How to Get Approved for a Car Lease

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There are several benefits to leasing a car rather than buying one outright. You can drive a nicer, newer car for a few years and not worry about repairs and breakdowns. You usually can afford to lease a better car than you could afford to buy. But to be approved for a car lease, you usually need a credit score of at least 650. The higher your credit rating, the higher your lease amount and better the car you can afford to lease.

Things You'll Need

  • Credit reports
  • Down payment money

Fix Your Credit Score

  • Pull your credit reports from the free website, www.annualcreditreport.com. Every American is entitled to get a credit report from each of the three major credit reporting agencies once a year. Look at these credit reports and note any delinquencies or derogatories and how much you owe.

  • Dispute each derogatory either online or through a letter writing campaign with the help of a credit repair company or credit repair manual found online. This process can take a few months, depending on how many negative accounts you have. You might need to pay down some balances in order to raise your credit score.

  • Save enough for a down payment. The amount of the down payment depends on the car, but you probably will need at least $1,000.

  • Have the car dealership run a credit check, and let them know that you have a steady job and down payment money. If your credit score is high, you should have no problem getting an approval.

  • Negotiate the lease terms, pay the down payment, sign the lease papers, and drive away with your new car!

Tips & Warnings

  • Do not tell the salesperson you are interested in leasing a car when you first visit. Try to negotiate the price of the car downward first.
  • Don't forget to check the fine print for hidden fees and penalties on your new lease.

References

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