What Kind Of Credit Score Is Needed To Lease Car Mount Pocono PA
What Kind Of Credit Score Do You Need To Lease A Car?
At Ray Price Ford, we often have customers near the Mount Pocono, East Stroudsburg, and Scranton areas asking us questions like "what kind of credit score do you need to lease a car?" The good news is, you don't need any particular credit score to lease a car!
Many dealership finance centers in the Tobyhanna and Stroudsburg areas are happy to work with anyone, regardless of credit score and help them drive home in a car they love. However, your overall experience may be slightly different depending on where your credit score falls.
Check out this guide to learn more about what your credit score means and how to secure a lease when you're working on building up your credit.
What Does Your Credit Score Mean?
When you run your credit report, you'll likely receive a number score somewhere between 300 and 850. In short, this number indicates your current track record for repaying loans.
Auto lenders will often put your score into one of five categories that decide what kind of rate they'll offer with your lease. These categories vary by lender, but they're roughly broken down like this:
• Super Prime: 781-850
• Prime: 661-780
• Non-Prime: 601-660
• Subprime: 501-600
• Deep Subprime: 300-500
These numbers, however, are simply a jumping-off point. Other factors are considered in approving a lease application, like your yearly income.
When you visit the finance center at our dealership, you'll have a dedicated finance advisor by your side to help you secure the best rate possible for you, regardless of your credit score.
How To Be Approved For A Low Credit Score Lease
If you're currently in the process of building your credit score, there are several things you can do to make it easier to be approved for a lease:
First, you can make a higher down payment. Paying more money upfront lowers the amount you're asking lenders to give you, lowering your perceived risk (and your monthly payments!)
You can also have a co-signer with Prime or Super Prime credit. Having a co-signer with good credit on the lease with you is more likely to get you approved for a loan and may even lower your rate.
A third way to get approved for a lease is to show proof of income and utilities. If you can show that you make regular payments on your monthly bills and that your yearly income is substantial enough to cover your lease payments, lenders may be more likely to approve your loan.
Leasing A Car With Any Credit Score
If your credit score is currently on-the-mend, leasing a car can actually be a great option for helping you pick that score up, while getting you behind the wheel of a new car. Plus, your monthly payments may even be lower than they'd be if you bought the same car.
This is because you're only paying for the cost of driving the car for a certain number of years, not the car's entire value. Additionally, every payment you make can help improve your credit by proving that you're able to pay off a large loan.
If you have any questions about leasing a car near Mount Pocono, Scranton, or Stroudsburg, or have question about what kind of credit score you need to lease a car in Tobyhanna and East Stroudsburg, come to Ray Price Chevrolet.
Our finance center team will happily walk you through the leasing process and help you secure a rate that meets your needs, even if you have a bad credit score. Contact us today!
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