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If you want to lease a car with bad credit, there are ways to get a great deal. Getting a bad credit car lease usually means paying a higher interest rate and down payment, but with an approved lease option, you can drive away in your new vehicle.
The dealership will likely run your credit report when you apply for a car lease with less-than-stellar credit. The information will show the lender how you have handled credit in the past and what kind of risk you pose to them. If you have a low score, there is a chance you won’t be approved for the auto lease.
You can check your scores for free on Credit.com to see where you stand before you begin shopping around for a car lease. If your score isn’t where it needs to be, here are some things to consider:
The High Cost
The high cost of financing is one of the significant drawbacks to leasing a car if you have bad credit. Most companies check your credit before agreeing to rent a vehicle, and if they find an undesirable number of points on your score, they may refuse to work with you at all or grant you less favorable terms.
Lease-here pay-here
New-car dealerships may offer you a lease with questionable credit. However, the down payment and monthly payments will likely be much higher than you'd pay for a similar vehicle at a traditional dealership. Tread carefully when considering this option.
Reduce your debt by lowering your debt-to-income ratio
The debt-to-income ratio is one of the critical factors that most lenders use to determine whether or not a borrower is likely to repay their loan in full and on time. The higher a borrower's debt-to-income ratio is, the less likely they are to get approved
Lower your credit score
Your credit score is another crucial factor that leasing companies will consider when determining whether or not you will get approved for a lease agreement.
Co-signer
If you're struggling to meet one or more of these points, consider getting a co-signer. A co-signer isn't always necessary to get approved, but it can improve your chances if your credit history isn't good enough on its own.
Buy Used Car
Buying a used car, as opposed to buying a new one, means you have less to finance, which often means a lower interest rate. Qualifying for a used car loan with bad credit may be easier than leasing a new car.
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Buy Used Car: Buying a used car, as opposed to buying a new one, means you have less to finance, which often means a lower interest rate. Qualifying for a used car loan with bad credit may be easier than leasing a new car.
Lease Swap: In this type of transaction, your current vehicle is traded in for another one at the dealer’s new-car lot. The dealer then assigns the lease from your old car onto the new one and sells it attractive to someone with better credit. The program works both ways: A consumer with suitable credit trading in an old leased vehicle also could find someone willing to take over their lease payments.
Lease/Purchase: Another option if you’re looking to lease a car with bad credit is to work out a deal where you buy the vehicle at the end of your term for a set price. You could make monthly payments toward the purchase price at the same time you make payments on the lease. In some cases, this is how people get around a low credit score and get into a new car anyway. Loans come in many forms for people who don’t qualify for traditional financing.
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