What is the credit score needed to lease a car?

Home Forums Credit Reports & Scores What is the credit score needed to lease a car?

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    StellarFi
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    Team StellarFi
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    Leasing a car can be a more effective financial decision than buying one, especially if you don’t plan on keeping the car for more than a few years. When you lease a car, you agree to pay a monthly payment for a fixed period of time, typically 24 or 36 months. The monthly payment for a lease tends to be lower than a loan payment and you are not responsible for maintenance and repair costs. At the end of the lease, you return the car to the dealership.

    You are essentially borrowing the car from the dealership for a set period of time and paying for the mileage you use.

    Car dealerships usually ask for a FICO® Score of at least 620 if you are looking to lease a car without a cosigner. However, it is recommended that you get your credit score to at least 700 if you want to negotiate better loan terms with dealerships. Whether you’re aiming for an auto loan or a lease, you can get the best for your money if you have a good credit score. At the same time, your credit score is not the only factor that decides if they will approve your lease. Your income, employment status, and other debts also matter for lease approval.

    Before going in for the lease, make sure you are approaching trusted and authorized dealerships to finalize the deal. Keep track of your FICO Auto Score in addition to your base FICO Score since many lenders look at your Auto Score too.

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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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