A lease is essentially the same from a credit standpoint as a car loan.
Since fully 35 percent of your FICO credit score comes from your payment history, leasing a car can have a significant impact on your credit score.
If you make all of your lease payments on time, your credit score should improve.
What credit score do you need to lease a car?
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.
Is leasing or buying a car better for your credit?
The less money borrowed, the less total interest you’ll have to pay. Getting a car lease or car loan may be your first credit experience. If you apply for a mortgage, student loan, or credit card while making car payments, you may qualify for a lower amount than if you didn’t have them.
What is the cheapest car to lease in 2018?
- 2019 Hyundai Veloster.
- 2019 Subaru Impreza.
- 2019 Ford Fusion Hybrid.
- 2019 Honda Civic.
- 2019 Jeep Cherokee.
- 2019 Toyota Camry.
- 2018 Hyundai Sonata. Lease Deal: $199 per month for 36 months with $2,199 due at signing.
- 11 Best Lease Deals Under $200 in May. 2019 Nissan Sentra Lease Deal: $149 per month for 36 months.
Photo in the article by “Mount Pleasant Granary”