Even if you have a bad credit rating, it would not stop you from having and driving your very own car. Leasing a car with bad credit is not entirely very difficult to do, because there are ways wherein you could actually have 95% acceptance rating for your lease application. It does not matter if you have been previously declared as bankrupt, or even if you have a lot of debts to your name, or even if you are self-employed and do not have a stable income just yet, or maybe even if you have debt management plans, or even if you have a country court judgment to your name, you would still be able to get a chance to drive your very own car through bad credit car leasing. After all, there is no harm in trying to apply, you would never know if you are one of the 95% applications being accepted, if you do not dare to try.
How Can you Get Approved for a Lease?
As long as you are 21 years of age or older, you are already eligible to apply for a car lease, even with bad credit. But of course, that is not the only criteria. You must also have a full UK or EU driving license which has already been valid for at least a year and it should have 6 points or less without any history of drunk driving or uninsured driving. You should also be able to prove that you are earning a minimum of £1,200 after tax per month, but it does not matter whether you are self-employed or working full time for a company. You must also have a three years’ worth of your address history and that you have clear disposable income. As long as you would be able to pay for your monthly lease payments, you actually have a chance to get approved for a lease term that would typically last for 3 years, while for some pre-registered cars, as short as 2 years.
Flexible Monthly Payments
If you need a car but do not really care too much about the make and model of the car you would be driving, you can specify your car needs based on the monthly payments you would be willing to pay for each month. There are a lot of different car makes and models available which could depend on your budget. Even if your budget is on the lower side of the spectrum, you would still be guaranteed to get a car that is brand new and very durable. Even with just a small budget of £199 a month, you would already be able to drive your very own Fiat 500 for a span of 3 long years. If after those 3 years, you would already be able to earn better, then you can opt to lease out better branded cars that you like.
Less Car Related Expenses
When you lease out a car compared to buying one of your own, you would generally have fewer car related expenses to take care of throughout the years, and of course, for a hugely shorter period of time. Leased out cars are most of the time brand new cars with existing manufacturer’s warranty. So if anything breaks down without you causing damage to it throughout the span of the 3 years that you have been driving the car, then you could take it back to your lessor so that all of the repairs and expenses to be done would still be covered by the warranty. Unlike with owning your very own car, you still have so many years of repairs and maintenance expenses to take care even after your manufacturer’s warranty expires.
No Need to Compute for Resale Values
Generally, a car’s value depreciates over time because of the constant wear and tear with the usage throughout the years. That is why if you opt to buy your own car, you will be faced with the dilemma of computing the depreciated value of your car but at the same time, to still sell it at a good price point wherein you are not totally robbed of the price. Once you determine the price, it would still be your duty to actually find someone who would be willing to buy it, most especially if you would need the proceeds from the sale as a deposit to buy a new car that you want. When you choose a lease, this would not be your problem at all. After 3 years when your lease expires, if you would like to apply for another lease, you could easily do so and with that, get a brand-new car, even with a different make and model. Who would want to drive a 10 to 15-year-old worn down car when you can drive a different brand new one every 2 to 3 years or so?