Can You Lease a Car with Bad Credit?

No matter if you’ve suffered credit damage in the past or if you haven’t established credit yet, don’t worry about your credit score affecting your ability to buy a car. Many South Elgin drivers want to know: Can I lease a car with bad credit? In short, the answer is yes. As long as you’re prepared to pay higher rates, you can get approved to lease a car you’ve had your eyes on. Learn more with thefinance team at Biggers Mazda.

Is It Easier to Lease a Car with Bad Credit, or Finance?

Even if you have bad credit, it’s possible to get approved for an auto loan. It’s even easier to get approved for a lease. Lease deals come with lower monthly payments, so lenders will be more confident that you have the means to pay off your lease every month. Still, be prepared to pay a larger down payment and higher interest rates than you would with a higher credit score.

Tips for Lower Lease Payments If You Have Bad Credit

Before you go out and search for a great lease deal on your next Mazda model, take a look at these financing tips:

• Choose a model that’s well within your current budget, and remember to account for higher interest payments and fuel costs. Be sure to include enough wiggle room so that an unexpected expenditure doesn’t put you at risk of missing a payment.
• Find your credit score well before visiting the dealership to buy a car. That way you’ll have time to boost your score a few points if it’s just a little lower than you need it to be.
• Prepare a larger down payment upfront. If possible, save up for an extra-large down payment. This may help convince lenders to offer you better interest rates!
• Look into in-house financing. Financing directly through your Schaumburg area Mazda dealership is a great way to get better offers.

Can You Lease a Car With Bad Credit at Biggers Mazda?

When the time comes to get into a new vehicle, browse the inventory at Biggers Mazda. With our new vehicle specials, it’s easy to save more on your favorite model. Get the process started today or contact us with any questions about our models, the Mazda logo, and more.