Credit Score

[Richard Kevin]

What Credit Score Do I Need To Lease A Car?

[Agap]

The short answer is that you usually need at least a “good” credit score if you’re looking to lease a car. That would mean, using Experian’s scoring system, you need a minimum of 881. But the long answer is a bit more complicated than that.

There are leasing companies that will approve lease deals for people with poorer credit scores, but the options will often be limited. You may be required to pay higher monthly payments, or a larger initial payment may be required.

But if you’re looking at an credit score online and asking yourself if there’s a magic number you need to take out a lease, there isn’t. Leasing companies do not actually have specific Experian, Equifax or TransUnion scores that automatically determines whether an application is declined or accepted.

Instead, they’ll use their own scoring system based on information available via credit reference agencies as well as other factors such as affordability. A good basis to work from is that if you have a “good” or “excellent” Experian credit rating, you’re very likely to be approved on a leasing application.

[Mosoc]

According to Experian, in 2021 the average credit score to lease a car was 729. However, I know some people, who had this average of 729, and the lender refused them. It's all because their personal credit score was linked with their business score. A simple B2B credit check would have helped them to see the current situation.

Moreover, the lender can decide what type of car you can buy and how much money you will pay off. The process to lease a car is individual, based on the whole credit score trustworthiness.