Credit Score For Leasing

Credit Score For Leasing

If you’re looking to lease a car, there are a number of things you should know beforehand. One of these things is the required credit score.

If you’re looking to lease a car, there are a number of things you should know beforehand. One of these things is the required credit score you need. In case you aren’t sure what a credit score is, it is a score from 300 to 850 that shows how good you are managing your bank accounts and repaying debt. The higher your score, the more trustworthy you will be regarded.

When you decide you want to lease a car, the dealership you are looking to lease from will want to know that they can rely on you to make the monthly required payments. Since a car is a big ticket item, dealerships look for a credit score of at least 620 or higher. This does not guarantee that the dealership will accept your application for a lease. A credit score of 700 and higher is the most favourable.

If you have a bad credit score, the only way to fix it is to pay off your debts as much as possible, pay your bill on time every month, and assess your credit reports for reasons that your score may low. If you’re sitting just below the required credit score, try opening some credit accounts (try to avoid using them excessively!) to build up your credit.

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Vehicle Financing 22 Jun 2020



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