Can I Lease a Car with Bad Credit?

 

Do you have bad credit? Are you in need of a new car? Many drivers in this situation have considered a Ford lease, but you may find yourself asking a fundamental question, "Can I lease a car with bad credit?" Basil Ford is here to help you find the most affordable solution. Leasing, in particular, offers shoppers with bad credit a flexible way to continue driving at lower monthly payments. If you live around Buffalo or Batavia, have bad credit, and need an affordable vehicle, read our guide and then let Basil Ford in NY help you lease a new car with bad credit. Securing a lease with bad credit is possible. 

Is It Easier to Lease a Car with Bad Credit Than Good Credit?

Unfortunately, if your credit score is not quite where you want it to be, it can make automotive financing a challenge. Bad credit will always mean a higher down payment and higher monthly payments regardless of whether you lease or finance, but to be clear, it is much more affordable to lease a car with bad credit than to finance one. This is because when you lease, you pay for the residual value lost on the car over the duration of your contract, as opposed to making payments on the total value of the car. This is why bad credit car leasing is a popular option for many drivers in the Buffalo area who are in need of a dependable and affordable vehicle. 

Tips for Lower Lease Payments with Bad Credit 

While your monthly payments will be higher, our expert financiers can work with you to create a flexible custom payment plan for Lockport drivers. We strive to make bad credit car leasing a hassle-free experience. Before you get in touch with us, however, check out these tips on how to minimize your upfront costs: 

  • Find a car within your budget to lease. Contact us to find out just how much you'll have to pay on a monthly basis.
  • Select a car within your budget and communicate with us to get ballpark estimates on how much you'll pay monthly for each of the options you're interested in. 
  • Check your credit score before you apply so you can give us a better picture of what you have to work with. This way we can do our homework and really find an option that works for you. 
  • Make a larger down payment. If you prepay for the first few months, that might allow for better lease terms.
  • Bring the past six months of pay stubs as proof of income, so we can know your financial situation in and out. This may allow us to be more flexible with you. 

Benefits of Leasing

In addition to the fact that it is easier to secure a lease with bad credit, leasing has other benefits over traditional financing as well. 
  • Your monthly payments will be lower.
  • Your vehicle should be covered by warranty for the duration of the lease, so you do not need to worry about out-of-pocket expenses for covered components.
  • Leasing allows you to drive a new vehicle with the latest bells and whistles every couple of years. 
  • When you lease, you do not have to deal with the stress of selling your vehicle when it is time for something new. 

Can You Lease a Car With Bad Credit at Basil Ford? 

If you've been trying to get an answer to the question, "Can I lease a car with bad credit?", the answer is yes, and Basil Ford has the details on how to proceed toward an affordable solution. If you're more interested in car financing with bad credit, be sure to check out our financing guide as well. For more information on loan terms and conditions, give us a call or apply for financing online! Also be sure to learn more about lease buyouts.