Leasing a vehicle is a great way to drive the latest car model and can even mean lower monthly payments than if you were to finance a new car.
But if you want to lease a car and have bad credit, it could be difficult to get approved.
And if you are approved, you’ll likely be charged a higher financing cost.
Can you lease car with bad credit?
A bad credit score is going to make both buying and leasing a car more difficult. You’re more likely to be denied for a loan or a lease, and you’re going to pay higher rates. When you have a low score, it’s basically a signal to lenders and/or dealerships that you don’t have a good history of paying people back.
Can you lease a car with 500 credit score?
This means that you can lease a new car, even if you have a 500 credit score. They allow you to lease a brand new vehicle for a period of time, much like a traditional lease, but each payment you make in that time period goes towards the purchase price of the vehicle.
Can you lease a car with bad credit Canada?
For some Canadians with bad credit, car leasing offers a viable alternative to purchasing a new or used car. Around 20% of Canadians lease cars instead of buying them, and leasing can offer some benefits to Canadians who have poor credit. Getting a lease with bad credit isn’t easy, but it is doable.
Photo in the article by “Wikipedia”