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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 better financial choices by offering interactive financial calculators and financial tools, publishing original and objective content, by enabling you to conduct your own research and to compare information at no cost - so that you can make informed financial decisions. Bankrate has partnerships with issuers, including 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 website are provided by companies that compensate us. This compensation could affect how and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the content we publish or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offers that may be accessible 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

Editor: 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 concise, well-studied information that breaks down otherwise complex topics into manageable bites.









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If you have bad credit or no credit even exists as an obstacle when it comes to leasing a vehicle. However, there are many other ways to get driving an automobile even with less than perfect credit. You can return to the road by agreeing to a larger down payment, obtaining an additional co-signer, or even 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 the possibility of leasing, it may require a larger down payment or higher monthly payments overall. This is mostly due to the higher interest rates that those with a less credit score can qualify for. The average credit score for drivers leasing a new vehicle reached 734 during the quarter-fourth of 2022. That's up two points from 3rd quarter in 2021, according to . The score falls into the category of "prime" -- ranging from 661 to 780. Three options to get a loan with no credit history If you're just starting out and don't have a credit history, there are alternatives to help you obtain the car you want to lease. Additionally, when you have your lease in place, installments aid in establishing credit. The next time you lease you might obtain a higher interest rate and pay less. 1. A larger down payment addition to reducing the total cost of the lease over its duration and thereby the monthly payment the decision to pay extra on a down payment could aid in obtaining a better credit score to lease a car. "Without an established credit score, you must be prepared to pay more down payment and an higher interest rate than the average, since your lease will be thought to be more risky," says Steve Sexton the chief financial officer and consultant of Sexton Advisory Group. 2. Get a co-signer Another alternative to getting the lease without credit is to get a co-signer. A co-signer with a valid qualification, who must have credit scores of good to excellent will assume the obligation of paying the lease in case you can't. The co-signer gives assurance to the lender that the loan will be paid in spite of your credit historyor absence of it. "Having a co-signer with good to excellent credit can help lower the overall risk since the cosigner is responsible for fulfilling the monthly lease payments if you aren't able to," says Sexton. To increase the chances that this strategy will succeed co-signers should be able to show a minimum credit score of 670 or higher Sexton says. Sexton. Keep in mind that skipping payments could cause problems for both your co-signer and you. 3. Re-lease another lease over an existing lease is one alternative to obtaining a lease with no credit. Instead of going through an individual leasing firm, talk to the owner of the lease regarding . While the car company still conducts a credit check however, lenders are more likely to cooperate with you because taking over a lease usually is done when the leaseholder is at risk of being in default. "Taking over a car lease can increase your chance of obtaining a car loan with no credit , as it helps reduce risk for those who are the lender," says Sexton. "There's also the possibility that you'll save money on car leases in the end by using this option because if you take over the lease of another leasee, you can possibly benefit from the money they've already put down on the vehicle." There could be incentives offered which are intended to make the process of taking over a lease more attractive such as having transfer costs paid. The bottom line Even without credit history, it's possible to lease an automobile. Make sure to increase your odds of approval before heading towards the dealership. There are ways to increase the chances of being granted a lease by avoiding the money for a bigger down payment, locating someone with a solid credit score who would be willing to co-signer, or by taking the lease of someone else. If neither of the above options do the trick, work on building your credit score and applying at a later date. Learn 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 committed to helping readers gain the confidence to control their finances with clear, well-researched information that breaks down complicated subjects into bite-sized pieces.






Auto loans editor




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