Can a 18 years old lease (Not renting) a car in USA?
Can a 18 years old lease (Not renting) a car in USA?
Added (1). I'm 18 years old so can I lease a car from ford for example?
Am not looking to rent a car but to lease a car for 4 years contract.
There's no law against it, but no credible company is going to lease a car to an 18 year old in most situations. It would be nearly impossible for an 18 year old to meet the requirements for credit score, credit history and income.
If you do find a company that will lease you a car, I'd avoid them at all costs because they almost certainly have a variety of extra fees and other costs built in to their contract to protect them from the extra risk associated with leasing to someone with less credit. Depends on the leasing company, some will not lease you one Legally yes. Practically no. Credit rating, income, and down payment
An 18 year old is normally very new to credit, and not likely to lease a car without a co-signer.
Down payments vary. Legally you could lease at 18 because you are of legal age. However as a practical matter it's just not going to happen.
Leasing requires stronger credit than buying does. You need at least a 700 FICO score and many lessors want to see 725 or higher. You need at least 2 years of work history and 2 years of on time payments on all credit obligations at least one of which is an auto loan. You also need a minimum income of at least $2,000 per month and that's for a low-end compact car. Yes. If you have good credit and income NOT happening legally Yes assuming you are qualified financially. If you don't have a credit card, a good credit history, and proof of good income it is not likely to happen
Depends on the leasing company, some will not lease you one
Legally yes. Practically no.
Credit rating, income, and down payment
An 18 year old is normally very new to credit, and not likely to lease a car without a co-signer.
Down payments vary.
Legally you could lease at 18 because you are of legal age. However as a practical matter it's just not going to happen.
Leasing requires stronger credit than buying does. You need at least a 700 FICO score and many lessors want to see 725 or higher. You need at least 2 years of work history and 2 years of on time payments on all credit obligations at least one of which is an auto loan. You also need a minimum income of at least $2,000 per month and that's for a low-end compact car.
Yes. If you have good credit and income
NOT happening legally
Yes assuming you are qualified financially.
If you don't have a credit card, a good credit history, and proof of good income it is not likely to happen
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