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3 minutes read. published March 03, 2023.
Written by Cheryl Knight Written by Cheryl Knight
Cheryl Knight
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-sourced information that dissects complicated topics into bite-sized pieces.
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Having bad credit or no credit even exists as the biggest obstacle in leasing a car. However, there are many other alternatives to getting driving a new car -- even if you have less than perfect credit. You can get back on the road by committing to a bigger down payment, obtaining co-signers or signing over a lease. The impact of credit on leasing having no credit score or a low one, will not prevent the possibility of leasing, it may necessitate a greater down payment or higher monthly installments overall. The is mainly due to the higher interest rates that those with a lower credit score are eligible for. The credit score of those leasing new vehicles reached 734 during the quarter-fourth of 2022, a two-point increase from the third quarter of 2021, according to . This score falls under the category of "prime" -- that ranges from 661 to 780. Three options to get a loan with no credit If you are just beginning your journey and do not have a credit background, there are a few ways to get an auto lease. Additionally, when you have a lease, the payments will help you establish credit. If you decide to lease again you might obtain a higher interest rate and pay less. 1. A bigger down payment In along with reducing total expense of leasing over its duration, and thus the monthly payment and the ability to pay extra on a down payment can aid in obtaining a better credit score for the car lease. "Without an established credit score, you can expect to pay a bigger down payment and a higher interest rate than normal because your lease is considered to be more risky," says Steve Sexton, financial consultant and CEO Sexton Advisory Group. Sexton Advisory Group. 2. Find a co-signer A different alternative for obtaining an unpaid lease involves obtaining the co-signer. A qualified co-signer, who must have credit scores of good to excellent, takes on the responsibility of paying the lease if you're unable to. Co-signing provides a guarantee to the lender that the loan will be paid, regardless of your past payment historyor absence of it. "Having a co-signer with excellent to excellent credit will help reduce the risk overall since co-signers are responsible for fulfilling the lease's monthly payments in case you aren't able to," says Sexton. To improve the odds that this approach will work co-signers should have a credit score of at least 670, says Sexton. Be aware that ignoring payments could cause problems for your co-signer as well as yourself. 3. The option of taking over a lease on an already-existing lease one final way to get an unpaid lease. Instead of going through an individual leasing firm, talk to a leaseholder about . While the car company still checks your credit however, lenders are more likely to collaborate with you as the process of taking over a lease typically happens when the person who is taking over is at risk of default. "Taking over a car lease also increases your chances of leasing a vehicle with no credit as it also helps to minimize the risk to the lender," says Sexton. "There's also the possibility that you might end up saving money on a car lease in the long run via this route because when you buy the lease of another leasee, you can potentially benefit from what they've already put down on the car." There may also be incentives offered which are intended to make the process of taking over a lease more attractive, including having transfer fees paid. The bottom line Even with no credit history it is possible to lease an automobile. Make sure to increase the chances of being approved prior to heading towards the dealership. You can increase your chances of getting granted a lease by avoiding an additional down payment, locating someone with a solid credit score who will be willing to co-signer, or taking over the lease of a friend or relative. If none of these approaches do the trick, start working on building your credit score and applying in the future. Find out more
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Written by Cheryl Knight
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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