Are you wondering if you can lease a new car with bad credit? The team at Elgin Toyota is here to help! Car leases require a credit check, so if you want the best lease deal possible, having excellent credit helps. However, leasing can also be a great option for car shoppers with bad credit, as leases typically offer lower monthly payments than financing. Arlington Heights, IL drivers can find out about leasing with bad credit today!

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Is it Easier to Lease a Car with Bad Credit Than Good Credit?

Since a new car lease requires a credit check, it's easier to lease with good credit. It means lower monthly payments and a lower security deposit. Bad credit can require higher monthly payments and a higher deposit. However, you will still pay less than if you take out a loan to purchase a car.

Tips for Lower Lease Payments with Bad Credit

Have bad credit? Don't stress, because customers from Schaumburg and beyond can find a great lease deal at Elgin Toyota. Check out these helpful tips to get the best price possible:

  • Choose a car that's within your budget to lease. Contact us for an estimate on your monthly payments.
  • Check your credit score before you apply for a lease, so you have an idea of your overall financial situation.
  • Make a larger down payment. Prepaying the first few months can get you better lease terms.
  • Bring several months of pay stubs as proof of income. Show the dealership you can afford the lease payments.

Can You Lease a Car With Bad Credit at Elgin Toyota?

Our finance experts at Elgin Toyota are here to help you qualify for an affordable lease. In addition, if you decide that financing a new Toyota is a better option than leasing, we will help you avoid a high-interest rate auto loan. For more information on loan terms and conditions, or with questions on how to refinance a car loan, give us a call today! Explore our SUV lease deals and apply for financing online!