People with poor or non-existent credit have a hard time securing financing for bigger purchases. A clear example of this would be buying a car. If your credit score is bad, a lot of dealerships will avoid working with you. The few that do would still insist on checking your credit score and this would continue damaging it. If only there was a way for you to acquire a car even with your financial struggles that would be great. Oh wait, there is. You can lease a car even when you have bad credit.
So What’s The Deal With Leasing?
To put leasing in simpler terms, it’s a long-term rental for a car. You make payments towards the car’s lease and not to own the car, but you can still purchase it for market value at the end of your contract. The option of leasing is vital for people with bad credit scores, no credit, or that have gone through bankruptcy. This is because they can be approved immediately and have to pay a lower monthly fee, compared to the amount that they would be paying if they were to purchase the vehicle right away.
A lease can last from 2 to 4 years. One of its cons is that it includes an annual mileage cap, but if you’re getting the car just to go to/from work and for errands on weekends you should be okay with it.
The Process of Leasing
With bad credit car leasing, you get a reasonable vehicle at a price that is not overly expensive. The leasing agreement begins with you putting down a deposit on the car. The amount of money that you have to put down on the car will depend on your credit rating and how much money you earn each month.
If your situation is too complicated, you might need a co-signer who will assume equal responsibility with you for the loan just in case you’re not able to continue paying it.
The documents needed to lease a car are your proof of identity, residency or citizenship, proof of income, and sometimes, proof of insurance.
When your credit score is not high, leasing a vehicle is a viable option. It allows you to have a vehicle for your day-to-day activities. You just need to remember to keep an eye on the car’s mileage and you’re good to go. You might not own the car, but you could begin building or re-building your credit while you drive.
Bad Credit Leasing with Canada Auto Experts
So you’re interested in leasing a car? Let us help you. We offer access to the auto dealers in Canada with the best leasing options for your situation. When you use our fast online application, you’ll be matched with the best lenders based on your unique needs.
By using Canada Auto Expert’s bad credit leasing, you’re able to get the vehicle you want with a monthly payment that you can afford. Also, the interest rates will be as low as possible. Click here to apply or give us a call at 1-855-550-5565 so you can get approved today!