Why Your Credit Score Matters For Car Leasing

Have you ever heard of the importance of a credit score? Or are you aware of the big role credit score plays in helping you get approved for a loan and automatically getting a favored interest rate? There are but two biggest purchases that people can consider: cars and car leases. But today, we are looking into cars. You might be worried about how your credit score can affect car leasing; we will cover the reasons in this article. Go ahead and read on to discover why your credit score matters.

Importance Of Car Credit Score For Car Leasing

The Perks Of Good Credit

Are you aware that over 81% of individuals have decided to finance their vehicles? The secret to securing a favorable loan is having a good credit score, which is what those people who finance their vehicles do. No matter the place or people you are working with, either a bank, credit union, or a dealership, you should know that lenders will always add your credit as one of the processes of decision making.

It shows that their main objective is determining your borrower risk using a universal standard. The idea is very simple and logistic. It shows that when you have a stronger credit history, you will be opportune to get a lower interest rate. This simple and clear concept can help you to save a lot during the total length of your loan.

A strong credit will enable you to pay less for your car and a lower monthly payment which will be very easy for you to pay off your vehicle quickly. But keep in mind that there is the possibility of getting a high score but a weak history. It clearly shows that having a 700+ credit score and just a single line of credit history will likely make you not get a super prime interest rate.

What Type Of Credit Score Is Required To Purchase A Car?

It may be possible for a person to receive a loan with the use of bad credit or no credit at all; at the same time, getting a favorable interest rate is usually a different bargain. To determine your stand, it is best to check your credit score as three main credit bureaus report it; Experian, Equifax, and TransUnion. Although there might be a slight difference in their score, there is a fundamental similarity in their criteria.

One of several tiers is where your credit score is sorted, which can help you know the rate you are eligible for. To consider a score super prime, it has to be between 781-850, said the Experian. The highest credit tier will qualify applicants who fall in such a range to have the most effective advertised interest rate. But any score that falls between 661-780 is known as prime, and it is possible to qualify for higher rates, but it will be very competitive.

Ways Your Credit Score Can Be Increased

Building good credit requires a lot of time and energy. There is nothing like a shortcut to building a good score, but there are ways you can keep making your score higher. The first thing to consider to make your score Keep going high is to pay your bills promptly. Such bills include; auto loans, credit cards, and student loans. If you find it a bit difficult to pay your bills on time, setting up an automatic payment could help make sure you pay on time.

Experian boost is a second way to consider, which can help instantly enhance your FICO score. Paying down your current bills is another option to consider.

CONCLUSION

Having multiple lines and longer credit history will boost your credit score, showing that keeping your credit cards open goes a long way. To be suitable for getting a car lease quickly, you must have a good car credit score. The above are the few ways you can get a good credit score.

Car Leases in NJ & NY Done Right

How does a lease work? If you have more questions, we are here to help!

The Vantage Auto Group provides reliable car leasing options in both New Jersey and New York. On our website (https://www.thevantagegroupauto.com/), you can access an entire inventory of marked down vehicles that fit your lifestyle and your budget.

We also provide a selection of luxury cars at rock-bottom prices. These typically come from unions and corporations that can offer larger discounts. Our professional staff is ready to help find a vehicle to fit your tight budget or find financing solutions that fit your poor credit score. Give us a call at (844)-307-3885 to speak with a live agent, or feel free to email us with any questions.

At The Vantage Auto Group, we save you time, money and peace of mind when it come to Buying your New Car!

No need to deal with the headaches of sitting in a dealership for hours on end and haggling with pushy sales reps.  With our robust dealer network, we’re able to get wholesale pricing and guarantee the most competitive lease or purchase price on any new vehicle. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs.

There are many places to lease or purchase your next vehicle.  The products are the same regardless of the source. So it’s the people who make the difference. Our staff is passionate about what we do. We are all car enthusiasts and understand your excitement about finding the right vehicle at the best possible terms. Along with our enthusiasm is our commitment to be transparent about your lease / purchase and our pledge that all dealings with us be fair, and yes, even fun!

Get Started Today With Your Personalized Car Quote from Vantage Auto Group!

Good credit, Bad Credit, or looking to get an approval, CONTACT US Today!  We work directly with multiple lenders to find the lowest possible lease rate on a new car lease. Come banks will even help us offer short term lease as short as 12 months if not ready to commit to a 2 or 3 year lease. We can even help you get out of your current car with our swapalease lease transfer program. when using our swapalease program, you will no longer be responsible for your current car.

Price Reflects TIER 1 Credit Approval. Prices are for new lease vehicles only. Images are for Display purposes only. Price Excludes local taxes, acquisition fee & DMV/title. Pricing, lease term, and miles per year may vary. All Incentives are Applied For Qualified Customers including Loyalty Rebate, Conquest Rebate, VPP Rebates, College Graduation Rebates, and Regional Rebates.

No need to deal with the headaches of sitting in a dealership for hours on end and haggling with pushy sales reps.  With our robust dealer network, we’re able to get wholesale pricing and guarantee the most competitive lease or purchase price on any new vehicle. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs.

There are many places to lease or purchase your next vehicle.  The products are the same regardless of the source. So it’s the people who make the difference. Our staff is passionate about what we do. We are all car enthusiasts and understand your excitement about finding the right vehicle at the best possible terms. Along with our enthusiasm is our commitment to be transparent about your lease / purchase and our pledge that all dealings with us be fair, and yes, even fun!