Leasing a Vehicle with Bad Credit

Benefits of Leasing with Bad Credit

1. Lower Payment - Leasing a vehicle comes with a lower payment, which is really at the heart of every deal you make. You want a product or service, you pay a price. What you might not know is that when it comes to cars, you can get the exact same model you want for less if you choose to lease as opposed to financing it.

2. Shorter Terms - A typical lease lasts for 36 months, which is roughly half the amount of time you would have to commit to if you financed the same vehicle. Having such a shorter term is a nice benefit because it's an easily digestible timeframe. You can even say that you see the light at the end of the financial term tunnel from the minute you drive off the dealership lot.

3. Increased Flexibility - Financing a car means that you will be stuck paying a fixed monthly rate until the financing term has ended, which takes an average of six years. By choosing this path, you get to own your vehicle in the end, but you are going to be upside down financially while making your payments, which is not the best move when trying to rebuild credit. Leasing comes with the flexibility to get a new car with a new rate on a more frequent basis, typically three years or less.


Tips for Getting Approved with Bad Credit

1. Know Your Budget - While it might be nice to get the car with all the latest and greatest features, you must be realistic when it comes to what you can afford. Stay true to your budget and research a vehicle that matches your wants and needs at a price point that is comfortable for you.

2. Run Your Credit Score Now - Rather than waiting to be surprised when you show up at the dealership, utilize a free report service like Credit Karma and run your score ahead of time. This way, you know where you are at and ask the dealership to refrain from running a hard credit inquiry, a practice that negatively impacts your score.

3. Provide Proof of Income - If you have been doing well for yourself with a steady stream of income, bring copies of your compensation to share with the dealership on the spot. While you may have a bad credit score, that doesn't mean that you can't easily show that you are more than capable of making payments on time with a new lease.

4. Take Your Time Before Signing - Make sure to read through everything that is included on your lease. Once you have done so, ask any and all questions. Don't sign on the line before you fully understand the terms. There is nothing wrong with making sure you have all of your ducks in a row.

Have Questions? Call (855) 264-9170 to Speak with One of Our Experienced Leased Specialist and Drive a new Car or Truck for Less

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