Sources Suggest 620 is the Average Minimum Score
Banks and other lending institutions rely on a potential borrower’s credit score in deciding whether to approve a lease and under what terms.
The better your credit score, the better the leasing terms and the less money you’ll typically need to put down on a vehicle.
Can I lease a car with a 500 credit score?
Auto Leasing with Bad Credit
This is because there are some lending companies that will not look at a consumer if they have a score below 620. This means that you can lease a new car, even if you have a 500 credit score. Another option you can take is a lease to own vehicle, or sometimes called rent to own.
What credit score do you need to lease a BMW?
In order to lease a BMW, you’ll need a minimum credit score of 575. Additionally, there are financial tiers, meaning the higher your credit score is, the better your financing rates will be.
Is it easier to get approved for a lease?
But if you can get approved for both a loan and a lease, then the choice becomes harder. “While buying a car for the long term can very well be more expensive, it’s easier to take out a loan than it is to lease on a bad credit score,” says Borghese.