What's the Minimum Credit Score to Lease a Car?

Leasing a new car can be an attractive strategy for someone who needs to acquire a vehicle with a minimal financial outlay. After all, you can get into most leases with very low upfront costs and exceptionally reasonable monthly payments. However, in some cases financial issues that may have also created credit problems can predicate this need. This, in turn, can make it difficult to qualify for a lease.

So, what's the minimum credit score you'll need to qualify to lease a car?

Let's take a look.

What's a Good Credit Score?

According to the credit-reporting agency Experian, a score of 670 or better is considered a good credit score. Here's how the numbers play out:

What Difference Does This Make?

Simply put, the higher your score, the more favorable the terms you'll be offered. Those ads you see touting incredibly reasonable pricing on insanely expensive cars - yeah - those deals are typically reserved for people in the Very Good and Exceptional categories. That is why you'll often encounter fine print reading something along the lines of, "available only to customers with excellent credit scores and stable work histories."

However, you can often qualify for a lease even when your credit score is low.

If Your Score Is Good to Exceptional

If you're flaunting a score of 680 or higher, you'll be welcomed at any dealership anywhere. In fact, you might even find invitations for lease deals in your mailbox and online. In other words, you'll be pursued. What's more, you'll also be in a position to name your own terms to a large extent.

Don't want to make a down payment?

No problem.

For you, it'll pretty much be pick one and drive it home - you're good.

If Your Score Is Fair or Very Poor

Be prepared to do some groveling.

And, even then you might still be turned down. You can also expect to see higher monthly payments, a security deposit requirement and certain other accommodations.

You can usually get a lease with a score as low as 620, if you're willing to do all of this though.

You Do Have Other Options

In a lot of cases, the lease terms offered to a borrower with a Fair credit score can be surpassed with a loan on a used car. The credit score you'll need in that instance can be as low as 500. However, you'll need a pretty generous down payment and you'll be looking a sizable interest rate.

According to US News & World Report, borrowers scoring 449 or less will be expected to pay 23.81 percent on a new car loan and 24.06 percent on a used car as of December of 2019.

December 2019 Auto Loan Rates

Credit Score New Car Loan Used Car Loan

750+ 4.96% 5.21%

700 - 749 5.01% 5.26%

650 -699 11.93% 12.18%

450-649 18.21% 18.46%

449 or less 23.81% 24.06%

Source: US News & World Report

The Good News

Regardless of who you are, where you work, or what your credit score might be, you can usually find someone willing to give you a loan to buy a car. The question is: Will you be able to accept the terms they'll impose in exchange?

So, what's the minimum score required to qualify to lease a car?

Ultimately, it will vary depending upon what you're willing to accept. However, if you're looking to get the best terms available, you'll need at least a 680.