A low credit score affects many of your financial decisions, including leasing a vehivle. A vehivle dealership normally sees a score of 680 or lower as high rise risk and may honour you as a subprime borrower. This tag may assemble it added effortful to agreement a vehicle. Whether you are looking at leasing a automobile and you hold a low credit score, you compass to be prepared at the van dealership.
Instructions
1. End your credit score. Whether you are not undeniable where you are, satisfy a free lunch credit score Announcement (clock money) and bargain absent where you are with your credit.
2. Hoist your credit score. Do what you can do raise your credit score before you lease. This may include paying bills on time, reducing debt, opening new accounts and increasing the amount of time you have had bills in your name.
3. Save up for a large down payment or security deposit. Often, car dealerships will require a larger down payment (as much as 20 percent of the total lease contract) for lessees with low credit scores. You may also get stuck with a higher interest rate.
4. Find a co-signer. It may be easier to get a lease if someone with a high credit score is willing to co-sign on your lease. Similarly, those manufacturers that aren't doing as well are more likely to be cautious.6. Make sure you have enough money to make payments on time.
Be wary of this option, however, because if you can't make payments, your co-signer will need to pick up the slack.5. Find out which car companies are doing the best by reading the Wall Street Journal or checking out the stock values. Car manufacturers that are financially sound will be more likely to risk leasing to someone with a low credit score.
Defaulting on your lease can wreak havoc on your credit and cause repossession. If you find yourself in a position where you can no longer make payments, contact your leaser immediately. You may be able to negotiate a deal to keep your vehicle and your credit score intact.
