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4 min read. Published 11 October 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to buy the car they want.







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

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers to take control of their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.









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For many people, leasing is an affordable way to get into the latest car. Leases offer lower monthly payments , and also eliminates several of the other expenses related to car ownershipwhich includes repairs that the dealer will largely cover. To benefit from the lower payments which come with leases you must meet the requirements. The process of leasing a car for bad credit can be more challenging. What is the credit score you require to lease a car? When you're looking to lease a car, your score on credit is an important element. Dealers prefer customers with excellent credit scores with higher rates of interest -- and if you have too low credit score, they may not lease to you in any way. The credit score needed for leasing a car varies between dealerships. the prime score ranges from 661 to 780. Prime scores account for 65 percent of the total financing, as per Experian. Experian report. Scores below that, ranging from 601 to 660, are considered to be non-prime. scores between 501 and 600 are considered to be subprime. A little less than 17 percent of the financing available is subprime. The higher your score in credit scores, the better the lease offer you get. But, you can expect a good leasing offer with a credit score in the 670 - 739 range. This is because lenders look at your current income, work history, and your current loans before granting you a lease. The average credit score for people leasing vehicles as of 2022's second quarter was 736, according to Experian. Even though a low score won't necessarily stop you from leasing, you might have to pay a larger down payment or pay more monthly on a lease. Drawbacks to leasing a car that have bad credit Taking steps to can help overall However, you may nevertheless lease a car before repairing it -- just be aware of these possible dangers. High cost Having a low credit score could mean you'll need to make more efforts to qualify for a . For example, the dealer might ask for an . The lease agreement could also have a higher interest rate, known as a money factor or lease in lease terms. This can increase the cost of the monthly lease payments beyond what you can afford. No equity When you , you walk away with no equity when the lease comes to an conclusion. This means you won't have any cash or trade-in value to apply to the purchase or a new lease. If you pay a greater monthly amount it is possible that you won't be able to save enough to pay for a new lease. Methods to increase the likelihood of approval for your lease If you are set on leasing a vehicle with bad credit, there are a few things you can take to increase your chances of approval. Make a large down payment to show your potential lender that you're dedicated to paying off your lease, try and pay higher than your minimum money down. This is known as capitalized cost reduction. The more you put for a downpayment, the lower your monthly payments will be. You can get a loan cosigner Another way to gain approval is to do so . Cosigners add an additional layer of security to the lessor. The cosigner shares responsibility for the lease and their credit is affected if you do not pay. Additionally, if you fail to pay payment on the lease the cosigner is accountable for the failure. If you're considering this route, be sure to choose a trusted family member or friend who has a stronger credit history than you. Try to reduce your debt-to-income ratio. Lowering your debt-to income ratio can also be a positive signal for leasing firms. Your debt-to-income ratio, or DTI is defined as your monthly payment divided by your income per month. If you have low credit score, you'll want to lower this number by repaying debts, refinancing to lower rates, or by raising your earnings. You might also consider a . These allow you to combine several debts into one payment, making them more manageable to manage. You can use a to find out what your current situation is. Explore the market when searching for the best car lease deal, look around at various dealerships and leasing companies to determine which one offers the most favorable deal for customers with bad credit. Because each dealer evaluates lease offers in a different way and therefore, you'll get a more favorable lease offer than you expect -- and perhaps at an lower cost. You can also try to of your lease, though you may not have the leverage when you are a person with bad credit. You can negotiate the buyout price, which is the price you would pay to buy the car at the end of the lease contract. The price is usually not negotiated after the lease ends and you should discuss it in advance when you think you'll decide to buy the car. You could also bargain the annual mileage allowance if you think you'll likely be driving for a long time. Other options to lease a car even with bad credit If you cannot find a lease or one with favorable terms, a lease transfer could be an option. Companies like SwapALease and LeaseTrader are experts in bringing together people looking to exit the lease with those who would like to lease. While lease takeovers still require a credit check to qualify but the terms can be more favorable, without the need for an upfront payment. Another option is . Not all dealerships offer used cars for lease Therefore, you will need to shop around to find the nearest dealership that offers this service. If you find one, be sure to note the conditions and details of the lease, as well as how much you will pay during the lease. It is possible to get an even better deal by purchasing an used vehicle. There are also "lease here and pay here" dealers who provide in-house financing for cars that they lease. However, the downside is that these leases usually come with far higher price tag and steeper monthly payments. In addition the lease payment terms are generally far from ideal--you may even be responsible for covering the costs of any needed maintenance for the car. The range of vehicles available on lease here, pay here dealers could be older or more limited. It is important to note that while there is a possibility to rent a vehicle with bad credit, you may not be able to get an offer that is competitive. This could mean a larger down payment, greater monthly payments or the car that's not your first choice. If you're able making the effort to improve your credit score may result in an improved lease contract in the future. Shop around and try to negotiate the lease terms, no matter the credit rating, to find the most favorable deal.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely using loans to buy a car.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing precise, well-researched and researched data that can break otherwise complicated topics into bite-sized pieces.






Auto loans editor




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