What Kind Of Credit Score Do You Need To Lease A Car?

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?

Auto Leasing with Bad Credit

This is because there are some lending companies that will not look at a consumer if they have a score below 620. 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.

Can I lease a car with 550 credit score?

Credit Scores Below 550

Have a score of 550 or lower? You are generally out of luck unless you can bring your score up. Even if you do get approved, it will require a large down payment. You would be better off using that money to buy a used car than to take on monthly payments with an extremely high interest rate.

Can I lease a car with poor 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 I lease a car with 600 credit score?

A Credit Score Below 600 is Considered a Subprime Lease

According to most experts in the field of auto financing and leasing, the best lease terms are reserved for those with credit scores above 700.