Requirements for Leasing a Car
Monday, April 27, 2015 at 2:25 PM
You might think you're ready to lease a car, but are you really? Before you can sign on the dotted line, you'll need to meet the requirements for leasing a car. Do you know if you're eligible for a lease? Do you have what it takes to be approved? Are you prepared to provide the required documents? Before you start shopping for cars to lease, let's review what you'll need to get started. Luckily for you, it's a simple process that comes with few restrictions.
Requirements for Leasing a Car
WHAT YOU NEED
- A Down Payment. Before you can sign up for a car lease, you will need to save up a bit of money for a down payment. The amount of money needed for the down payment will vary based on which vehicle and lease you choose.
- A Security Deposit. Most (but not all) leasing dealerships will require a security deposit before the lease takes effect. This deposit varies in amount from dealership to dealership, and it is usually refundable.
- Your Employment History. To better understand your income, which will affect your ability to make full and timely payments, the leasing dealership will ask to see your employment history. If you're not currently employed or you have a history of sporadic employment, you may struggle to obtain a lease.
- Your Household Income. Similarly, you will need to reveal your household income. Employment history is important, but it doesn't prove that you will be able to make your lease payments responsibly. Be ready to provide proof of your current household income.
- Your Length of Residency. Finally, you will be asked to share your length of residency. Again, this is a simple precaution that is easily obtained.
WHAT YOU DON'T NEED
- A Great Credit Score. We can't discuss the requirements for leasing a car without mentioning one notable exception: a satisfactory credit score. So many automobile financing options require a long and healthy credit history, but when you lease or lease-to-own a car at certain dealerships, creditworthiness is irrelevant. Plus, in addition to not asking for your credit score, the dealership will likely also not report your leasing information to credit agencies. If this benefit of leasing is important to you, be sure to seek out a car leasing dealership that won't be concerned about your sub-par credit score.
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In addition to the down payment, security deposit, employment history, household income, and length of residency, you will (of course) need the money to make regular payments according to the details of your lease. If you don't feel confident that you can supply these requirements, you may need to wait until the time is right. However, it never hurts to discuss your situation with a dealership, to figure out if you're eligible for a car lease and if it's the right choice for you.
Are you interested in leasing a car? If so, be sure to check out Auto By Rent, the largest lease-to-own auto dealer in Missouri and Tennessee. We can help you secure a quality vehicle regardless of your credit history. To learn more about our services, please click here for a free quote or contact the location nearest to you:
North Springfield: 417-447-7979
South Springfield: 417-877-2001
We look forward to hearing from you!