If you're wondering if you can lease a car with bad credit, the short answer is yes! Elgin Hyundai doesn't turn away customers with bad credit. However, there are a few things you should expect before you come into our financing office. Having good credit is valuable because it leads to a lower interest rate and therefore lower monthly payments. If you have bad credit, expect monthly payments to be higher as well as having a higher interest rate. Despite this downside of leasing with bad credit, it's still less than taking out a loan to buy a car.
Is It Easier To Lease A Car With Bad Credit?
Car buyers with good credit consider the pros and cons of leasing vs. buying based on how long they want a specific model and how it will fit into their budget. If you're a South Elgin resident with bad credit, you should strongly consider leasing opposed to buying. Leasing has a significantly less monthly payment than financing, making it a good option for people with bad credit. You can lease a new car with bad credit if you follow our guidelines for getting the best leasing deal for a person with your credit score. As you make your lease payments in full and on time, your credit may even improve and you can get a better interest rate on your next lease.
Tips To Get Lower Lease Payments With Bad Credit
Having bad credit can hinder your ability to gain financing on a car. Elgin Hyundai understands that bad credit happens to the best of us, and we want to work with buyers from Streamwood to Bartlett to find a leasing option within their budget, no matter their credit score. Follow these tips before you meet with one of our finance officers:
- Check your credit score: Run a credit report on yourself to have a better idea of what your financial situation is. That way, you can better explain your financials to the finance officer.
- Find a car within your budget: Because you'll likely pay a higher monthly payment on any vehicle you choose, make sure you pick a vehicle that fits within your budget.
- Make a larger down payment: Putting several months' worth of payments down will help you negotiate a lower monthly payment.
- Bring several months' worth of pay stubs to establish your ability to meet your monthly payments.
If you follow these guidelines, the outcome of your lease agreement will be favorable to you. Learn more about Elgin Hyundai to find out how we strive to put our customers first.
Can I Lease A Car With Bad Credit At Elgin Hyundai?
The short answer is yes, you can. Depending on your financial situation, you may have higher monthly payments, but Elgin Hyundai is willing to work with customers of all credit scores to find a leasing agreement that's right for them. Contact us to connect with a member of our finance department to see how to use our Finance Calculator and to discuss your financing options.
