100% Bad Credit Car Loan Application Acceptance Bad Credit Car Lease
If you are looking to lease a new car and have bad credit, there is a chance that you can still get a lease for a car. If not, there is a chance that you may be able to buy a new car because it is often easier to get financing for a new car rather than leasing one. Of course, it all begins with your credit and that is where you need to start. Your credit rating may be bad, but there are different levels of what a lender considers bad.
The first step in getting financing for a new car is to get a copy of your credit report. There are three different agencies that lenders report to, and you need to get your report from each agency. The reason for this is that a lender may only report to one credit agency, and if this is a lender that you have had a delinquency with in the past, your credit rating may be worse with this agency than the other two. It is also possible that there is a mistake on your credit report that isn’t on the other two reports. Whatever the case may be, it is possible for your credit rating to be much different from one agency to the other two. In fact, it is possible that your credit report is much different from each of the three agencies.
Check Your Credit
You need to receive and check your report from all three agencies. They are TransUnion, Equifax and Experian; you can legally obtain a free report from each of them every year. After getting the reports you need to check them for errors. Usually there won’t be, but you have to make sure in order to start with accurate credit ratings. Once you know your ratings, you can use them when talking to lenders. It is likely that your credit rating will be too low for one or more lenders, but knowing what your rating is and talking to a lender about their minimum standards, you will know how much you will need to improve your credit rating.
Before you attempt to improve you credit rating, you need to make sure that you have tried to get a lease with the credit rating you currently have. It is possible to lease a new car with a low credit rating, but you will have to pay higher interest, fees and down payments. You will also, most likely, not get the car that you want.
The first step is to look at all of the car manufactures and models currently on the market and find the one or two models that are moving the slowest. These are the cars that dealers will have the most incentive to sell or lease. Many of these car dealerships and car companies carry their own financing and can be more creative with their financing options. When you visit a dealership with slow moving inventory, make sure that you are not eager to lease or buy a car. Let them sell you the car. Car salesmen spend their days working on various sales pitches and tactics to get you interested in a car, so let them do their stuff.
When they ask you how your credit is, let them know what your rating is. It might be a good idea to express doubts about getting a lease. This will not hurt you, because a car salesman will be doing everything he can to get you into a new car. At this point, you may need to prepare yourself for the possibility of buying a new car. It is usually easier to buy a new car than lease one. Since many of the slowing moving car models for leasing are also slow moving for selling, you could be in a situation where you do not qualify for a lease, but there is the possibility for financing a new car. A lease is usually for a shorter period of time than a car loan, and a dealer may be able to stretch out payments over more months to make the loan more affordable.
The worst thing that can happen to you is that you are turned down, and you can start on improving you credit. However, you may end up with a new car, so make sure you can afford the car a dealer is ready to sell or lease to you.