Not all people are blessed with a good credit score and sometimes it’s even out of your hands. The tough thing about it, though, is that people with a bad credit rating will for sure have a difficult time when it comes to not only buying huge sum purchases such as having their own home or car, but even getting a lease on an apartment or other rentable assets. But when you think about it, when you have a bad credit rating, why on earth would you opt to further sink your cash flow into the ground by applying for a loan or financing solution just to let’s say… buy a car? It would be a ludicrous idea! It’s not that you won’t ever have the chance to get a car, it’s just that there are a lot more practical ways you can do so. Have you ever thought about car leasing with bad credit history? You might not have done because you might be thinking that it is something impossible to do but lucky for you, it is not! And right now, it’s one of the best bets you have just so you could have a car.
Cars are Expensive
It’s so easy to have a love-hate relationship with cars just because of how confusing its benefits can be for each individual. Cars are not cheap! Most people save up to years just to buy their own cars only to find out that they would be needing more money to spend on maintenance, repairs, check-ups and a lot more. What’s worse is that its value decreases as the years pass by, no matter how hard you maintain its state. This is why it’s better to actually lease out a car rather than spend a whole lot and buy one. Monthly lease payments are cheaper than monthly car loan payments, so it’s actually easier on the pocket. Most leases are also a lot shorter compared to having car financing payment solutions, so you wouldn’t be burdened for a long a time.
A New Car for Every X Years
When you purchase a car of your own, you’d get stuck with it for 5, 10, or 15 years – yup, 15 years of repairs, maintenance, check-ups and much more expenses! Leasing on the other hand, would give you an opportunity to experience a new car every how many years, depending on the duration of your lease. What’s great about leased cars is that most cars are kept at an almost new state, if not totally brand new. You wouldn’t even have to scratch your head and find a new buyer or lessee unlike with owning a car when you need to find ways on how to dispose of your car once it reaches its maximum life use or if you just decide to get a better model. You just wait for you lease to end and start to look for a new car to lease out once it’s done.
Save Money on Repairs
Because most of the leased out cars are fairly new, these would still be covered under a warranty that would totally help save you great amounts of money. If you experience any kind of malfunction during your lease period, you wouldn’t have to spend on a single pence! Think of how much savings you’d have compared to when you have your own car and all the malfunctions start to creep up one by one.
Bad Credit Doesn’t Mean No
You might be scared that applying to lease out a car with bad credit would automatically mean being rejected or would entail leasing out cars which are already worn out and not in good condition. That actually isn’t always the case. There are a lot of car leasing services that offer good branded cars in good condition that would allow you to have a car you could use and lease. It may not be a BMW, Mercedes Benz or the latest Ford model, but you’d still surely get your money’s worth and drive a car that would suit your needs and lifestyle. Having bad credit doesn’t entail a rejected application, so as long as you would be able to prove that you could be able to pay out the monthly amounts, then you’re good to go.
Improve Credit Score with Leasing
If you have a bad credit score, leasing out a car would help you to improve your credit rating as well – so it’s actually a pretty win-win advantage! You get your car and at the same time, you would end up with a good credit score that would open up a lot more possibilities and even better rates, car options and deals for the next time you would apply for another car lease. Paying for your monthly lease on time and in full each month would allow you to improve your credit score without having to go through extreme measures.