Leasing is a popular alternative to buying a car in Seattle. Not only is it possible to get a lower monthly payment, lessees get to drive a brand new vehicle every few years. Unfortunately, leasing is typically reserved for those with good credit, with most deals going to borrowers with credit scores of 660 and higher. If you have a credit score lower than that, you may find it difficult to get approved for a lease.
How to Improve Your Car Lease Approval Odds
Car leasing is reserved for consumers with good credit. However, some major automakers, such as Kia, have lease programs for some consumers with less than perfect credit. The only way you’re going to know if you qualify or not is by checking around for lease deals and applying for one at a dealership.
Before you do that, though, you should take steps toward improving your approval odds for a car lease such as:
- Making a large cap cost reduction – A capitalized cost reduction, the down payment equivalent in a lease, isn’t typically required. However, if you go into a lease deal with a large cap cost reduction, it may increase your chances of getting approved. Keep in mind that the total cost of a lease is set ahead of time, so paying money upfront with a cap cost reduction doesn't lower the overall cost like a down payment does on a loan. You also don’t get your money back when you make a cap cost reduction.
- Having a security deposit ready – Leases come in tiers, and if your credit isn’t the best, you're most likely to qualify for a lower lease tier and may be asked to make one or more security deposits. The good news is that, unlike a cap cost reduction, you get the security deposit back at the end of the lease, provided there’s no fees assessed to you.
- Getting a cosigner – Having a cosigner on a lease is uncommon, but may still be an option. Your cosigner could give you that push you need to get approved if you have imperfect credit.
Consider Financing Your Next Vehicle
We understand that the cost of living in Seattle is higher than average, and that consumers are looking for the best way to make car ownership affordable. Unfortunately, depending on where your credit stands, you may not qualify for leasing. If this is the case, you should consider financing your next vehicle.
You may not be able to get that brand new car you’ve been eyeing, but you do give yourself the chance to improve your credit over time with a bad credit auto loan. Get a reliable vehicle that gets you where you need to go, and you can use the loan payments to improve your credit score.
It’s also easier to get approved for a bad credit car loan than it is a lease, since subprime lenders look at multiple factors outside of your credit score when qualifying you, such as income and residence stability.
Let Auto Credit Express Help You Out
Leasing isn’t always an option for people that fall below the 660 credit score range. While you may want to lease your next vehicle, we highly recommend financing a car first and using the loan to improve your credit score. Then, you can be in a much better position to lease a vehicle in the future.
There are many special financing dealers around Seattle that are willing to work with bad credit borrowers, and we’re here to get you started. Auto Credit Express can connect you to a dealership near you that stands to be able to help you get financed.
Our service is free, and comes with no obligation. Simply fill out our fast auto loan request form, and we’ll get right to work matching you with a local dealer!