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How to lease a car with no credit history Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare data for free — so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. However, this compensation will have no impact on the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offers that may be available to you.

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3 minutes read Read Published March 03, 2023

Written by Cheryl Knight Written by Cheryl Knight

Cheryl Knight

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied information that breaks down otherwise complex topics into manageable bites.

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If you have bad credit or no credit at all can present an obstacle when it comes in leasing a car. There are many options for you to get behind the wheel of a brand new vehicle even if you have less than perfect credit. You are able to get back on the road by agreeing to a larger down payment, getting a co-signer or the transfer of a lease. The effect of credit on leasing there is no credit score, or a low score, isn’t necessarily a reason to stop you from leasing, it may need a higher down payment, or greater monthly payments in general. This is due in part to the higher interest rates lessees with a lower credit score qualify for. The average credit score of drivers leasing a new vehicle reached 734 during the quarter-fourth of 2022. This is an increase of two points from the 3rd quarter in 2021 according to . This score falls under the primary category, between 661 and 780. 3 options for getting an auto lease without credit starting out and do not have credit history, there are options to help you get a lease on a car. Furthermore, once you have a lease, the installments aid in establishing credit. The next time you lease, you may get a better interest rate and pay less. 1. A higher down payment addition to reducing the total cost of the lease for the duration and consequently the monthly payment, the willingness to pay extra on a down payment may aid in obtaining a better credit score for the lease. «Without having any history of credit, you must be prepared to pay more down payment as well as a greater interest rate than average as your lease will be considered to be more risky,» says Steve Sexton the CEO and financial consultant Sexton Advisory Group. Sexton Advisory Group. 2. Find a co-signer A different option for getting the lease without credit is to get a co-signer. A qualified co-signer, who needs to have good to excellent credit, takes on the responsibility of paying the lease if you are unable to. The addition of a co-signer provides a guarantee to the lender that the loan will be paid in spite of your credit historyor absence of it. «Having a co-signer with excellent to excellent credit helps to reduce the risk overall since the cosigner is accountable for making the lease’s monthly payments in case you aren’t able to,» says Sexton. To improve the odds that this approach will work co-signers should have a credit score of 670 or better according to Sexton. Be aware that ignoring payments can be a problem for your co-signer along with yourself. 3. Take over another lease Taking the lease of an old one is one last method to obtain a lease with no credit. Instead of contacting an individual leasing firm, approach the leaseholder to inquire regarding . Although the car company conducts a credit check, lenders are more willing to work with you since taking over a lease generally is done when the leaseholder is at risk of default. «Taking over a car lease increases the chance of leasing a vehicle without credit since it reduces the risk for those who are the lender,» says Sexton. «There’s also the chance that you’ll save money on a car lease over the long term by taking this method because when you buy a lease with another leasee, you can possibly benefit from the money they’ve already financed on the vehicle.» There may also incentives that are designed to make taking over a lease more appealing, including having transfer fees paid. In the end, even with no credit history it’s possible to lease the car. Take the time to improve your chances of getting approved prior to going towards the dealership. You can improve your odds of being accepted for lease through saving the money for a bigger down payment, locating someone who has a well-established credit score who will be willing to co-signer or take over the lease of a friend or relative. If none of these options will work, then begin to build your credit history and reapplying in the future. Learn more

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Authored by Cheryl Knight

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing clear, well-researched information that break down complex topics into manageable bites.

Auto loans editor

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