Ways & How

how to lease a car with bad credit

how to lease a car with bad credit

Are there really any good tips on how to lease a car with a bad credit? The answer is yes. In fact, there are many ways you can lease with bad credit. If you are one of those people experiencing some financial difficulties, don’t be afraid. The only obstacle is persuading a car dealer to allow you to lease a car even with your bad credit status. With the economic downturns hitting the world now, buying a brand new or even a secondhand car can probably be deferred. The most potent alternative to this is leasing a car. During a financial crisis, car dealers also consider the possibility of leasing their units just to keep the business going despite the crisis. But even with a bad credit report, you can still lease a car. Below are different ways you can explore that opportunity.

  1. Secure a report of your credit history and score. Most car manufacturers and dealers look closely into your Fair Isaac Corporation Score (FICO) in relation to your credit. To increase your probability of being able to lease a leased car, check your credit report first.

    Some credit reports are riddled with errors; chances are that you could find errors in your report, which could increase your score somewhat when corrected.

    Even if you have a bad credit score, any level of improvement thereon can give confidence to the car dealer that, in some way, you have the ability to meet your credit obligations.

  2. A big down payment helps. You should assume that before you enter into a car lease contract with bad credit that the car dealer is going to ask for a huge down payment. Such is a normal scenario in car lease transaction. Offer as much as possible as a down payment really big so that your monthly obligation decreases.

  3. Find a co-signor with good credit. Apart from the big down payment, a substantial security deposit would further convince the car dealer that you can meet your financial obligations under the car lease contract. A co-signor will serve as your security deposit or collateral in the event that you default on your financial obligations.

  4. Find dealers who are willing to lease to people with your credit status. Good car dealers have lots of vehicles to offer. Ranging from brand new ones down to repossessed cars. Some dealers are eager to empty their car lots of older models to make room for new ones; these types of dealers may overlook your weak credit score.

  5. Always have a second option. This simply means shopping around for a better deal. Prior search on the Internet for dealers in your area who are willing to lease to people with bad credit is a good idea. Have at least more than one option should your first choice fall through. Do not explore all your chances with just one car dealer. Gather more alternatives and increase your chance of success.

  6. Go for repossessed or old cars instead of brand new ones. Obviously, brand new cars are expensive compared to old or repossessed cars. With your bad credit, an old or repossessed car is more viable for you to lease. Besides, the dealer may be more inclined to turn the repossessed car over for a regular monthly payment by leasing it to you.

All of the items we have just enumerated above on how to lease a car with bad credit are just a few of the many ways you can manage to lease a car when your credit is not so good. Insofar as this article is concern, the items discussed are the most basic tips that anyone can try and succeed with.    


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