Just because you have bad credit, don’t think that there is no way that you can obtain a new car. If you are struggling with a poor credit record, you probably shouldn’t set your sights on a high-end vehicle, but that doesn’t mean you can’t take advantage of some of the excellent leasing options that are now available.
Leasing has several advantages over buying, many of which are quite attractive to people with bad credit. The terms call for shorter agreements and fewer years tied up in making payments.
Car Leasing Tips
Here are a few tips to lease a car with bad credit:
Get a copy of your credit report and clean it up in any way that you can before approaching dealerships to lease a car. Make sure that closed accounts are off the books, repaid debts are noted, and even that new addresses are listed.
Unless you know a car dealer personally, you should probably visit a large dealership in your attempt to lease a car with bad credit. Such dealerships will have the most cars for lease and will be more open to working with a person who has bad credit. In these less-than-robust economic times, many dealers have cars just sitting on their lot, which does them no good. Go big when looking to lease a car.
If at all possible, show the finance director at the dealership your credit score from an official source. This will save the time of him/her doing a credit check on you, and it will not cause any dip in your credit rating, which repeated credit checks can do.
You might be able to lease a car with bad credit at your first dealership, but if not, don’t get discouraged. You could need to visit several large dealerships before finding the one that has numerous cars on the lot with no new owners. Don’t be surprised by rejection. Persevere and keep looking.
Do what you can to amass a nice wad of cash when seeking to lease a car. If you have a sizeable amount of cash on hand, dealers will be much more open to working out a lease with you. The dealer will probably require more cash from you than from a person with good credit. Beat him to the punch by walking in with a nice amount of cash on hand. This will greatly improve your chances of getting a lease on a car with bad credit.