How To Lease Or Finance A Car With No Credit & Start Building A Good Credit History
Trying to lease or get auto financing with no credit can oftentimes be very frustrating, especially when so many people view people with no credit the same as those with bad credit. The two couldn’t be more different, though there is one common characteristic; both can make it challenging to lease a new car.
We’re going to drastically help increase your odds of finding a new car lease and finance deals with no credit by allowing you to quickly, easily and from your comfort zone reach out to all of the new car leasing and financing specialists in who specialize in car leases and auto financing for those with no established credit.
Request your no-cost, no-obligation auto finance quote to receive new car no credit deals available in your area. No driving around to every car dealer trying to find those who will work with you – we’ll do all of the legwork.
What Your Credit Score Means & How Leasing Can Help You Build A Traditional Credit History
- Your credit score will be a three-digit number that’s based on many factors; how you’ve paid your bills, your credit limits, how much you owe, etc., along with when you first established your credit history. In your case you don’t have a traditional credit history because you haven’t gotten yourself into a lot of debt.
- The good news is that you may have established credit by paying your rent and utilities on time each month (it just wasn’t reported to the credit bureau). FICO has created a system to score people like you that takes those payments into account to show lenders/lessors that you do have a history of meeting your obligations.
- While normally to lease or secure financing for a car you need to have around a 640 credit score, you could qualify with a lower score though expect to pay higher interest, security deposit and even a larger down payment. A way you could be eligible for better lease or finance rates is to have a friend or family member co-sign for you on the lease. Then you’re providing added reassurance to the lessor/leasing company.
- Whether you lease or buy a car with no credit on your own or get a cosigner you will be building traditional credit that’s reported to the credit bureaus. The history you establish of making your lease and finance payments on-time will stay on your credit report for 7 years after its ended; benefiting you for years to come.
- This is why it’s so important that you make every lease or finance payment no later than its due date. While leasing can be an ideal way to build good credit, it can also have negative consequences if you establish a history of paying late.
10 Great Considerations For First-Time Lessees
There are several new vehicles that are great for first-time lessees and we’ve put together a list of 10 considerations:
MINI Cooper: The MINI Cooper is known to be a good performing vehicle and it handles remarkably well. It also will offer lower costs due to its good fuel economy rating. It is a very stylish vehicle that is offered in several models and trims.
Mazda 3: The Mazda 3 is available as a sedan or hatchback and is equipped with a lot of standard conveniences, as well as options to further customize this affordable car. It’s extremely stylish and has a very roomy interior for such a small vehicle. It also offers a lot of MPG to keep day-to-day costs lower.
Ford Focus: The Focus will help keep costs down with a great fuel economy and is offered in many trim levels. It offers an extremely comfortable ride and the cabin which is very functional. It offers you an affordable price which will give you a lot in return.
Toyota Corolla: Toyota’s Corolla is perfect for drivers who do a lot of commuting and in addition to great MPG, it offers a performance driving experience. It also comes with a wide array of standard features and optional equipment; you of course will benefit from Toyota’s reputation for building solid, reliable vehicles.
Honda Civic: The Honda Civic won’t make you compromise in performance, to be more environmentally friendly, it will also help you keep your costs down with excellent fuel economy. This affordably priced vehicle will give you a lot of bang without needing to spend a lot of money.
Honda Fit: Honda’s Fit offers excellent handling, along with a high-quality finish at an extremely affordable price. The Fit 4-door hatchback will give you plenty of room to haul groceries or weekend toys, while at the same time putting a smile on your face when you fill up the tank.
Mitsubishi Lancer: The Lancer is a cool looking car which is very stylish, all at an affordable price. It offers a lot of miles to the gallon and in addition to its array of standard features, offers numerous options to customize your Lancer specifically for your lifestyle.
VW Beetle: The iconic VW Beetle has been redesigned to put a modern twist on its classic design. Offered at a pocket-friendly price as well as with excellent fuel economy, the Beetle will help keep your costs under control so you can spend more on having fun.
Nissan Sentra: Nissan’s Sentra is a wonderful little automobile which is extremely reliable and will save you at the pump with its good fuel economy rating. It comes standard with numerous features, as well as options to further customize for your needs.
Kia Rio: Kia is known for building quality and reliable automobiles and the Rio is no exception. This affordably priced car is offered as a compact hatchback or sedan and will help keep your costs down with excellent fuel economy.
Now that you know how you could start establishing a good credit history by leasing or financing a car, if you’re ready to reach out to all of the new car leasing and financing specialists to find available deals with no credit, simply request your free, no obligation to lease/buy auto finance quote . Let us do the legwork to find all the available new car financing specialists who have leases and financing offers specifically for people like you with no credit.
Feel free to request as many new car lease quotes as you like; there is no cost and you are never under any obligation to lease.