Leasing a Car with Bad Credit | Lithia Hyundai of Reno

The leasing process can be daunting, especially with all the promotions and offers that you see constantly. If you have bad or poor credit, this process can be even more stressful. While it is possible to lease a car with bad credit, it may constrict your terms and options and it’s important to be aware of how it impacts your leasing ability. At Lithia Hyundai of Reno, we want to make sure that you’re getting the best deal possible on your lease. We work with all types of credit histories to get you into the perfect car for your needs. Keep reading to learn more about leasing a car with bad credit and what it means for you!

What is Bad Credit?

Bad credit generally refers to a FICO score below 630. This means that you may have had some late payments, collections, or other negative markings on your credit report. Having bad credit can make it difficult to get approved for loans, lines of credit, and other traditional forms of financing. There is no minimum credit score needed to lease a car, as this varies from dealership to dealership. However, having bad credit will likely affect the terms of your lease.

What Does Bad Credit Mean for My Lease?

If you have bad credit, you may be required to make a larger down payment on your lease. This is because the dealership or lender views you as a higher risk customer, based on your credit and debt to income ratio. In addition, you may be required to get insurance with higher coverage limits or get a cosigner or family member on your lease agreement. These requirements vary from lender to lender, so it’s important to shop around and compare offers before signing any paperwork.

When you have bad credit, it can limit the types of cars that you’re able to lease. You may also have a higher monthly payment than someone with good credit as well as a higher interest rate. In addition, you may be required to put down a larger security deposit. At Lithia Hyundai of Reno, we work with all types of credit histories to get our customers approved for the car they want.

Ways to Help Improve Your Credit Scores

There are a few things you can do to help improve your credit score before you apply for a lease. One way is to make sure that all of your bills are paid on time, every time. This includes utility bills, credit card bills, and any other type of recurring bill. Another way to help improve your credit score is to keep your credit card balances low. Using more than 30% of your credit limit can hurt your score, so try to keep your balances below this threshold. You can also help improve your credit score by paying off any collections or other negative items on your credit report. If you have any questions about how to improve your credit score, our team at Lithia Hyundai of Reno can help. We offer financing and credit counseling services to all of our customers, regardless of their credit history.

Lithia Hyundai of Reno Fresh Start Program

Have you been struggling to find financing for your purchase because of bad or poor credit? At Lithia Hyundai in Reno, we offer our Fresh Start Credit Program.This program helps people who need a new vehicle and have difficulty getting loans due their low scores achieve the dream of owning one by helping them establish better financial standing while still being able drive off into the sunset with style! Learn more about how it works today. We do our best to help you save money with us, whether you’re looking for a new car loan or leasing a vehicle.

Applying for a Lease at Lithia Hyundai of Reno

If you’re ready to apply for a lease at Lithia Hyundai of Reno, we make the process easy. You can start by applying online in just a few minutes. We also offer in-person financing at our dealership. Our team of experts will work with you to find the perfect car for your needs and budget. We offer a wide range of lease terms and options, so we’re sure to have something that works for you. Contact us today to get started!