Not surprisingly, your current credit score has a major impact on the lease terms that dealers will be willing to offer you. However, in most cases, dealers will be willing to lease you a vehicle even with a poor credit score because there is no real minimum credit score to lease a car.
Still, it is beneficial to have a higher credit score when leasing. Read on to learn about a few of the reasons why! A higher credit rate has many benefits if you are signing a lease so you may want to boost your credit before getting a loan, even if you meet the car leasing credit requirements.
For instance, you may have access to a selection of newer cars to lease that wouldn’t be available if you had a low credit score.
You credit score can have a significant effect on the lease rates that your dealer offers you. This can influence your monthly payments and the vehicles available for you to lease.
If you are wondering, “ what credit score is needed to lease a car,” continue reading to learn more.
- Ideal Lease Range – Credit scores over 720 will grant you access to the safest and most reliable vehicles on the market at the best lease terms. This is the best range of credit scores to lease a car and you should have no issue securing a lease.
- Prime Lease Range – You are considered a prime borrower if your credit score is between 660 and 720. Prime borrowers easily meet most car leasing credit requirements because they are not seen as a risk by lenders.
- Near Prime Lease Range – If your credit score is not quite in the best standing, between 620 and 660, you are considered a near prime borrower. You may be approved for a lease with this score, but you may end up paying a higher monthly price.
- Subprime Lease Range – These lower ranges of credit scores may meet the car leasing credit requirements for some dealerships, but you will likely have to pay more on each month on your lease.