When you lease a car, you’re effectively getting a loan on that amortization amount.
The higher the money factor, the greater the amount of interest you’ll pay over the life of the lease.
Customers with lower credit scores may have to pay higher interest than those with good or excellent scores.
What credit score do you need to lease a vehicle?
Scores below 619 classify you as a “subprime” borrower. You will have to pay a much higher rate if you are approved at all. BadCredit.org suggests that the typical minimum credit score to be approved for a lease is 620; the best rates are available for lessees with credit scores above 660.
Can I lease a car with a 500 credit score?
This means that you can lease a new car, even if you have a 500 credit score. Another option you can take is a lease to own vehicle, or sometimes called rent to own. These programs pretty much work in the same way as a traditional car lease, but they are more tailored to bad credit customers.
Can I lease a car with a 550 credit score?
Consider a Subprime Auto Loan if Your Score is Below 620. Although leasing is generally considered the better choice for people with low credit scores, this is not always the case. One reason for this is simply that lenders approve more bad credit auto loans than they do bad credit leasing agreements.
Do you need a job to lease a car?
When trying to go for car financing without a job it will need a down payment. Some lenders will require a down payment of 30% or more before granting a loan to someone who is unemployed however. So be prepared to pay a little more for the down payment if you do not have a job or a regular source of income.
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