Leasing New Vehicle With Bad Credit

Do you have less-than-perfect credit and want to upgrade your vehicle? Luckily, there are ways you can drive away in the car of your dreams regardless of your credit score! Leasing a vehicle is a great option if you don’t think you can get financed – and it might be cheaper, too!

To help you get into a car as quickly as possible, we’ve compiled some advice on how to lease a vehicle. 

How to lease a new car with a low credit score? 

Canada doesn’t require a minimum credit score for leasing. However, sometimes dealerships still take it into account when deciding whether or not to lease out a vehicle – although you don’t have to worry about that at Birchwood Credit! Our lease application process goes beyond your credit history to see the bigger picture. In fact, leasing can actually improve your credit score and make it easier for you to upgrade to your dream car later on. A win-win scenario.  

Another great thing about leasing is that you can switch up your vehicle regularly. Want a different colour? Leather interior instead of cloth? You can choose something else when your lease runs out! A lease can last for up to five years, so you won’t get tired of driving the same car for decades to come. Leasing is also a good option if you don’t want to worry about trade-in costs and warranties running out – all of that is taken care of. 

Tips to better your car application with a low credit score

Make a down payment  

Every little bit counts. Whether it’s $250 or $1000 dollars, putting down some money on your next vehicle will make the application process easier for you. It essentially tells the dealership that you’re committed to them and that you’re serious about leasing the vehicle. It also lowers the total lease amount, which leaves you with more money every month to do the things you love. 

Buy from a trusted dealer: 

It’s easy to go to the first dealership that pops up on Google when you search “Lease Car Winnipeg,” but how do you know who to trust with your money? Try and find a dealer that will help you see the bigger picture when it comes to your credit. That way, you’ll know they genuinely want you to drive away in a car you love and aren’t just looking at the number on your credit report.    

Co-signer 

Do you have a friend or family member that has a high credit score? Consider asking them to co-sign your application. It’s not absolutely necessary, but it helps if you want the application process to be quick and easy. 

Lease Swap 

Sometimes life gets in the way and people aren’t able to make it to the end of their lease agreements. No worries, though – that’s where you come in! Lease swaps, or lease transfers, are handy because you’ll only be responsible for the remaining payments on the other person’s lease. This is a great option for someone with less-than-perfect credit who still wants to drive a car that’s been used for less than a year. 

Leasing a car in Winnipeg, Manitoba

Looking for a car to lease in Manitoba? Birchwood Credit offers car loans and leases to all credit types. Our team can help you find a new or used car lease that fits your budget and helps you rebuild your credit over time. Still have questions? Check our article on the 5 advantages of leasing a car. 

Ready to get started? Contact our team today!