Can You Lease a Car with a Bad Credit Score?

If you’re in need of a new vehicle to get around North Charleston but you’re not ready to invest in buying or financing a car, you may be interested in leasing. Car leases come with many of their own benefits, but what if you have bad credit? Can you lease a car with bad credit? Yes, you can lease a new car with bad credit. However, knowing what to expect before visiting a dealership can help you through the process with less stress. With that said, Rick Hendrick Chevrolet has put together this quick guide to leasing a new car with bad credit. Read below to explore our top tips before visiting our leasing and financing center in Charleston.

Is it Easier to Lease a Car with Bad Credit?

Getting approved for a new car lease may be more difficult with bad credit, but it could be easier than getting approved for an auto loan with bad credit. The notable caveats when you lease a new car with bad credit is that you’ll probably be asked to make a higher deposit, and your monthly payments will likely be higher than if you had good credit. Even so, you will likely still get a lower monthly payment than if you were financing the vehicle.

How to Get Good Lease Terms with Bad Credit

Wondering how you can get the best lease terms with a bad credit score? Check out these tips to get started:

• Choose an affordable vehicle to help keep your monthly payments low. We have lots of budget-oriented new vehicles at Rick Hendrick Chevrolet, like the Chevy Spark and the Chevy Trax.
• Review your credit history and know your exact credit score before visiting a dealership or applying for a car lease. Familiarity with your overall financial standing will help you advocate for yourself and get the best possible terms.
• Make a significant deposit on the vehicle. If you’re able to provide the first few months’ worths of payments upfront, the dealership may be more inclined to work with you on your lease terms. If you have a current car you want to sell, the trade-in value can help you make a larger down payment for your lease.
• Obtain proof of income dating back several months; this could be bank statements or pay stubs. If the dealership feels confident you can afford the lease, you’re more likely to get a good rate.

Can I Lease a Car with Bad Credit at Rick Hendrick Chevrolet?

Is it easier to lease a car with bad credit when you work with a Hendrick dealership like Rick Hendrick Chevrolet? We’re committed to helping Mount Pleasant and James Island drivers get behind the wheel at affordable prices. Contact us or apply for pre-approval to learn more about what we can do for you if you have bad credit. Additionally, don’t forget to review our current offers!