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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 from late 2021. They are enthusiastic about helping readers gain the confidence to control their finances by providing clear, well-researched information that dissects complex topics into manageable bites.
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Having bad credit or no credit even exists as an obstacle when it comes to leasing a vehicle. However, there are many other ways to get driving a new car — even with less than perfect credit history. You could get back on the road by agreeing to a larger down payment, obtaining an additional co-signer, or even taking over another lease. The effect that credit has on leases there is no credit score, or a low one, will not prevent the possibility of leasing, it may necessitate a greater down payment or more frequent monthly payments overall. The is mainly due to the higher interest rates lessees with a lower credit score qualify for. The average credit score of those leasing new vehicles is 734 as of the 4th quarter in 2022, up two points from third quarter of 2021 according to . This score is in the primary category, ranging from 661 to 780. 3 options for getting a loan with no credit If you are just starting out and do not have credit history, there are options to help you get an auto lease. Additionally, when you do get a lease, the monthly payments will help you establish credit. When you next lease you might get a better interest rate and lower payments. 1. A bigger down payment In addition to reducing the total price of your lease over its term and thereby your monthly payments, the willingness to make a larger down payment could aid in obtaining a better credit score for the car lease. «Without an established credit score, you must expect to pay a bigger down payment and an higher interest rate than average since your lease will be considered to be more risky,» says Steve Sexton the chief financial officer and consultant of Sexton Advisory Group. 2. Get a co-signer Another alternative to getting a lease with no credit is to get an additional co-signer. A qualified co-signer, who must be able to demonstrate good or excellent credit, takes on the responsibility of paying the lease in case you are unable to. The co-signer provides a guarantee to the lender that the loan will be paid in spite of your past payment historyor absence of it. «Having a co-signer with good to excellent credit can help minimize the overall risk as co-signers are accountable for making the monthly lease payment if you aren’t able to,» says Sexton. To increase the chance that this method will be successful, the co-signer should be able to show a minimum credit score of 670 or higher, says Sexton. Remember that not making payments could cause problems for both your co-signer and yourself. 3. Re-lease another lease over an existing lease is one alternative to obtaining an unpaid lease. Instead of approaching the leasing company directly, you approach a leaseholder regarding . While the car company still conducts a credit check however, lenders are more likely to work with you since taking over a lease generally is done when the leaseholder is at risk of default. «Taking over a car lease increases the chance of leasing a vehicle with no credit , as it helps reduce risk for the lender,» says Sexton. «There’s also the chance that you could save cash on a car lease in the end by using this option because if you purchase the lease of another leasee, you can gain from what they’ve already financed on the vehicle.» There may also be incentives offered that are designed to make the process of taking over a lease more attractive, including having transfer fees paid. Bottom line, even without credit history, it’s possible to lease the car. Make sure to increase the chances of being approved prior to making a trip towards the dealership. There are ways to increase the chances of getting accepted for lease through saving an additional down payment, locating someone with a solid credit score who would be willing to co-signer, or by taking over someone else’s lease. If neither of the above options are working, you can begin to build 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 since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down complicated topics into manageable bites.
Auto loans editor
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