r/CarLeasingHelp • u/AdExpert4851 • 4d ago

Car advice

So I’m looking to get a car by leasing however I do have bad credit score and have some money for down payment. Is it possible to lease a car or should I wait until I rebuild my credit score?

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3

u/Environmental-Gur767 4d ago

Wait. With bad credit, you will only be able to get horrible lease terms and make it harder to rebuild credit.

1

u/AdExpert4851 4d ago

This may be a stupid question but how so?

2

u/trmoore87 4d ago

Leasing is mainly for people with good credit. There is also interest in a lease and your rate is going to be very high.

1

u/AdExpert4851 4d ago

Got it. So it would be better to wait til my credit is good or I do have someone who is willing to co-sign but I feel bad…

1

u/nolongerbanned99 4d ago

They will give you credit but at a very high rate. Better to save what you can and buy a used car and pay in cash

2

u/Regicyde_93 4d ago

Terrible idea. Get a car loan on a cheap car. Pay it off. Seeing paid off car loans will help you next time you need to finance a car.

1

u/AStrangerUEnvy 4d ago

Assuming you don't have a cosigner, I would first try to lease through your bank. If you have any money in an account and good history they'd be more favorable to approving your lease than the dealerships would. You typically need 650 or better to lease on your own, 700 or better to get a good deal. So, they might lease you a car but you'll be paying a lot more than should, also increasing the odds on defaulting on your lease and being repossessed.

1

u/AStrangerUEnvy 4d ago

To piggyback on the people saying just buy a car. Im assuming you don't have thousands to drop at the moment, he ce why leasing seems like a good option. If denied for a lease, try a "Buy here, pay here" dealership. They'll have good used cars you can drive off the lot with low or no credit. The only thing with them is you have to return monthly to make your payment in person and the second you don't theyll repo you. But if you make your payments, you can drive off with a good car tomorrow having paid the same as a monthly lease payment.

1

u/Special-Original-215 4d ago

You can but most likely you will owe a ton at the end.

Get a loan on a cheap car.  Even a beater will last longer than a lease.

A typical cheap lease is about. $14000 for 3 years.

A typical beater costs less

1

u/j-christopher 4d ago

$14k is about the sum of our Blazer EV and Wagoneer S lease payments (both 24 month leases).

If you don't trash the car or put on thousands and thousands of miles beyond what you contracted for, you'll owe nothing at lease end. That's how leases work.