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3 minutes read. Published March 03, 2023.
Written by Cheryl Knight Written by Cheryl Knight
Cheryl Knight
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers gain the confidence to take control of their finances through providing concise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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If you have bad credit or no credit at all can present the biggest obstacle when it comes to leasing a car. There are many ways to get into a brand new vehicle even if you have less than perfect credit history. You are able to be back on the road by agreeing to a higher down payment, obtaining an additional co-signer, or even taking over another lease. The impact of credit on leasing having no credit score or a low score, does not necessarily keep the possibility of leasing, it may necessitate a greater down payment or higher monthly installments overall. This is mostly due to the higher interest rates lessees with a lower credit score qualify for. The credit score of people leasing a brand new car is 734 as of the 4th quarter in 2022. That's an increase of two points from the 3rd quarter in 2021 according to . This score is in the category of "prime" -- ranging from 661 to 780. 3 ways to obtain an auto lease without credit If you are just beginning your journey and do not have a credit history, there are ways to get a lease on a car. Additionally, when you've signed your lease in place, payments aid in establishing credit. When you next lease, you may receive a lower interest rate as well as lower monthly payments. 1. A higher down payment addition to reducing the total expense of leasing over its term and consequently your monthly payments the decision to make a larger down payment could make it easier to qualify for the lease. "Without an established credit score, you should expect to pay a bigger down payment and an higher interest rate than average because your lease is considered to be more risky," says Steve Sexton the chief financial officer and consultant of Sexton Advisory Group. 2. Find a co-signer A different option for getting a lease with no credit involves obtaining an additional co-signer. A co-signer with a valid qualification, who must have credit scores of good to excellent will assume the obligation of paying the lease in case you can't. The addition of a co-signer assures the lender that the loan will be paid regardless of your credit historyor absence of it. "Having a co-signer with excellent to excellent credit can help minimize the overall risk as the cosigner is responsible for paying the monthly lease payments if you're unable to," says Sexton. To improve the odds that this approach will work co-signer must have a credit score of 670 or higher according to Sexton. Keep in mind that skipping payments can be a problem for your co-signer as well as yourself. 3. The option of taking over a lease on an already-existing lease a alternative to obtaining an unpaid lease. Instead of going through the leasing company directly, you approach the leaseholder to inquire about . While the car dealership does a credit check however, lenders are more likely to collaborate with you as taking over a lease usually is done when the leaseholder is in danger of default. "Taking over a car lease also increases your chances of obtaining a car loan without credit since it also helps to minimize the risk for lenders," says Sexton. lender," says Sexton. "There's also the possibility that you might end up saving cash on a car lease in the long run via this method because when you purchase the lease of an existing leasee, you could potentially benefit from what they've already financed on the vehicle." There could also incentives which are intended to make the process of taking over a lease more attractive, including having transfer fees paid. Bottom line, even having no credit history, it's possible to lease the car. Be sure to boost the chances of being approved prior to heading towards the dealership. You can improve your odds of getting granted a lease through saving the money for a bigger down payment, finding someone who has a well-established credit history who is willing to be a co-signer or take over the lease of a friend or relative. If none of these solutions do the trick, begin to build your credit history and reapplying at a later date. Find out more
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Writer: Cheryl Knight
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied information that breaks down complicated subjects into bite-sized pieces.
Auto loans editor
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