Long Term Car Lease With Bad Credit In Phoenix
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FAQ
The leasing market is dominated by new cars, but you can lease a used car. Pre-owned car leasing is still a niche market, though it is growing as dealers struggle to sell an increasing number of new car lease returns that are in excellent shape and have low mileage.
There's no standard credit score needed to lease a car. However, you stand a better chance of being approved for a lease with a favorable interest rate if you have good credit or better. On the FICO scoring range, that's a score of 670 or above, though lenders may prefer a score of 700 or above.
Drivers in Phoenix often ask us, “Can you lease a used car?” Not all dealers offer used car leasing options, but we do at Acura North Scottsdale. We make the process simple – it's not much different than leasing a new car.
Most manufacturers only allow certified pre-owned vehicles to be leased. What differentiates used vehicles and certified pre-owned vehicles? As a general rule, CPO vehicles that are available for leasing must be fewer than 4 model years old and have less than 48,000 miles on them.
Leasing may be a good option if you aren't quite ready to buy a car. However, most leases are a minimum of 12 months. If you only need a car for a month, you may want to explore long-term rental options.
A score between 620 and 679 is near ideal and a score between 680 and 739 is considered ideal by most automotive dealerships. If you have a score above 680, you are likely to receive appealing lease offers. However, if your score is below 660, you still have a 22 percent chance of earning acceptance.
Ing to Car and Driver, “Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.”
While most rental car companies prefer a credit score of 650 or higher to ensure financial responsibility, there are still options if your score is lower.
Ing to NerdWallet, the exact credit score you need to lease a car varies from dealership to dealership. The typical minimum for most dealerships is 620. A score between 620 and 679 is near ideal and a score between 680 and 739 is considered ideal by most automotive dealerships.
It is possible to lease a car for 6 months, but this is not very common and not offered by all companies. SIXT offers an alternative to leasing with our 6-month rentals. It is incredibly easy to book your car rental for 6 months, simply by filling in our booking form and selecting your car.
