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How to lease a car with no credit history Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and financial tools, publishing original and objective content. This allows you to conduct your own research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products appear on this site, including the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. This compensation, however, does affect the content we publish or the reviews you see on this site. We do not include the vast array of companies or financial offers that may be available to you.



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3 minutes read Read Published March 03, 2023
Cheryl Knight Written by Cheryl Knight Written by Cheryl Knight






Cheryl Knight

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain the confidence to control their finances by providing concise, well-studied information that breaks down complicated topics into bite-sized pieces.









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Being a victim of bad credit or no credit at all can present an obstacle when it comes when it comes to leasing a car. There are many alternatives to getting driving an automobile even with less than perfect credit. You could get back on the road by committing to a bigger down payment, finding an additional co-signer, or even the transfer of a lease. The impact of credit on leasing having no credit score or a low one, isn't necessarily a reason to stop the possibility of leasing, it might necessitate a greater down payment or more frequent monthly payments in general. This is mostly due to the higher interest rates that lessees with a less credit score can qualify for. The average credit score for people leasing a brand new car is 734 as of the 4th quarter in 2022. That's a two-point increase from the 3rd quarter in 2021, according to . This score is in the prime category -- ranging from 661 to 780. 3 options for getting an auto lease without credit If you are just beginning your journey and do not have credit history, there are some ways to get the car you want to lease. Additionally, when you've signed your lease in place, payments aid in establishing credit. If you decide to lease again you could receive a lower interest rate and lower payments. 1. A larger down payment along with reducing overall cost of the lease over its duration and thereby the monthly payment, the willingness to put extra money into a down payment could aid in obtaining a better credit score for the car lease. "Without an established credit score, you must expect to pay a bigger down payment as well as a greater interest rate than normal because your lease is considered to be more risky," says Steve Sexton, financial consultant and CEO at Sexton Advisory Group. 2. You can also co-sign the lease. Another alternative for obtaining a lease with no credit is to get the co-signer. A co-signer who is qualified, and who should be able to demonstrate good or excellent credit will assume the obligation of paying the lease in case you're unable to. The co-signer gives assurance to the lender that the loan will be paid in spite of your payment history -or absence of it. "Having a co-signer who has good to excellent credit can help reduce the risk overall since the cosigner is accountable for making the monthly lease payments if you aren't able to," says Sexton. To improve the odds that this method will be successful, the co-signer should be able to show a minimum credit score of 670 or higher Sexton says. Sexton. Keep in mind that skipping payments can be a problem for your co-signer along with you. 3. Re-lease another lease over an existing lease is one last method to obtain an unpaid lease. Instead of going through your leasing provider directly, talk to the leaseholder to inquire to inquire about . While the car dealership checks your credit and lenders will be more willing to cooperate with you because taking over a lease usually is done when the leaseholder is at risk of default. "Taking over a car lease increases the chance of obtaining a car loan with no credit , as it reduces the risk for lenders," says Sexton. lender," says Sexton. "There's also a chance you might end up saving cash on a car lease in the end by using this method because when you purchase a car lease from another leasee, you may possibly benefit from the money they've already financed on the car." There could also be incentives offered that are designed to make the process of taking over a lease more attractive such as having transfer costs included. Bottom line, even without credit history, it is possible to lease a car. Take the time to improve your odds of approval before going towards the dealership. You can improve your odds of being accepted for lease by saving a larger down payment, locating someone with a solid credit history who is willing to be a co-signer, or taking the lease of someone else. In the event that none of those options will work, then start working on building your credit history and reapplying at a future date. Find out more


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Authored by Cheryl Knight



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.






Auto loans editor




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