Those looking to lease a van with bad credit should check their credit scores before applying for a lease, Cars Direct advises. This gives an individual time to fix any inaccuracies on his credit report. Knowing their credit scores beforehand can help individuals avoid surprises at the dealership.Continue Reading
A credit score of about 620 or higher is needed to lease a vehicle, explains Lease Guide. Individuals with lower credit scores usually have a hard time finding a bank to give them a lease or have very high interest rates. People with credit scores above 720 usually qualify for the best interest rate, says Cars Direct.
People with bad credit or no credit can ask a family member or friend to cosign the loan, Lease Guide advises. A cosigner with good credit can help get the lease approved, and the cosigner for the lease does not have to be the co-owner of the vehicle. The cosigner is responsible for the lease if the original lessee makes late payments or defaults on the loan.
It may help the lessee if he brings documents to the dealership that show he is a good credit risk, Edmunds says. Providing references, showing proof of employment or current utility bill payments may help satisfy the lender lease payments will be paid on time.Learn more about Buying & Selling