What credit score is needed to lease a car without a cosigner?

Home Forums Credit Reports & Scores What credit score is needed to lease a car without a cosigner?

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    StellarFi
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    Team StellarFi
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    Typically, car dealerships require you to have a FICO® credit score of at least 620 to qualify for a car lease. The deals and offers get better as the score gets higher. Any score above 680 will qualify for the best deals.

    . The difference between buying and leasing a car is that you will be borrowing the car from the dealership instead of setting out to own it. You will also pay smaller monthly installments based on a set yearly mileage allowance – usually 12,000 or 15,000 miles in a year. With a car loan, there is no mileage limit. At the end of a lease term, you return the car to the dealership, while at the end of an auto loan period, you own the car outright.

    As with auto loans, focus on building your credit history and aim to reach a 700 credit score before you take on a lease. Make sure you do your homework and lease from authorized and reputable dealerships so you don’t give your hard-earned money to a shady business.

    Another thing to keep in mind is that in addition to looking at your personal credit score, lenders may also check your FICO® Auto Score. So, your past car loan history may help, or hurt, your lease application.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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