Can I Lease A Car With No Credit?
The short answer is yes. However, you will need to be able to prove that you can keep on top of your agreed monthly payments. Our team will work with you to figure out the best financing options for your circumstances and help you on the right track towards a manageable lease contract
Why do car leasing companies do a credit check?
A credit check is when a company investigates an individual’s financial situation. It looks at the payments you make and your ability to meet your financial deadlines.
For example, paying a regular utility bill and managing credit card repayments within the specified deadlines may show to the leasing company that you can make payments on time.
Specifically relating to car leasing - car leasing funders do a credit check on you so that they can establish the likelihood of you making payments against a leasing agreement on time. The funder will advise LeasingOptions of the outcome of the credit check and whether they will be willing to fund the leasing agreement.
What credit score do you need to lease a car?
The credit score you need to lease a car will vary between each leasing company. For Leasing Options, to successfully pass your credit check to be able to lease a car, ideally, you need a score of 800 or more.
If you don’t already know your credit score, you need to complete a free credit check through a credit reference bureau, such as Experian. If you don’t have the required credit score, we will try and help you. Please call one of our advisors and we will see what we can do to help.
In the meantime. learn how you can improve your score and get a better deal in our guide to bad credit car leasing.
How can I check my credit?
There are a number of credit reference bureaus that offer free tools to check your credit score. They include:
Do I need a guarantor to lease a car with no credit?
Everyone’s financial position is unique and every funder we use has different criteria. Some have a facility for a guarantor and some funders don’t. The best way to find out is to speak to an Account Manager and we can help you find the right deal for your circumstances. You can get in touch online or call us on 0161 703 8744.
How will car leasing build my credit history?
One of the criteria for building a good credit history is to demonstrate that you can repay debt payments on a regular basis ie weekly or monthly. By paying the monthly repayments of a car leasing agreement, on time, shows your ability to manage your finances and payments and can subsequently improve your credit.
You can build your credit with one of our affordable car lease deals. Your friendly Account Manager will help you find the best price available, even if you don’t have a great credit score.
Just remember, this works both ways. If things are tighter than they ought to be, you might want to reconsider to avoid missing any payments and reducing your credit score.
For more tips and advice, check out our other financial car leasing guides.