Many car shoppers may not realize it’s an option to lease used cars just like you would lease a new one. It could even be the best choice for you depending on your budget, timeline, and other factors.
But you might also be wondering if leasing a used car can affect your credit.
Leasing a Used Car and Credit
Just like any other bill, loan, or payment being owed, leasing a used car can impact your credit. Information about the payments you make, or miss, is passed on to credit reporting agencies and can affect what you may qualify for in the future.
However, this can be for the better or for the worse depending on how well you keep up with payments. If you get a vehicle that is comfortably within your budget and you don’t fall behind in payments, it can be a great credit builder for those with poor or no credit.
Leasing Payment and Fee Details
In order for a used car lease to positively impact your credit, you must:
- Make every payment
- Pay on time
- Pay in full
- Avoid fees or penalties that don’t fit your budget
Some of the fees or penalties you may consider throughout your lease would be for:
- Excessive wear and tear
- Excessive mileage
- Ending the lease early
Visit us at John Greene Chrysler Dodge Jeep® RAM with all of your additional questions about leasing a vehicle handy. We are your Morganton native car dealers, and we are committing to helping drivers with budgets of all sizes.