Car Lease with Bad Credit: Myths And Facts
With the current economic crisis, more and more people need to find a bad credit car lease in order to get the car that they want. Renting out a car can be a good solution to financial problems, and it is always worth thinking about during recessions. There are many stories told about the difficulty of getting an auto lease when there is a bad credit history. This can put many people off taking out a rental car, or even applying for the credit. Although it can be more difficult to get what is needed, most of the stories told about car rentals with poor financial histories are just not true.
MYTH: Bad Credit is the Worst Circumstance
FACT: Although getting a car loan with bad credit is never a great experience, in fact having no history of any kind of credit can be even worse. Companies use past financial transactions to work out the applicant’s current financial position, and no history means that they have nothing to base their loan upon, and people have been refused loans purely on that basis.
MYTH: Nobody Will be Interested in Leasing a Car
FACT: Another big myth surrounding getting a bad credit car lease is that no one will want to let someone with a poor financial history have a vehicle on a rental program. However, this is just not true, and in fact there are more companies now than ever before who are willing to rent people automobiles and arrange finances, despite a bad history with money. Shopping around to find someone willing to do car lease specials in these circumstances is a great idea.
MYTH: I Won’t be Able to Afford It
FACT: Leasing a car with bad credit is not going to be cheap, but it can be a better alternative than buying a heap of junk that needs constant repairs. The best way to find out if a person with poor finances can afford to pay the rental costs is to use a car lease calculator. This will help the debtor to work out if they can set aside enough money each month to pay off the cost. Another solution would be to take out a one year car lease, which might be more affordable, and can be short-term if the debtor finds out they cannot afford the costs.
MYTH: I won’t get a Good Deal
FACT: When trying to get a bad credit car lease, it can be difficult to haggle over the payments and arrangements in the deal. Anyone with a bad financial history feels vulnerable when they negotiate deals involving money, but learning how to negotiate a car lease can teach anyone how to deal well with traders. It doesn’t have to be all about who is the strongest, and who has more to offer, or exchange. Instead, it should be a mutually beneficial arrangement, and those with poor credit would benefit by negotiating their vehicle rental with the trader before signing the final payment deal.