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4 min read. Published on October 11, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to buy an automobile.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to control their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible chunks.









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For many drivers, provides an affordable means to get behind the wheel of an all-new vehicle. The lease offers lower monthly payments and eliminates many of the other costs associated with car ownership -- including repairs, which the dealer will largely cover. To benefit from the lower costs that come with a lease you must be eligible. The process of leasing a car for bad credit can be more difficult. What credit score do you need to have to be able to lease the car? When shopping around in the process of leasing a car the credit score of your prospective buyer is an important aspect of the equation. Dealers prefer customers with excellent credit scores with better interest rates . However, when you have a low scores, they might not be able to lease you a car at all. The credit score required for leasing a car varies between dealerships. A prime score ranges from 661-780. Prime scores account for 65 percent of all financing, as per Experian. Experian report. Scores that are below this, ranging from 601 to 660 are considered non-prime, and scores between 501-600 are considered subprime. Less than 17 percent of the financing available is subprime. The higher your credit score, the more favorable the leasing offer you will get. However, you are able to expect a good leasing offer for a credit score that falls within the 670 - 739 range. This is because lenders consider your current earnings, your employment history and current debt obligations in determining whether you qualify. The average credit score of lease applicants in 2022's second quarter was 736, according to Experian. While , or a low score will not hinder your from leasing, it could have to pay more of a down payment, or make higher monthly payments on a lease. Drawbacks to leasing a car when you have bad credit Taking steps to improve your overall credit score however, you could still potentially lease a vehicle prior to repairing it. Just be aware of these potential dangers. A high cost credit score can mean that you'll have to work harder to be eligible for the . For example, the dealer may ask for an . Your lease offer may also include a higher interest rate that is known as a cash factor or lease lease terms. This could inflate the cost of your monthly lease payment beyond what you can manage. No equity When you take possession of no equity when the lease comes to an conclusion. That means that you don't have any trade-in or monetary worth that you can apply to the purchase or new lease. If you pay a greater monthly amount and a lower credit score, you might not be able to save enough to finance a lease. Strategies to increase your chances of getting your lease approved If you're planning on leasing a car that has bad credit, there are some things you can do to improve your chance of getting approval. You can make a huge down payment To show your potential lender that you're dedicated to paying on your lease, you should make sure you pay more than the minimum amount down. This is referred to as capitalized cost reduction. The more money you provide as a down payment the less your monthly payments will be. Get a loan cosigner One way to gain approval is by . Cosigners add an additional layer of security to the loaner. The cosigner takes responsibility for the lease and their credit may be affected if you fail to pay. Additionally, if you fail to make the lease payments the cosigner is responsible for doing so. If this is your preferred route ensure that you select an individual from your family or friend who has more credit history than you. Try to reduce your debt-to-income ratio. Lowering your debt-to income ratio is also a red signal for leasing companies. Your debt-to-income ratio, or DTI is defined as the monthly amount of your payments divided by your monthly income. As someone with low credit score, you'll want to reduce this amount by paying off debts, refinancing to a lower rate or increasing your income. Consider an . They allow you to consolidate multiple debts into one payment, which makes them much easier to manage. It is possible to use a calculator to find out what your current situation is. Look around when looking for the best car lease deal, look around at several dealerships and leasing firms to determine which one offers the most advantageous deal to those who have bad credit. Since each dealership assesses lease deals differently and therefore, you could get a better lease offer than you expect -- and potentially at a lower rate. It's also possible to get out of your lease, though you might have less leverage when you are a person with bad credit. You can negotiate the buyout price, which is the price you'd pay to purchase the car at the end of the lease. This price generally cannot be changed after the lease expires, so address it upfront when you think you'll like to purchase the vehicle. It is also possible to discuss the vehicle's annual mileage allowance if you know you will likely be driving for a long time. Another option to lease a vehicle with bad credit If you cannot obtain a lease or a one with favorable conditions, a lease transfer could be an alternative. Companies such as SwapALease and LeaseTrader specialize in matching people who want to get out of the lease with those who are looking to lease. Although lease takeovers require a credit check to qualify, the terms could be more favorable, without the need for a down payment. Another alternative is . Some dealerships do not offer used cars for lease, so you may have to shop around to find the nearest dealership that offers this option. If you find one, be sure to note the entire lease agreement and the amount you'll have to pay during the lease. You could get the best deal by buying an older car. There are also "lease here, pay here" dealers who offer on-site financing for cars they lease. However, the downside is that these leases often come with a more expensive price tag as well as higher monthly payments. Additionally the lease conditions are usually not optimal. You could even be held in charge of the costs of any necessary maintenance needed on the vehicle. The selection of cars available on lease here, pay here dealers may be older or more limited. The bottom line Although it is possible to lease a car with bad credit, you may not get an attractive lease deal. This could mean a bigger down payment, more frequent monthly payments or leasing an automobile that isn't your first choice. If you have time and are willing to take steps to boost your credit score can result in a better lease agreement in the near future. Shop around and try to modify the lease terms, no matter the credit rating, to get the best deal.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase a car.



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

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.






Auto loans editor




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