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What are the income requirements for a car lease?

I’ve crunched the numbers and I don’t think I can afford a car loan right now. I’ve heard that leasing a car is less expensive than buying one, but what are the income requirements for a car lease?

avatar
Cassandra Hamilton · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Income requirements for a
car lease
 vary between dealerships and car makes, but there are some general financial rules you should keep in mind to determine whether or not you’ll qualify for a car lease:
  • Credit score: Even if you make more than enough money, a bad credit score indicates you’re not great at handling your finances. You might be rejected for a car lease.
  • Debt to income ratio: If you’re spending more than you’re taking in, you won’t be considered for a car lease.
  • Your income before taxes: Generally speaking, you’ll often need to bring in at least $1,500 to $2,000 per month before you can qualify for any type of loan or financial agreement.
  • The 20/4/10 rule: Put 20% down, lease for four or fewer years, and don’t let the cost of your car (including
    car insurance
    !) exceed more than 10% of your monthly income.
MORE:
What is a good down payment for a car?
FinanceLease
View full answer 
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