You can lease a car with bad credit as long as you meet credit score requirements and your dealership allows it. However, it is best to take measures to increase chances of approval to show a dealer you’re able to make payments like putting a large sum down or having a cosigner.
Oftentimes it can be difficult to get any car lease or loan with bad credit. However, depending on the dealership or lender, you may be able to find someone willing to work with you if you shop around.
While this is a possibility, you’ll most likely get denied for any car lease. The down payment serves as evidence that you’ll be able to make monthly payments, so if you go without one, you’ll appear as a higher risk to lend to.
It will be difficult to lease a new car with a credit score in the 500 range. If you put down a significant down payment or find a co-signer for your lease, you’ll have a better chance of getting approved.
To get a lease with the best terms, you’ll need a credit score of 700 or above. Depending on the cost of the vehicle and the upfront payment you can make, you might be able to lease a new car with a lower credit score.
If you have a fair or bad credit score, it’s often easier to get approved for a car loan than to lease a new vehicle. In either case, making a large down payment or getting a co-signer will help your chances of getting approved.
