If you’re planning to lease one of our used cars, you may have some questions. One concern that drivers usually have is their credit. Does leasing a used car affect it? It can, in more ways than one. Here’s what you need to know.
Leasing and Credit
When you want to lease a car at our Dodge dealership, we look at your credit history and your current financial obligations to see if you would be a good candidate for a lease. Your history shows how good you’ve been about paying debts in the past, and your current situation shows us whether or not you’re overextended financially. These factors can determine whether you can lease a car and the terms of your lease agreement.
If you’re approved for a lease, you’ll have monthly payments to make. How you handle these payments can affect your credit.
A lease is like any other financial obligation. If you meet it, that reflects well on you. If you make payments late or end up defaulting on your agreement, that can be bad for your credit. Making your lease payment on time each month is the way to go. That will help you improve your credit score, which will make it easier to secure loans or favorable lease terms in the future.
So if you’re concerned about how a lease will affect your credit, don’t be. Just make your payment each month and your lease will actually help you improve your credit!
Lease a Used Car From Our Delaware Dealership!
If you want to learn more about lease options, visit us at I.G. Burton Chrysler Dodge Jeep® RAM of Milford. We’ll help you find a used car, truck or SUV that delivers the driving experience you’ve been looking for, at the right price.