What Credit Score is Needed to Lease a Car?

Woman with car keysWhen you’re struggling with the leasing vs. buying debate, you might end up asking yourself what credit score is needed to lease a car. Ultimately, it will depend on your credit and the lender.

What’s the Average Credit Score Needed to Lease a Car?

The average score for customers starting a new car lease is 722, but that doesn’t mean 722 is a number you have to meet. However, your credit score is going to affect your options. As with loans, the best lease deals are only available when you present the lowest risk of not paying on time.

Here’s a rough idea of how things break down:

  • Credit Score of 700 or Above: Your credit score is excellent, so you should find it easy to lease at multiple places and get the attractive deals you see online or in ads. You should also have room to customize your deal — for example, you might request zero down in exchange for higher payments.
  • Credit Score Between 620 and 699: These are near prime scores. You should be approved, but you might not get the best interest rates or the model you wanted. As such, it’s a good idea to have a few backup options.
  • Credit Score Below 619: Anything below 619 qualifies as subprime. If you do get approved, you’ll probably have to pay a much higher interest rate than most borrowers.

What’s the Minimum Credit Score to Lease a Car?

While there’s no definitive answer to what credit score is needed to lease a car, most sources consider 620 the minimum credit score needed for an auto loan. If you’re not quite there, follow these tips to improve your credit score:

  • Make current payments on time
  • Pay off credit card debt first
  • Avoid applying for new loans until your credit has recovered.

It won’t happen overnight, but taking those steps will steadily improve your credit score.

Let the Xpress Cash Team Talk You Through Car Leasing Options

Whether you’re unsure if leasing is for you or need to talk about taking out a loan to pay of your credit card debt, Xpress Cash can help. We have locations across Idaho, Michigan, and Wisconsin, so contact us today for further advice or assistance.