Can I lease a car with a 500 credit score?

N

nicole baker

Member
My credit score is currently around 500, and I’m wondering if it’s even possible to lease a car with a score that low.
I know that’s not an ideal number, and I’m working on improving it, but in the meantime, I really need a car for work and day-to-day stuff. Has anyone here been in a similar spot and still managed to lease a vehicle? Did you need a co-signer or a large down payment?
I’m not expecting luxury wheels, just something reliable to get me from point A to B. If leasing is off the table, would financing a used car be a better option in my case?
 
Been there, done that. Leasing was a no-go for me at 510. Ended up financing a 2012 Civic with a 17% interest rate but at least i had wheels. Focus on getting that score up while you drive a beater.
 
You technically can lease with a 500... but the terms are usually awful. Huge down payment, high monthly, and they’ll try to upsell you hard.... be careful.
 
former auto finance guy here: most leasing companies want 620+. You might find a dealer who does in-house leases, but it’s predatory 90% of the time.
 
I leased a Kia Soul at 525 with a $2k down payment and my mom co-signing. Not ideal but i needed it for Uber. Uber money helped me build my credit back up.
 
Bro just finance a 10-year-old Corolla and start grinding. Leasing is for people with baller credit and too much caffeine.
 
Honestly leasing is structured for folks with solid credit because they want the asset back in good condition. Lenders see low credit as high risk. You’d probably get better approval odds with used car financing.
 
If you're in a city, look into car subscription services. Not always cheaper but fewer hoops than leasing w/ bad credit.
 
Down payment or co-signer.....those are your two golden tickets if you really want to lease. But if you're just looking to commute?
 
I had a 498 score and leased a Hyundai with my aunt co-signing. She was PISSED when i missed one payment. Don’t recommend unless you’re 110% sure you can pay.
 
One trick is to join a credit union. Mine gave me a small auto loan at 9% when banks said no. Drove a 2006 Ford Focus and built up from there.
 
Does your job reimburse travel expenses? If so then document everything ... could help justify a loan or get help from local programs.
 
Also depends on what’s hurting your credit. If it’s just high utilization, paying down cards could jump your score 30+ points in a few months.
 
Got a $6k auto loan from Capital One pre-qual tool. Interest wasn’t great but they actually approved me at 520. Might be worth checking.
 
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