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Bad credit or no credit can be a major obstacle to leasing a vehicle. But you have other options for getting behind the wheel of a new car, even if you have a less-than-perfect credit history. You can get back on the road by accepting a higher down payment, getting a co-signer, or entering into another lease.
While a credit score or low score doesn't stop you from renting, it may require a larger down payment or higher monthly payments in general. The higher monthly payment is mainly due to the higher interest rates that lessees with lower credit scores qualify for.
According to Experian's State of the Market report, the average credit score of drivers who rented a new vehicle was 736 in Q3 2022, up four points from Q3 2021. This score falls into the category main: from 661 to 780.
If you're just starting out and don't have a credit history, there are a few options to help you get a car rental. Plus, once you get a lease, payments help you build credit. The next time you rent, you might get a better interest rate and lower payments.
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In addition to reducing the overall cost of the lease over its term, and therefore the monthly payments, being willing to pay extra in a down payment will make it easier to qualify for an auto lease.
"Without a credit history, your lease is considered high risk, so you should expect an above-average down payment and a higher interest rate," says Steve Sexton, financial advisor and CEO of Sexton Advisory Group.
Another option for getting a credit-free lease is to get a co-signer. A co-signer who qualifies for excellent credit takes responsibility for paying the lease if you can't. Adding a co-signer guarantees the lender that they will make the loan regardless of payment history or lack thereof.
“Having a co-signer with good to excellent credit helps reduce overall risk because the co-signer is responsible for paying the monthly rent if they can't,” Sexton says.
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To increase the chances of this approach working, the co-signer should have a credit score of at least 670 or higher, Sexton says. He reminds that skipping payments can cause problems for you and your co-signer.
Acquiring an existing lease is the last way to get a credit-free lease. Instead of approaching the leasing company directly, you approach a lessee about taking over the lease. While the automaker still runs a credit check, lenders are more willing to work with you because one lease is usually entered into when the other is at risk of default.
"Car leasing increases your chances of being able to rent a car without credit because it helps reduce the risk to the lender," says Sexton. “In the long run you have the opportunity to save on renting a car by going this route because when you rent a car from another lessor, you can benefit from what they have already put on the car. "
Incentives designed to make acquiring the lease more attractive may also be offered, including relocation fees.
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It is still possible to rent a car with no credit history. Take the time to improve your chances of approval before going to the dealer. You can improve your chances of getting approved for a lease by saving up a large down payment, finding someone with an established credit history who is willing to be a co-signer, or taking over someone else's lease.
If none of these options do the trick, work on building your credit history and reapply at a future date.
By Rhys Subitch By Rhys Subitch Arrow Right Auto Loan Editor Rhys has been editing and writing since late 2021. They are passionate about helping readers take control of their finances by providing clear and well researched. Complicated topics in manageable bites. Connect with Rhys Subitch on LinkedIn Linkedin Auto Loans Rhys Subitch Edit If you're looking for a bad debt auto loan, check out our auto dealerships in Charleston, IL. Diepholz Auto Group has offices in Charleston, IL and Paris, IL, and when you visit one of our dealerships, you can meet with a finance expert to help you secure auto financing that fits your budget. If you have bad credit or haven't yet established a credit history, we can check out the financing options that qualify you. Once approved, you can go home in the new or used Buick, Chevy, or Jeep of your choice.
Diepholz Auto Group is committed to providing financing to anyone wishing to purchase a new, pre-owned or certified used Cadillac, Dodge or Jeep. Our goal is 100% credit approval, so even if you've been denied a car loan before, we want to help you through the financing process. A subprime auto loan is a great way to rebuild your credit while enjoying the freedom that comes with a newer or newer vehicle. You can take a few test drives to see which car, truck or SUV you want to take home, and then let us give you the bad credit car loan options available.
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