No Credit Check Car Leasing Tips
So you like to change vehicles every few years? Or you generally don’t drive for many miles? If so, then no credit check car leasing would be a good fit for you. Car Finance Blog knows leasing doesn’t always work for everyone, especially not for those without a credit score or with a scratchy credit score. The reason:
Credit Score & Leasing
Credit scores still tend to pop up in all sorts of situations; from getting a loan to car leasing. An individual’s credit score is typically used by money lenders and rental or leasing companies to vet a potential client and help determine how much of a financial risk they might be. Therefore, if you are a new grad student without a credit score or a senior citizen who hasn’t generated a score for the last decade or so, or perhaps you just have a lacklustre score, getting a car lease deal without a credit check might be tough.
With leasing agencies, have a bad score or don’t have a score? Ta-ta! All the best elsewhere!
Is there hope for you? If so, how do you go about leasing a car with your no-score or poor credit score situation? Fortunately, yes, there’s hope; here’s a look at smart tips to help you land a great no credit check car leasing deal.
Find a Co-Signer
Want to secure that car lease? Ask a family member, spouse or a trusted friend with a good or preferably excellent credit score to act as a co-signer. A co-signer acts like a guarantor and if for any reason you default payments, he/she will be liable and must cover the payments. A co-signer provides the car dealer with the peace of mind that you are not a financial risk. While it’s easy to ask someone to step in and act as your guarantor, if you skip payments, they will be in trouble. So pick a realistic payment plan that will allow you to make payments on time comfortably.
Evidence it’s you
1. We need proof of your current address and if required your previous address.
2. 3 Months worth of Bank Statements showing clearly incomings and outgoings
3. Drivers licence.
4. Utility bills copy.
Provide Proof of Income
When your credit score isn’t that impressive, don’t lose hope on leasing that car you have been eyeing for the better half of the year. There are other options on the table to help you prove to the car dealer that you can afford to make the lease payments. Often, proof of an adequate income will surmise. Provide documents that show that you have a steady income and you’ll likely leave the car leasing company with your new car lease. Verifiable proof of stable income will show your prospective car dealer that you’re not only capable but also committed.
Consider a Huge Down Payment
Money can be quite a powerful motivator. Use the down payment to persuade the leasing agency to offer you a no credit check car leasing deal. A down payment is typically a fraction of the total price of the vehicle. The higher the down payment, the higher your investment is on the car. Opting for a higher down payment is a show of willingness and commitment to keep your part of the deal. Compromising to make a substantial down payment will allow you to win the leasing company’s trust, and ultimately make it possible for you to qualify for a no credit check car leasing deal.
Taking over a lease plays a vital role in helping you to qualify for a car lease without a credit score or with a bad credit report. How and Why? Typically, there are leaseholders who for one reason or another, are not able to make payments. Take the initiative to approach one such leaseholder and propose to take over his or her lease. While you must check with the leasing company for the legal paperwork procedure, chances are the company will be more than happy to work with you.
When one leasing agency sends you parking or offers you a mediocre no credit check car leasing deal, don’t be desperate or in a hurry to accept. While it can be daunting and distressing to be shown the door due to lack of a credit score, be patient and shop around. Visit both local and out-of-town car leasing companies to get a picture of what you’ll be dealing with. At the end of the day, you’re likely to secure a great deal. Thanks to the competitive nature of the automotive industry, you will find that you qualify for a car lease that you otherwise wouldn’t have due to your no-score or lacklustre score situation.
Drivers who like to lease are confronted with several obstacles including bad credit and lack of a credit score. But with the right approach, you can secure sweet no credit check car leasing deals. However, before signing any paperwork, make sure that the pros outweigh the cons. Remember, you’re investing a lot in your car lease; make it worth your while.
Additional Charges with No Credit Check
At the beginning of the car finance, we will need a deposit for the car, we will also need an administration fee of £95 to cover yourself within the no credit check car leasing agreement made between both ourselves and yourselves. The fee is normally £120 and this is charged throughout many other no credit car leasing companies, but Car Finance Blog want to be cheaper and better than everyone else.