A lease is a great way to drive a new vehicle every two to three years. With this in mind, is a MINI Countryman lease in Orlando, FL possible when you have no credit or poor credit?
Visit Orlando MINI to learn how you can successfully lease a car even if you have less than ideal credit.
Have No Credit?
You can qualify for a lease even if you don’t have a credit history. You may, however, have to make a larger down payment as a compromise.
In addition, you may also have to get a co-signer to sign your lease agreement. A co-signer is usually a close friend or family member who has an established credit history. These same provisions apply if you have an existing credit score that’s less than stellar.
How to Establish Credit
While it’s possible to get approved for a loan with no credit, you’ll likely acquire a loan with a higher interest rate. For the best loan rate and options, we recommend trying to build your credit a few months before signing your MINI Countryman lease. Here’s how you can do this:
- Apply for a secured credit card. This is essentially a credit card where your own money is deposited as collateral, and the deposit is also your credit limit.
- Apply for a peer-to-peer loan and make your payments on time. Peer-to-peer lending institutions reliably report on-time payments to the credit bureaus.
- Apply for a credit card via your bank. The bank where you have your checking account will usually approve you for a credit card even if you have no credit history.
Visit Orlando MINI to start a lease contract for the MINI Countryman. Our MINI finance department in Orlando, FL assists customers of diverse credit histories every day, and we can’t wait to help you find an agreement that works for you!