Many people wonder about financing vs leasing a car. Many want to know if leasing a car with bad credit is possible. After all, vehicles are expensive, and many buyers like the flexibility this method allows. Here’s a look into credit scores and what drivers need to have in order to qualify. 

Leasing a car with bad credit is possible

According to Bankrate, leasing a car with bad credit. However, having a lower credit score will likely mean that you have a higher interest rate. This is one of the similarities in the financing vs leasing a car conversation. People looking for vehicles should also know that this process isn’t necessarily easy with bad credit, but it is more likely than financing. 

Like with financing, there are ideal credit scores for getting approved for leasing. In many cases, a score between 620 and 679 is more than adequate. However, the ideal credit score is between 680 and 739. Regarding leasing a car with bad credit, those scores typically range between 300 and 579. While the interest rates interested lessees might get won’t be appealing, there is still a decent possibility of driving off the lot with a vehicle. 

Naturally, the person’s income and other assets will be considered when leasing a car with bad credit.

Financing a car is less flexible

Regarding leasing a car with bad credit, there are many things to consider. Like financing a vehicle, the monthly payment amount is among the most significant aspects. Luckily, this process often allows for lower payments. This is the case because people who lease make payments towards the car’s predicted depreciation and the rental charge for the vehicle. Naturally, the interest rate will also factor into the monthly payment. 

As mentioned, leasing a car instead of financing allows for much more flexibility. Many drivers like to keep a car for a year or two and then get another one. They get to possess the vehicle at its best without dealing with significant maintenance issues. Naturally, this also means drivers who lease instead of financing a car don’t have to worry about resale value. 

Leasing a car with bad credit is easier than financing. However, it still may not be easy, and people who don’t have the best score may have higher payments than people who do. Still, it’s a way to get yourself into a car if you don’t have the best financial history. Of course, not all car dealerships will be willing to work with all scores.