Many drivers love leasing, preferring the freedom of a short-term contract and the latest Mazda technology. There are some ways to strengthen your application for a Mazda lease, particularly regarding credit. Start your lease application at Peruzzi Mazda today!
How Does Credit Affect a Lease?
Your credit score is an important factor when leasing a vehicle. Typically, you will need a higher credit score to lease a vehicle, as opposed to purchasing one. A higher credit score will also give you more favorable terms.
Make a Down Payment
If you have poor credit but still want to lease, you may have to make a significant down payment. A higher down payment lowers the overall cost of the lease. It also shows lenders that you are a responsible buyer, which can help with approval and leasing terms.
Pay Any Debts
To improve your credit score, you’ll want to boost your debt-to-income ratio, and you can do so by making any outstanding payments. If you have recently paid off some debt, it may not be registered on your credit report yet. If you think your credit score should be better than what it is, bring in any documentation you have that shows you have paid off outstanding loans.
Get a Co-Signer
A co-signer is a great option to help you get approved for a lease, even if your credit score isn’t the best. This person, typically a friend or family member, agrees to cover your payments if you don’t make them in time.
Start a MAZDA Lease at Peruzzi MAZDA
Leasing is a great way to drive the latest and most exciting Mazda models. Visit our Fairless Hills, PA, Mazda dealership and take a test drive, then talk to our team about finding the best lease plan for your needs today!
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