How to Get Approved For a Car Lease With Bad Credit
Having a good credit score is a good thing when it comes to getting approved for a car lease. But if you’ve got bad credit, you may have trouble getting approved. However, there are some ways to get approved and reduce your monthly payment.
Reduce your monthly payment
Getting a good deal on a new car lease with a lower credit score can be a difficult task. If you have bad credit, you can expect to be offered less desirable lease terms and you will probably pay higher interest rates. However, you can improve your credit score to make it easier to get a lease.
One of the best ways to improve your credit score is to pay your bills on time. The credit bureaus look at installment loans paid on time as a positive indicator that you can manage debt. You will also get better interest rates.
Another way to lower your monthly payment is to put more money down. Some dealerships offer special lease incentives to help you save on monthly payments. A down payment of at least $2,000 will lower your monthly payment by approximately $170.
Having a large down payment reduces the risk that you will be upside down in case of a total loss. However, your down payment may not be returned if you end up losing your vehicle.
Adding a co-signer to your lease can add another layer of security for the lessor. The co-signer is also responsible for making lease payments if you …
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