Does Credit Impact Jeep Leasing?

 

If you're planning to lease a Jeep® vehicle and this will be your first time, you should know that credit will play a significant role. This guide goes over how your credit score could affect your Jeep lease, and what you can do about it. Learn more with the experts at i.g. Burton Chrysler Dodge Jeep RAM of Milford

Why Credit Matters

When planning to pay for anything over time, credit is a big factor. This is because leasing companies are risk aversive. This means that they want to be as sure as possible that they will be able to get their money every month. Credit scores act as a barometer; the higher your score is, the less they see you as a risk.

If You Have a Good Credit Score

If your credit score is in the Good range, you will have little trouble leasing your Jeep Grand Cherokee. In addition, you may be able to get a favorable interest rate. You might also be able to negotiate certain areas, like not having to put any money down in exchange for higher monthly payments.

If Your Credit Score is Lower

Things can be a little trickier when leasing if your credit score is on the lower side. While this probably won't prevent you from getting a Jeep Wrangler lease, this could result in a higher interest rate. You may also need to put more money down upfront.

How Leasing Affects Your Credit Score

There are many benefits of leasing a car, including the fact that you won't have a long-term financial commitment to the vehicle. In addition, leasing can help you raise your credit score. As long as you make your monthly payments on time, you will see a boost. This means that for future leases - or if you plan to buy using Jeep financing - you will be able to get more favorable terms.

Get All of Your Jeep Leasing Questions Answered in Milford, DE

If you have questions or concerns about leasing, the friendly professionals at our Milford, DE Jeep dealership are here to help. If you're ready to lease a Jeep vehicle or want to know more about our Jeep specials, visit us to see what's in stock and to take a test drive today!