Lease A Car With Bad Credit

Car Lease Bad Credit NY

How to Lease a Car With Bad Credit

If you have poor credit, you might feel as if your buying and leasing options are limited. We're here to tell you that they aren't. With South Shore Chrysler Dodge Jeep Ram assisting you, you can slide behind the wheel of a new vehicle, no matter what your score is. With our bad credit financing options, you can lease the vehicle of your dreams. There are many ways to seek out tips for bad credit approval, which is why we are crafting this article. At our dealership, we believe that everyone deserves access to reliable transportation. We have some tips that will help you access a pre-owned Mercedes-Benz for a reasonable price.

How Do I Lease a Car With Bad Credit?

If you're looking for a lease, but your score is less-than-perfect, fear not. There are a few key strategies that you can use to lease a vehicle with poor credit:

  • If you can, try different approaches to raise your score before applying for an auto loan or lease. Things you can do to raise your score include: paying off credit cards every month, paying monthly bills on time and reducing balances on current loans.
  • Have at least a 20% down payment saved. If you have a lower credit score, the chances of a dealer asking for a down payment increase. It's best to save a hefty down payment when preparing to buy or lease a vehicle. Not only will a down payment increase approval odds, but it also helps you pay down the vehicle's balance faster. Most lease specials tell you the required down payment amount, which makes it easier to prepare.
  • Prepare for higher interest rates. Because the risk of lending to a person with bad credit is higher, so is the interest rate. The good news is, while the initial interest rate might be higher than desired, you can refinance and eventually access a lower payment. As you continue to pay your monthly payments, your score will steadily improve.
  • Look out for lease transfers! If you have a low credit score, you can possibly take over someone else's lease. While lease swaps do require a credit check, the terms and approval odds differ from that of traditional financing. Some lease transfers even avoid down payment requirements, which can be a godsend for those who don't have 20% of a vehicle's asking price readily available.
  • Lease a used vehicle. Rather than opting for a brand new vehicle from your local Dodge dealer, ask about used car leases near Long Island. You will find that used car lease options have lower vehicle values; therefore, your approval odds increase. The lower the vehicle value, the lower the monthly payment will be!

Regardless of the route you take, take comfort in knowing that the experts at South Shore CDJR will be right here to answer your questions. As a dedicated Jeep dealer in New York, we are always ready to lend a helping hand to those with finance questions.

Typical Car Lease Costs to Consider

Now that you know what it takes to lease a car with poor credit, let's discuss the costs associated with leasing a vehicle. If you're considering buying a car lease, know that the average car lease payment is anywhere from $120-450 a month, on average. The payment amount generally depends on your credit, lease length and the overall value of the vehicle.

If you're purchasing a new car, you're likely to enjoy lower payments than comparable auto loans. The topic of buying vs. leasing is one that comes up often when people with poor credit begin searching for financing.

So, what's the difference between buying and leasing?

Buying a new vehicle is a better option for those who want to customize their models or pass them on after they've paid them off. Leasing is a better option for those who wish to enjoy new vehicles without the responsibility of high service costs later on.

Below are the following benefits of leasing a new car:

  • Low monthly payments and lower down payment costs
  • Reduced repair costs and better factory warranty options
  • Transition into a new vehicle, like the Jeep Wrangler, every 2-3 years
  • Drive higher-priced vehicles
  • Trade-in values never apply, since you won't own the vehicle
  • Build your credit with on-time payments without being locked in to a 72-month loan
  • Some lease deals come with tax advantages, especially for business owners
  • When your lease ends, simply drop the vehicle off with the dealer

Contact South Shore CDJR With Questions

All and all, there are many ways to finance a new vehicle. Our job is to ensure that you know how many options are available to you, especially if you have bad credit. A perfect credit score is most certainly not the end-all to reliable transportation options. If you're shopping for subprime auto loans or simply need tips for bad credit approval, be sure to contact our specialists. We're here to help!