. . . On Approved Credit

 

On approved credit is extremely important when considering leasing a vehicle.  Each bank or lending institution has different credit requirements however their determination on your credit worthiness is based on your credit score.

In order to determine if you qualify for their Lease Deal, the Dealership will first check your credit score and then proceed to examine your credit report.  The Lender may look at one or all three reports from the three credit reporting agencies.  Those credit reporting agencies are Experian, Equifax and Trans Union. 

AnnualCreditReport.com will provide you with one free credit report a year.  Get a copy of your report and check to make sure there are no inaccuracies in your report. 

The Lenders will look to make sure there are no:-

Bankruptcies

Collections

Judgments

Late Payments

Liens

Missed Payments

Non-Payments of bills

Repossessions

Wage attachments

In order to qualify you for a lease, the lender will also look to verify your residence for the past two years as well as your employer, your income and your debt to income ratios.  They will make sure that your annual income is more than sufficient to cover your living expenses and your monthly debts that are listed on your credit report.   They will also check to see if how many inquiries have been made for recently applied credit.  They will check for how many new accounts you have and how long you have established credit.

 

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