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How to lease a car with no credit history Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site come from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.



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3 min read Published March 03, 2023
Cheryl Knight Written by Cheryl Knight Written by Cheryl Knight






Cheryl Knight

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.









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If you have bad credit or no credit at all could be an obstacle when it comes in leasing a car. But there are other ways to get into an automobile even if you have less than perfect credit. You are able to get back on the road by agreeing to a larger down payment, getting co-signers or the transfer of a lease. The impact is the effect of credit when leasing no credit score, or low credit score does not necessarily keep you from leasing, it could require a larger down payment, or greater monthly payments in general. This is due in part to the higher interest rates that those with a less credit score can qualify for. The average credit score for people leasing a brand new car is 734 as of the 4th quarter in 2022. That's an increase of two points from the three-quarter period of the year 2021 according to . This score falls under the category of "prime" -- that ranges from 661 to 780. 3 options for getting a loan with no credit If you are just beginning your journey and don't have a credit background, there are a few ways to get the car you want to lease. In addition, once you've signed your lease in place, monthly payments help you establish credit. If you decide to lease again you could receive a lower interest rate and lower payments. 1. A larger down payment in addition, it can reduce the overall cost of the lease for the duration, and thus the monthly payment the decision to make a larger down payment may make it easier to qualify for the lease. "Without any credit history, you can anticipate paying a higher down payment as well as a greater interest rate than the average, as your lease will be considered to be higher risk," says Steve Sexton, financial consultant and CEO of Sexton Advisory Group. 2. Find a co-signer A different alternative to getting a lease with no credit involves obtaining an additional co-signer. A qualified co-signer, who must have good to excellent credit, takes on the responsibility of paying the lease if you're unable to. The addition of a co-signer assures the lender that the loan will be paid in spite of your credit historyor the absence thereof. "Having a co-signer who has good to excellent credit can help reduce the risk overall since the cosigner will be accountable for making the monthly lease payment if you can't," says Sexton. To improve the odds that this strategy will succeed co-signer must have a credit score of 670 or better Sexton says. Sexton. Keep in mind that skipping payments can cause trouble for your co-signer along with yourself. 3. The option of taking over a lease over an existing lease is a alternative to obtaining an unpaid lease. Instead of going through the leasing company directly, you talk to the leaseholder to inquire about . Although the car company does a credit check and lenders will be more willing to cooperate with you because the process of taking over a lease typically is done when the leaseholder is at risk of default. "Taking over a car lease also increases your chances of leasing a car with no credit , as it helps reduce the risk for those who are the lender," says Sexton. "There's also the chance that you could save money on car leases over the long term by taking this route because when you take over a lease with another leasee, you can possibly benefit from the money they've put down on the vehicle." There may also be incentives available which are intended to make taking over a lease more attractive and include transfer fees included. In the end, even having no credit history, it's still possible to lease a car. Be sure to boost your odds of approval before going into the dealers. There are ways to increase the chances of being approved for a lease by saving the money for a bigger down payment, locating someone who has a well-established credit history and will be willing to co-signer, or by taking over someone else's lease. In the event that none of those solutions do the trick, work on building your credit score and applying in the future. Find out more


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Written by Cheryl Knight



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.






Auto loans editor




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