The credit score needed to lease a car depends on the lender and the type of lease. Generally, a credit score of 620 or higher is required for a standard lease, while a higher credit score may be needed for a subprime lease.
* Superprime (Excellent): 781+
* Prime (Good): 661-780
* Non-Prime (Fair): 601-660
* Subprime (Poor): 300-599
Here are the average credit scores required for leasing a car, according to Experian:
* New car: 739
* Used car: 698
* Luxury car: 765
If your credit score is below the required threshold, you may still be able to lease a car if you have a co-signer with a good credit score. A co-signer is someone who agrees to take on the responsibility for the lease if you default on the payments.
In addition to your credit score, lenders will also consider your income, debt-to-income ratio, and employment history when determining whether to approve you for a car lease.
Here are some tips for improving your credit score if you're looking to lease a car:
* Pay your bills on time. This is the most important factor in determining your credit score.
* Reduce your debt. The less debt you have, the better your debt-to-income ratio will be.
* Get a credit builder loan. This type of loan can help you to build your credit history if you have a thin credit file.
* Become an authorized user on someone else's credit card. This can help you to piggyback on their good credit history.
By following these tips, you can improve your credit score and increase your chances of being approved for a car lease.
