- The types of information required on a lease application ranges from personal information to information about your employer. Be prepared to provide all of your personal contact information, in addition to your drivers license and Social Security numbers. You may also be required to furnish proof of identity, such as a bill or copied Social Security card, to prevent fraudulent credit applications in your name. You will also be required to provide information about your employer, including your name and monthly gross wages.
- The information required on the lease application ensures you are qualified to assume the lease. Credit decisions are made based on your income, credit history and the vehicle you are considering. The finance company may impose limits on the amount you can finance because of credit deficiencies or your income.
- Only complete the lease credit application if you think the vehicle fits your needs and you are prepared to own it. Although multiple credit applications made in a short span of time for the same purpose will not impact your credit, the process of completing the application and sending it to the lender can take up to an hour, depending on the dealership.
- Some bumps in your personal credit history will not disqualify you from getting a lease. Leasing companies will consider more than your credit score when making a decision. Some leasing companies have first-time buyer programs, or similar programs geared at recent college graduates.
- Avoid leasing a used car, even it if it is offered as a last resort by the dealership. As a used car lease will likely extend beyond the factory warranty, you may be personally responsible for paying for vehicle repairs. If your credit history keeps you from leasing a car, financing a used car is a better choice, as you will have equity in the vehicle at the end of the term. Learning your credit score and reviewing your credit report for errors before visiting the dealership can keep you from difficulties completing the transaction.
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