Your credit comes into play when you apply for a used car lease, but does that lease end up affecting your credit? It can. At I.G. Burton Chrysler Dodge Jeep® RAM of Milford we’ve seen firsthand how a lease can affect someone’s credit score, and how a lease can be used to actually improve your credit score and make it easier to apply for financing or leases in the future!
How a Lease Can Affect Your Credit
A lease is like any other financial obligation in that it can affect your credit score and your ability to make other financial agreements in the future. Fortunately, there are a few ways that your used car lease can actually help you improve your credit.
How can a lease improve your credit? That’s simple. Make every payment on time and show that you’re responsible when it comes to handling your financial obligations. This can improve your credit score and make it easier to apply for loans in the future.
On the other hand, make payments late or default on your lease and you end up harming your credit score. Take your lease seriously and make paying for it each month a top priority. If your lease ends up hurting your credit score, you could end up having a harder time applying for future leases, car loans, or credit cards later on.
Lease One of Our Vehicles Today!
Now that you know a bit more about leasing, why not check out our selection of vehicles? Our Dodge dealers will make it easy to find just what you need, whether you’re looking for a capable pickup truck, a spacious SUV, or a thrilling muscle car. We look forward to assisting you!
