Is There a Minimum Credit Score for a Car Lease?
People sometimes worry about a minimum credit score when leasing a car when in fact they would be much better off looking at their credit application in a slightly broader context.
Anyone who is concerned that they have bad or poor credit, or that they have a low credit score should first of all obtain a copy of their credit report.
Depending upon where you live, there is normally a legal obligation on one of the three main credit rating agencies to provide individuals with a free copy of their credit report at least once a year.
People may also be able to obtain a copy of their credit score, but the agency is normally charge for this.
The value of obtaining a copy of your credit report is that it allows you to check that the information contained in it is accurate, reliable and up-to-date.
Minimum Credit Score for a Car Lease?
This is really important as this report is a compilation of not only the information you provide on your application form, but also a much wider background of financial and personal information that the credit rating agencies will have collected independently.
Checking that the information the agencies are using is accurate and up-to-date is really important. There is certain information that whilst it may be accurate has a limited shelflife in terms of how long it can be used by them. Checking this and making sure that they are not using out of date information is one really important way of validating your credit report.
Once the report has been checked, then it is worth shopping around and getting alternative quotations as to what a car lease is going to cost. Inevitably if you are leasing a car from Ford, Ben Ford credit will be the first port of call in terms of obtaining a quotation.
When obtaining a quotation for a leasing program, it is a really good idea to get alternative quotations as well, in order to be able to compare them on a like-for-like basis. This is something that a customer would normally do if they were buying a vehicle, and equally should be done when negotiating a lease on a Ford car or truck as well.