Auto Leasing Tips

Despite aggressive low-interest financing, cash-back offers and other purchasing incentives offered by leading auto-makers to buyers, leasing numbers keep increasing steadily over the years. Leasing is not only an attractive financial proposition to most auto-consumers, but also a lifestyle and preference choice.

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Wednesday, August 31, 2011

Leasing with bad credit


Have you been refused a car lease? Chances are you have less flawed credit



history. Know what’s involved and what you can do to build good credit



history.



Credit score is a measure of your credit worthiness used by leasing agents



to determine whether you are eligible for a lease. You credit score is



based on your past and present credit history, and can range anywhere from



350 to 850. A measure above 720 is considered a “prime score” and will



land you the best rates. If you are below 640, then you are “sub-prime”



and will be considered bad rating by the bulk of leasing agents. This is



where all the trouble in getting that lease comes from.



Ask for your FICO Credit Score from the Fair Isaac Corporation (FICO)



which details your credit score held by all three leading credit score



agencies in the country. Compare the three credit scores and determine if



any agency is holding erroneous credit data about you. Contact the



reporting agency and getting corrected.



If there are no mistakes in your credit report, then you can take some



steps to maximise your score to go above the threshold of 640. Pay your



bills on time and pay down any credit card debts you have. Do not take any



new accounts as this might increase the likelihood of you getting into bad



credit thus worsening your credit score.


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