2006-12-02 07:56:13 · 9 answers · asked by chancepogo 1 in Cars & Transportation ➔ Buying & Selling
A bad credit score means you are likely to make late payments or miss payments alltoghether
so to cover their risk the finance company will charge you more in interest, because they know you are likely to default
2006-12-02 08:01:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Many leases are now blended rate leases. Meaning, if you do get approved the lease rates will be the same for someone with a 650 score (if approved) as an 800 score. Or there can be two tiers of leases, like 650-710 and 710 and up.
In closing, all leasing companies have different programs, some better than others. Find out what your credit rating is first, and then shop the best program.
2006-12-02 21:23:20 · answer #2 · answered by jay 7 · 0⤊ 0⤋
Yes, a bad score means that you are more likely to be late, miss a payment, or default and have the car repossed.
It can also mean that your car insurance will be higher since insurance companies look at the credit scores to. The lower the score, the higher risk you are to turning in a claim.
2006-12-02 16:04:20 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
700+ credit gives u best deals then deals get worse as your credit lowers. A car going for $300 monthly under 700 credit could easily become $400- $450 under bad credit and if your credit is really bad you would not even be approved for the car.
2006-12-02 16:05:31 · answer #4 · answered by Tiko 3 · 0⤊ 0⤋
it puts a bad reflection on your payment record,,and it make banks and loan offices put you at high risk level,and that makes it hard to get a good lease rate,they figure it like this,if you didn't pay other bills you might not pay this one either,so if there going to tale a chance with you ther going to put you on a high risk loan,and leasing a car isn't easy when your high risk,,keeping your credit record good is the best thing anyone can do these days.good luck i hope this help,s.
2006-12-02 16:05:39 · answer #5 · answered by dodge man 7 · 0⤊ 0⤋
Leasing requires good credit. Don't even think about leasing if your FICO score is below 670 because you'll be denied.
2006-12-02 18:14:40 · answer #6 · answered by BRUUUUSKI 2 · 1⤊ 0⤋
if your credit score is bad you will pay higher interest rate or be denied the lease
2006-12-02 16:06:57 · answer #7 · answered by bigfred1954 4 · 0⤊ 0⤋
Bad credit means more $ down at inception.
2006-12-02 18:36:57 · answer #8 · answered by crawler 4 · 0⤊ 0⤋
becuase they do not think you will have enough money to pay full for the car.some places are different though, check around.
2006-12-02 16:03:43 · answer #9 · answered by Brittaney x3's Holden 3 · 0⤊ 0⤋