Whats A Good Credit Score For A Car Lease
You are considered to have excellent credit when your score is 740 or above.
Whats a good credit score for a car lease. But people with credit scores below 580 have taken out roughly 13 of the auto loans and leases over the past decade according to data from equifax. If youre in the higher tiers youll most likely be approved though on the lower end you may incur a higher interest rate to offset the risk. Over 740 and youre golden. Good credit 700749 people with good credit scores of 700749 average an interest rate of 507 for a new car and 532 for a used car.
If your credit score is 740 or above your score is considered excellent by most lenders. Typically a score of 700 or higher indicates to the lender that you deserve their best rates. You dont need a certain credit score to lease a car. 620 679 scores are in the near prime range and most people will be approved.
With a score from 680 739 you are considered in the prime category and will be approved. They will likely offer you a lease with your best rates. I use my credit wisely and never miss a payment. To get an auto loan without a high interest rate our research shows youll want a credit score of 700 or above on the 300 to 850 point scale.
Scores between 620 679 are considered near prime by most dealers and 680 739 are prime. The average credit score among new lessees has ranged from 715 to 722 over the past five years according to experian. Thats considered prime credit and lenders dont. You might find that the credit requirements for leasing are a bit more forgiving than those for purchasing a vehicle but youll probably still need a score of at least 620 or so to pull it off.
Having a higher credit score qualifies you for a lower interest rate which translates to a lower monthly payment. I have a long established positive credit history. The typical minimum score for a lease agreement with a reputable dealer is 620. With a score in this range you set yourself up for the best lease rates.
Your credit score ranges from 300 to 850. And the best terms are typically reserved for those with scores above 700.