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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 aim is to assist you make better financial choices by offering interactive financial calculators and financial tools as well as publishing original and impartial content. This allows you to conduct research and compare information for free - so that you can make financial decisions with confidence. 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 deals that are displayed on this site come from companies that compensate us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they may appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be available to you.



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






Cheryl Knight

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to control their finances through providing concise, well-studied information that dissects complex subjects into digestible pieces.









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Having bad credit or no credit at all can present a major obstacle when it comes to leasing a car. There are many options for you to get driving a brand new vehicle even if you have less than perfect credit history. You are able to return to the road by agreeing to a higher down payment, getting an additional co-signer, or even signing over a lease. The impact that credit has on leases While no credit score, or a low 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 rates of interest that lessees with a lower credit score qualify for. The average credit score of those leasing new vehicles is 734 as of the 4th quarter in 2022. That's up two points from 3rd quarter in 2021 according to . This score falls under the primary category, between 661 and 780. Three options to get a loan with no credit beginning your journey and do not have a credit history, there are some ways to get an auto lease. In addition, once you do get an agreement, payments will help you establish credit. If you decide to lease again, you may receive a lower interest rate and pay less. 1. A larger down payment along with reducing overall cost of the lease over its term and thereby your monthly payments, the willingness to make a larger down payment can aid in obtaining a better credit score for the lease. "Without an established credit score, you can anticipate paying a higher down payment and an higher interest rate than average because your lease is thought to be more risky," says Steve Sexton the CEO and financial consultant Sexton Advisory Group. Sexton Advisory Group. 2. Find a co-signer A different option for getting the lease without credit is to get the co-signer. A co-signer with a valid qualification, who must be able to demonstrate good or excellent credit will assume the obligation of paying the lease in case you can't. The co-signer provides a guarantee to the lender that the loan will be paid regardless of your payment history -- or lack thereof. "Having a co-signer who has good to excellent credit helps to minimize the overall risk as the cosigner will be responsible for paying the lease's monthly payments in case you can't," says Sexton. To increase the chances that this method will be successful co-signer must have a minimum credit score of at least 670 according to Sexton. Keep in mind that skipping payments could cause problems for both your co-signer and yourself. 3. Re-lease another lease on an already-existing lease a last method to obtain the lease without credit. Instead of approaching an individual leasing firm, approach the leaseholder to inquire regarding . While the car dealership conducts a credit check however, lenders are more likely to cooperate with you because taking over a lease generally occurs when the other person is at risk of default. "Taking over a lease increases the chance of leasing a vehicle without credit since it helps reduce the risk to those who are the lender," says Sexton. "There's also the possibility that you might end up saving cash on a car lease over the long term by taking this method because when you buy a lease with an existing leasee, you could potentially benefit from what they've put down on the vehicle." There may also be incentives available which are intended to make taking the lease over more appealing and include transfer fees covered. In the end, even having no credit history, it is still possible to lease a car. Be sure to boost your chances of getting approved prior to making a trip into the dealers. You can increase your chances of being approved for a lease through saving a larger down payment, finding someone with a solid credit history and is willing to be a co-signer or take the lease of someone else. If none of these options are working, you can start working on building your credit score and applying in the future. 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down complicated topics into manageable bites.






Auto loans editor




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