So, it’s time for a new car – congratulations! But starting your search can be overwhelming, especially when new car price tags can be intimidating for your budget.
On top of that, you also have to factor in how your credit score affects your purchasing power. If you’re not confident in your credit score, you may have questions about what financing options are available to you. The good news is that you still have options, even if you have less-than-perfect credit.
Whether you’re building your credit score or have bad credit, leasing a vehicle is always a good option to consider. Leasing a new vehicle is essentially a long-term rental in which you pay for the car’s depreciation over the lease term rather than its full purchase price. A typical car lease term is 24 or 36 months. You’ll drive the car for the next few years, then bring it back with flexible end-of-lease options.
Leasing a new vehicle doesn’t necessarily require excellent credit, but good credit – a score of 670 or higher – is highly recommended. A lower score could result in higher monthly payments, a larger down payment, or the need for a co-signer. Car shoppers with higher credit scores typically qualify for the most competitive lease deals and promotional APR offers.
When you apply to lease a new Ford vehicle, lenders review your credit history to evaluate risk. Your credit score may influence:
- Lease approval
- Security deposit requirements
- Monthly payment amount
- Available lease specials and incentives
- Required down payment
So, could leasing a new Ford in Florence be the best option for you? Keep reading to learn more about leasing and how Mike Reichenbach Ford can help you drive home your dream car with a lease.
How to Improve Your Chances of Lease Approval
If you have fair to bad credit, you may still qualify for a lease by leveraging a few factors that can strengthen your application. These factors can include:
- Stable employment history
- Proof of consistent income
- Attempting to lower your current debt-to-income ratio
- Saving up for a larger down payment
- Bringing a qualified co-signer
Keep in mind every application is evaluated individually, so speaking with our Ford finance team is often the best way to explore your options.
Why Some Shoppers Choose to Lease a New Car
Some drivers prefer to lease rather than buy, as the benefits of leasing better match their lifestyle and preferences.
Leasing offers drivers:
- Lower monthly payments compared to financing
- Minimal upfront costs
- Access to the latest Ford technology and safety features for less
- Manufacturer’s warranty coverage lasts through most lease terms, with fewer auto maintenance bills covered by you
- Flexible end-of-lease options
- Short-term commitment: The opportunity to upgrade to a new vehicle every few years
Contact Mike Reichenbach Ford of Florence for Our Current Lease Deals!
Ready to get approved for a Ford Lease with less-than-perfect credit? Our team at Mike Reichenbach Ford is here to help. Remember, your credit score is only one factor lenders review. Your income, payment history, and overall financial stability also play important roles, and our team is ready to find the best lease option for your budget.
Visit our finance resource page to discover more about leasing any of the popular Ford models we have available, such as:
- Ford Mustang lease deals
- Ford Ranger lease deals
- Ford Explorer lease deals
- Ford Bronco lease deals
If you’re still unsure whether leasing or buying a car is best for you, our Ford finance specialists are here to help. Check out our Buy vs. Lease questionnaire to get started. Feel free to contact us with any questions about the financing process!
From Sumter to Conway to Columbia, we have helped many overcome the obstacles of having fair to bad credit. We can help drivers overcome most credit problems and offer programs to get you back on the road and rebuild your credit. Get in touch with our team today to get started.
Connect with us
