing agents specifically only handle poor credit applicants. Without a doubt, there are car dealerships that work with all states of credit scores.

Target a Car Model that Dealerships May Be More Eager to Lease

If you’re struggling to find somewhere to lease a vehicle with ugly credit, then it’s just like anything else – you may need to broaden your search. Car and truck manufacturers generally release new models towards the end of each year. Therefore, dealerships most likely won’t want previous year models using up room on their lots. Rather than continue to lose money, they’ll probably be eager to unload. This can be a great opportunity for those with a poor credit history.

Verify Your Regular Income

What about low credit without a co-signer? You simply won’t qualify for a car or truck lease without proof of income. All is not lost, however – there is such a thing as bad credit car leasing. Produce actual proof of your consistent income, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your monthly expenses. Demonstrate that you are working to improve your poor credit rating, and even include personal/professional references. Verification of prior leases you’ve had with exceptional payment history. If not a car lease, a house may also impress.

Save for a Larger Down-Payment

Down-payments can be a strong factor for leasing agents when they analyze your options. Typically, those with great credit will qualify for a nearly no money down vehicle lease. However, for those with less impressive credit, the option for handing over a large down-payment will greatly improve your chances of a reasonable vehicle lease.

How to Lease a Vehicle with Weak Credit | BMW of Tulsa

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BMW of Tulsa
BMW of Tulsa
9702 S Memorial Dr
Tulsa, OK, 74133 US
BMW of Tulsa 36.0229352, -95.8874056.