Can I Lease A Car With Bad Credit
Nowadays, when people struggle with financial issues, many of us start thinking if we can lease a car with bad credit. Generally, leasing a car with bad credit means that the one asking to lease a car has a credit-history that’s not as convincing, a low credit score or a debt-to-income ratio pretty high. Therefore, the dealer will consider such a person to be a high-risk client and he will think twice before offering that particular client a good deal on a new car.
If you find yourself in such a situation you should first of all ask for a copy of your credit report and credit score and look carefully at the FICO and Fair Isaac score, because those mostly influence your chances to receive a lease for a new car. Once you have an idea of the content of your credit history you will be able to ask some of the credit reporting agencies to help you improve your credit score by removing those items that aren’t factual. As a result, things will start to look up for you.
The next step involves locating a larger car dealership. These dealers lease a large number of cars a day, and due to this sale volume they will be able to offer people with bad credit a good deal as well. Actually, some of the car manufacturer’s offer special programs for people who want to lease a car with bad credit. An example would be the Red Carpet Leasing program, enforced by Ford that has received a lot of positive responses from people with bad credit.
Once you’ve entered such a dealership you should be honest, discuss with the finance director of the dealership and let him know about your credit score. You should not let the company check your credit until you succeed in striking a deal, because you should try to get your credit score raised and your negative credit history less taken into consideration. Just showing the finance director your credit score should be enough for him to tell you if he can offer you a deal.
If the answer is no during the first try, don’t get discouraged. Just go ask the next dealership, because due to your bad credit you may have to visit more than one car dealership. That’s normal, and if you want to lease a car with bad credit you should have patience and be persuasive.
Once you’ve located that dealer willing to offer you a lease you should have on you some money in cash, because due to your bad credit the dealer might ask you to pay more down payment than a good credit person would be required to pay in order to obtain the lease. Usually, having those money cash is a good argument that will convince the dealer to go on with the procedure of leasing you one of their cars.
Also, keep in mind that American car companies like Ford, General Motors or Chrysler are less inclined to offer leasing deals for customers with bad credit than some foreign car makers like Toyota, Mazda or Nissan. So, choose the type of car you want to lease according to these criteria as well. In fact, the lower price of these cars and the fact we are talking about reliable cars turns these choices into great lease deals.
So, the answer to the question: “Can I lease a car with bad credit?” is yes. Your options may be a little limited and the searching process may take longer than usual but there’s no reason for not being successful.