Getting A Lease With Bad Credit

Your credit score is also known as the 'FICO' score. It is the number between 350 and 850 which determines how good your credit is. The higher your score, the better. You can pretty much get just about anything you want with a score between 680 and 700 which is considered 'prime' credit. Anything below 640 is 'subprime' and scores below or in the 500's usually won't be accepted for anything. There are three major credit reporting companies, and if your score is below prime, you should probably hit all three for accuracy.

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When you go into try and get a lease with 'subprime' credit, you can almost always expect them to ask you to pay a higher down payment, higher interest rates, and even a deposit. Though, even very low credit scores can get approved in certain situations. Look up where you can go to get a lease, check them out and don't waste your time if you think you won't get approved. However, if whatever you are leasing isn't a complete necessity in your life, then you should take several months to build up your credit score. You should try to take out a credit card where you can pay your usual monthly expenses which will help build your score.

Just shop around for different places you can lease from, take your credit report to them, and they will even tell you fast if they think you will get approved or not. You should do this because every credit score inquiry can impact your score. Not by much, but it still does. You can also look for people who specialize in 'subprime' loans, some companies even have ads that say 'bad credit, no problem.'

You can also do a lease assumption which means that you take over for someone who can no longer afford payments, this gets you a lease and also builds your credit.

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Posted in Transportation/Automotive Post Date 09/12/2019