If you’re struggling with your credit situation, leasing instead of buying a car may be an appealing solution. But are you wondering how to lease with bad credit? It’s not going to be easy, but it’s often worth the effort because of leasing’s short terms and low monthly payments. Here’s how to begin:
Your Leasing Game Plan
Forget the idea of a luxury car and start looking at more affordable options, no matter what you think you can handle. Less expensive cars will have lower monthly payments and will be easier to finance. If you can be flexible with your timing, look for your new car at the end of the year when dealers are trying to move out their inventory. Go into the dealership prepared with a copy of your credit report. That way you avoid running multiple credit checks, which can ding your credit. Also, take proof of income that shows you can afford the new lease – several months of pay stubs that prove that you’ll be able to make payments.
If you’re having trouble getting approved for a lease, consider taking over an existing unfinished lease. You’ll still have to meet the original financing company’s credit requirements, but it will often be easier to qualify in this type of situation. You can also look at putting down a larger down payment or pre-paying several months of the lease in order to have an easier time qualifying for the loan. Or, if a family member with good credit is willing to co-sign your loan, you’ll easily get approved for financing. Just remember, that person is on the hook for the loan if you can’t make your payments.
Your Leasing Expert
If you have bad credit and want to lease a new or pre-owned vehicle, Bowman Chevy is your ultimate destination. We’re truly experts in coming up with the best financing solutions for each individual situation. Spend some time looking at our inventory and see what might work for you, and then contact us for a test drive. Our leasing team will spend all the time we need reviewing your credit and getting you into the right vehicle. Don’t wait to make this important decision! Contact us today!