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How do you lease a BMW with bad credit?
Will I still be able to lease a BMW if I have a bad credit score? I fell in love with a BMW already, and I can definitely afford to lease the car, but I’m still recovering from when I tanked my credit about a year ago.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, there are still options for
leasing
a BMW with bad credit! However, you could be hit with much higher interest rates than you would see if you had a good credit score, and it might be more difficult to find a lender that can help you out.If you’ve really got your heart set on this car, here are a few ways that you can improve your chances of approval:
- Pay off outstanding debts if possible.
- Be prepared with proof of income. Lenders want to know that you’ll be able to pay off a loan, so proof of income can help a lot.
- Save up so that you can make a large down payment. You’ll have a higher chance of approval, and you might even be offered better terms on the contract.
- Try getting a loan from a credit union instead of just leasing your car through a dealership. Credit unions are more likely to approve you for a loan and might offer you more flexible rates.
You should also keep in mind that car insurance with bad credit can be expensive. Luckily, the
Jerry
app makes it quick and easy to find the best rates available on the coverage you need. Just download the app and answer some quick questions to see quotes customized for you.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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