Do You Need Good Credit to Lease a Car?

Do You Need Good Credit to Lease a Car?

Good credit is typically required when leasing a car. In fact, good credit is more important when leasing a vehicle than when renting or buying a vehicle.

Following the last economic downturn, when large numbers of customers defaulted on their leasing agreements, most major lenders and leasing companies have become more cautious. Since leasing is a large risk to the bank or financial backer, most have also increased the required credit score necessary to be approved. These lenders often have a tiered scale, through which customers have access to varying deals depending on their credit score. A score of around 700 is generally sufficient for the best deals, with lesser options available for those with lower scores.