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How do you lease a car with bad credit?
I have bad credit. I don’t want to buy a car, but I do want to lease one if possible. Can I lease a car with bad credit?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Here are some ways to overcome bad credit and get approved for a lease:
- Down payment: Just like you would if you were buying a vehicle, you can put down a lump sum payment at the beginning of your lease. This will not only improve your chances of qualifying for a lease but also may lower your monthly payments.
- Cosigner: If you can’t qualify on your own, ask a family member or friend with good credit if they’d be willing to cosign for you.
- Debt-to-income ratio (DTI): This is how much you owe to various lenders (for credit cards, mortgage, student loans, etc.) versus how much you make. The lower your DTI is the better odds you have of getting approved.
- Choose a used car: The sticker price will likely be lower on a used car, so it will be easier to get approved with bad credit. You can always upgrade to a new car when your lease is up and you’ve improved your credit after making several on-time payments!
To free up money to put toward your new ride, save money on car insurance with
Jerry
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- Gregory R.
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