Bad credit also affects the availability of car lease deals and payments involved just like any other auto financing deals. Due to this, car finders with lower credit scores are having a hard time in leasing cars that they could use. However, there are many ways that low credit score holders could use in getting car lease deals.
In case you currently have a bad credit score and you also need to obtain a car lease, try to conduct an extensive car research or consult some of the car advice that will help you obtain the best deal despite of your low credit score. To simplify things, some of the basic steps in obtaining a car lease despite of bad credit are provided below.
1. Secure the latest copy of your credit report from one of the credit reporting agencies such as Equifax, TransUnion, and Experian. Try to examine your current FICO score for this is what most car makers and dealerships are using in deciding whether to grant your lease application or not.
Make sure to check the entries included in the credit report. In case you have found errors on this, try to have these removed. This will help increase your credit score and allow you to qualify for the best car lease deals.
You should try checking your latest credit report a few months before getting a car lease since the process of correcting the errors found in your credit report usually last for almost one month. Due to this, filing your complaint or petition that would correct these errors ahead of time is very important.
2. Search for larger car dealerships in your area or in places nearby. This could be the best strategy that you can apply since larger car dealerships possess more cars and they have a lot of car leasing deals for different types of lease applicants.
If you are fortunate enough, you will be able to find the lease deal that you need. Try to check as many car dealerships as you can for this allows you to obtain more car lease deals that you can compare.
3. Talk to the finance director of each car dealership that you are visiting. Present your credit report to the finance director and try to make a deal with him. Don't allow any car dealership to run a credit check on you unless a deal is sealed. Running a credit check would further lower your credit score.
When a car dealership refuses to offer you a better leasing deal, move to the next car dealership and try to negotiate with them. Do not hesitate to visit more dealerships until you are able to obtain a deal that best suit your leasing needs.
4. Make sure that you have a lot of cash on hand. This is because you will be paying more than what a good credit holder would be paying for the down payment when a car dealership allows you to lease one of their vehicles.
As soon as you pay the required down payment, you will be able to obtain the lease deal and enjoy the benefits of leasing a brand new car.
Marty Bay is an Automotive Journalist and publisher, widely known as a contributor writer, editor, and publisher for some well-known Automotive Properties in the US like Car Finder, Auto Financing, and AboutCar to name a few. His expertise is in writing news and publishing content that would help new car finders, and buyers seeking information about auto financing and other new car related offers, deals, and changes in the industry. He also specialises in producing and publishing New Car Buying Guides for various automotive websites in the United States.