What credit score do I need to lease a car?
YOUR credit score is important when you apply for a credit card, mortgage or loan - as well as when you lease a car. The score determines your creditworthiness to lenders, and whether you're likely to meet your payments. 1 We explain what you credit score needs to be to lease a car Credit: Alamy  If your score is low, dealerships may refuse to offer you a car - or you'll be given a worse vehicle or deal than others with a better rating. Below we explain what your credit score needs to be to lease a car. Credit score requirements vary between dealerships, so there's no specific minimum score across the board. But naturally, the higher score, the better chances you have. Customers starting a new lease during the second quarter of 2020 had an average credit score of 729, according to credit bureau Experian. FICO, the most widely known credit scoring system, and its rival VantageScore both use a range of 300-850 points. Below we list what's considered a good and bad credit score, according to both systems. FICO Poor: 300-579  Fair: 580-669  Good: 670-739  Very good: 740-799  Exceptional: 800 or above VantageScore Very poor: 300-499  Poor: 500-600  Fair: 601-660  Good: 661-780  Excellent: 781-850  This is considered "good" by both FICO and VantageScore - the most common credit scoring systems. However, it's possible to lease a car with a worse score and auto leasing companies typically look for FICO scores of 700 or better, it added. Meanwhile, personal finance site NerdWallet said drivers with a credit score of 680 or above can get good car leases. In other words, as long as you're in the "good" credit score bracket, you should be able to get a decent car lease without major difficulties. If you have a low credit score  If your credit score is below what your dealership requires, you may struggle to lease a car, unless someone can help you out. For example, if can get help to put down a larger security deposit, you may be able to get the car anyway. You may also be able to get a cheaper car than the one you were planning to lease. Alternatively, you may want to consider a lease transfer. Assuming you know someone who wants to get out of their car lease, they may be able to transfer it to you so you can take over the payments. Their lender will still check your credit score, but they may be more flexible than if you were applying for a new lease on your own, said Experian. It's also worth improving your credit score - you can check out our guide on how to build it. How to check credit score and report for free  There are plenty of ways to check your credit score for free. For example, many credit card companies, banks and lenders have started providing credit scores for their customers. It may be on your statement, or you can access it online by logging into your account. Wells Fargo customers, for example, can get access to their FICO score for free online. There are also other free credit scoring websites, such as Credit Karma, Creditwise, Credit Scorecard and WalletHub. Meanwhile, the credit report is the information that lenders and companies use to calculate your credit score. You're typically entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. These agencies include Equifax, Experian, and TransUnion. However, due to the Covid pandemic, you can get free credit reports every week until April 2022. You can order this from annualcreditreport.com, the only authorized website for free credit reports, according to the Federal Trade Commission. Alternatively, you can call 1-877-322-8228  We explain what your credit score needs to be to buy a house. In 2020, a new credit scoring system was introduced - and it can stop you from getting accepted for cards and loans. A few months ago, a super saver revealed how she bought her first home aged 23 on a low income and with an average credit score.