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How to lease a car with no credit history Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and financial tools, publishing original and objective content. This allows users to conduct research and to compare information at no cost – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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3 minutes read. Published March 03, 2023
Writer: 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 confidence to control their finances through providing precise, well-researched and well-sourced information that dissects complex subjects into digestible pieces.
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Being a victim of bad credit or no credit at all could be an obstacle when it comes to leasing a vehicle. But there are other ways to get into an automobile even if you have less than perfect credit history. You are able to return to the road by agreeing to a larger down payment, obtaining co-signers or the transfer of a lease. The impact of credit on leasing While no credit score, or a low one, isn’t necessarily a reason to stop you from leasing, it may necessitate a greater down payment or more frequent monthly payments overall. This is due in part to the higher interest rates leasees with less credit score can qualify for. The average credit score for people leasing a brand new car was 734 in the fourth quarter of 2022. That’s an increase of two points from the third quarter of 2021, according to . This score is in the prime category — that ranges from 661 to 780. 3 options for getting a loan with no credit beginning to get started and don’t have a credit background, there are a few alternatives to help you obtain the car you want to lease. Furthermore, once you have an agreement, installments aid in establishing credit. If you decide to lease again, you may obtain a higher interest rate and lower payments. 1. A higher down payment addition to reducing the overall expense of leasing over its duration, and thus the monthly payment and the ability to pay extra on a down payment could make it easier to qualify for the car lease. “Without having any history of credit, you must anticipate paying a higher down payment as well as a greater interest rate than normal as your lease will be considered to be more risky,” says Steve Sexton the CEO and financial consultant at Sexton Advisory Group. 2. Find a co-signer A different alternative to getting an unpaid lease is to get a co-signer. A co-signer who is qualified, and who needs to be able to demonstrate good or excellent credit will assume the obligation of paying for the lease in the event that you can’t. Co-signing gives assurance to the lender that the loan will be paid in spite of your past payment historyor the absence thereof. “Having a co-signer with excellent to excellent credit will help reduce the risk overall since the cosigner is accountable for making the lease’s monthly payments in case you’re unable to,” says Sexton. To increase the chance that this strategy will succeed co-signers should have a minimum credit score of 670 or higher Sexton says. Sexton. Remember that not making payments can cause trouble for your co-signer along with you. 3. The option of taking over a lease on an already-existing lease a final way to get an unpaid lease. Instead of approaching your leasing provider directly, contact the owner of the lease about . Although the car company conducts a credit check, lenders are more willing to cooperate with you because taking over a lease usually is done when the leaseholder is at risk of default. “Taking over a car lease increases the chance of leasing a vehicle without credit since it reduces risk for those who are the lender,” says Sexton. “There’s also the chance that you might end up saving cash on a car lease in the long run via this option because if you purchase a lease with another leasee, you can possibly benefit from the money they’ve already financed on the vehicle.” There may also be incentives offered which are intended to make taking over a lease more appealing such as having transfer costs included. The bottom line Even with no credit history it is still possible to lease a car. Make sure to increase your chances of getting approved prior to going into the dealers. You can increase your chances of getting granted a lease by saving an additional down payment, finding someone who has a well-established credit history who will be willing to co-signer or take the lease of someone else. In the event that none of those options are working, you can work on building your credit history and reapplying in the future. Find out more
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Authored by Cheryl Knight
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched information that break down complex topics into manageable bites.
Auto loans editor
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