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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 providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation can affect the way and where products appear on the site, such as the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that could be accessible to you.



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3 min read published March 03, 2023.
Writer: Cheryl Knight Written by Cheryl Knight






Cheryl Knight

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.









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Having bad credit or no credit even exists as a major obstacle to leasing a vehicle. However, there are many other ways to get driving a new car -- even with less than perfect credit. You are able to get back on the road by committing to a bigger down payment, getting co-signers or the transfer of a lease. The effect is the effect of credit when leasing having no credit score or low credit score will not prevent you from leasing, it may necessitate a greater down payment or more frequent monthly installments overall. The is mainly due to the higher interest rates that lessees with a lower credit score are eligible for. The average credit score for people leasing a brand new car was 734 in the fourth quarter of 2022, up two points from three-quarter period of the year 2021, according to . This score is in the category of "prime" -- between 661 and 780. 3 options for getting a lease with no credit starting out and do not have credit history, there are some options to help you get an auto lease. In addition, once you do get your lease in place, monthly payments will help you establish credit. When you next lease you might get a better interest rate and pay less. 1. A bigger down payment In along with reducing total expense of leasing over its duration, and thus your monthly payments, the willingness to pay extra on a down payment may help you qualify to lease a car. "Without any credit history, you must expect to pay a bigger down payment as well as a greater interest rate than normal as your lease will be thought to be more risky," says Steve Sexton the chief financial officer and consultant Sexton Advisory Group. Sexton Advisory Group. 2. Find a co-signer A different alternative for obtaining the lease without credit includes getting an additional co-signer. A co-signer who is qualified, and who must have good to excellent credit will assume the obligation of paying for the lease in the event that you're unable to. The addition of a co-signer provides a guarantee to the lender that the loan will be paid, regardless of your credit historyor the absence thereof. "Having a co-signer who has good to excellent credit can help minimize the overall risk as co-signers are responsible for fulfilling the monthly lease payments if you're unable to," says Sexton. To increase the chance that this method will be successful, the co-signer should have a credit score of 670 or higher, says Sexton. Remember that not making payments can be a problem for your co-signer as well as you. 3. The option of taking over a lease on an already-existing lease one final way to get an unpaid lease. Instead of going through the leasing company directly, you talk to the owner of the lease about . Although the car company conducts a credit check and lenders will be more willing to cooperate with you because taking over a lease usually occurs when the other person is at risk of being in default. "Taking over a lease also increases your chances of leasing a car with no credit as it also helps to minimize the risk for lenders," says Sexton. lender," says Sexton. "There's also a chance you could save money on car leases in the long run via this method because when you buy a car lease from another leasee, you may possibly benefit from the money they've already financed on the car." There could be incentives available that can make the process of taking the lease over more appealing such as having transfer costs included. Bottom line, even without credit history, it is still possible to lease the car. Take the time to improve your odds of approval before going into the dealers. You can increase your chances of getting approved for a lease by avoiding a larger down payment, finding someone who has a well-established credit score who would be willing to co-signer, or by taking over the lease of a friend or relative. In the event that none of those options will work, then start working on building your credit history and reapplying at a later date. Learn more


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Written by Cheryl Knight



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

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into digestible chunks.






Auto loans editor




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