Can You Lease a Car with Bad Credit?

Car dealer giving car key to buyer
 

As you’re probably aware, getting approved for a car lease or loan is a lot easier with a high credit score. But what are your options if you need a new car now, but haven’t had time to build or rebuild your credit? At Garavel CJDR, you have options! In the guide below, we’ll answer some of the most common questions we hear from Stamford drivers, including:

  • Can I lease a car with bad credit?
  • Compared to financing, is it easier to lease a car with bad credit?

 

 

Is It Easier to Lease a Car with Bad Credit Than to Finance with Bad Credit?

Can you lease a car with bad credit, or should you opt for a financing deal? As with financing, a higher credit score will get you better lease terms. However, you may receive better offers from lenders if you’re applying for a lease. That’s because monthly lease payments are lower than monthly financing payments, so lenders will have more confidence in your ability to repay the loan.  Keep in mind that with a bad credit score, you can expect to pay a higher interest rate, as well as a larger down payment. So, be sure to factor in those costs when you calculate your monthly auto payment budget.

 

Find a Great Lease Deal with Bad Credit

Even when you lease a new car with bad credit, it’s still possible to find a great deal at a Chrysler, Dodge, Jeep, Ram dealership near you in Greenwich! Here’s what you need to know to get the best rates:

  • Budget Conservatively – Rather than leasing a car at the limit of your budget, choose a vehicle that’s comfortably under your budget.
  • Know Your Score – Check your credit score when you apply for a lease. It’s important to know what you’re working with, so that you can leverage any recent upticks in your favor.
  • Pay More Up Front – A larger down payment will build good faith with your lender, and may even earn you better lease terms.
  • Provide Proof of Income – When you visit your lender to work out a deal, bring three months of pay stubs as proof of income. This will give your lender even more reason to trust that you’ll have no problem paying on time each month.

 

Can You Lease a Car With Bad Credit at Garavel CJDR?

Absolutely! Our experienced team of auto finance experts will sit down with you and work out a custom financial solution that fits your needs. We’re also happy to answer your questions about the benefits of leasing vs. financing, whether to add optional coverage like Gap insurance, and more. Contact us or stop by our finance center near Bridgeport today!

 

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