This is something that you're going to want to factor in to your budget. Keep in mind that when you decide to lease with bad credit, your interest rate is most likely going to be higher than average. If you have bad credit, the lessor may require a security deposit to make sure you’re serious about successfully completing the lease. Security deposit – When you lease, you have to make the first month’s payment plus title and license fees up front.Proof of residency – A recent utility bill in your name showing the address listed on the application.Proof of income – A recent computer-generated pay stub showing year-to-date earnings, or recent tax returns and bank statements if you’re self-employed or an independent contractor.If you’re considering leasing, do you know what it takes to get approved with bad credit? If the leasing company is willing to work with you, you’re probably going to need these three things: However, some major car manufacturers, such as Kia, offer lease deals to those with less than perfect credit. Generally speaking, leases are reserved for consumers with good credit (a FICO score of at least 660). This is called a security deposit, and unlike an auto loan down payment, you get it back at the end of the lease. Even if a leasing company offers bad credit leases, they may require additional cash up front. It’s possible to lease a car with bad credit, but it’s not common.
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