Is There Minimum Down Payments on Leases with Bad Credit?
Posted by AutoLoans on July 29th, 2019
For those that have bad credit, getting a lease isn't easy, so when they see a dealer that is ready to give them a lease even with their poor credit rating, they jump onto the offer when seeking auto loans with bad credit. It is possible to get a lease, only if you do a combination of research and intelligent shopping.
It is important to note that the terms for a person with a great credit score won't be the same for someone with a poor credit rating. That's too bad, right? Well, that's how the world works.
For a person with a great credit rating, making down payment when leasing a car isn't necessary. Why is this so? The dealer already knows that you have a good credit score that you want to protect, hence you will make payments when due. This benefits the person with a good credit score, as he or she can easily manage the cash flow without stress. Making a down payment for someone with a good credit score can be termed as absurd, but the same can't be said for someone with a poor credit rating. Why is this so? It is quite simple.
Usually, the credit rating begins at 300 and can move to 850. For those that are below 620, they are said to have the subprime score, which generally means that they have a poor credit score. For someone that has a score of at least 700, he or she won't have a problem leasing a car, and won't even need to make a down payment. For someone that is below 620, getting a lease without a down payment is almost impossible.
Is There A Minimum Down Payment On A Lease?
For them, the only advice that can be given is to save up for that large down payment for an auto loan, as it is an important factor that determines if a leasing agent would consider your application or not. Generally, those with great credit score have a higher chance of getting a lease with no down payment than someone with a poor credit rating and no down payment.
If you want to put yourself in a favorable stance with your lease agent, then a down payment is needed. Currently, there is no minimum amount that is needed for down payment, as it varies from one lease agent to another.
Some may ask for a down payment of ,000 while others would lean towards ,000. Learn more about car leasing from https://en.wikipedia.org/wiki/Vehicle_leasing.Also See: Down Payment, Poor Credit, Credit Score, Credit Rating, Payment, Lease, Down
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