Creditworthiness plays a significant role in securing a vehicle lease. Lenders assess an applicant’s credit history to determine the risk associated with financing. A strong credit profile indicates a lower risk of default, increasing the likelihood of lease approval and potentially securing more favorable lease terms.
Historically, leasing was primarily available to individuals with excellent credit. Over time, the market has evolved, and leasing options have become more accessible to a wider range of credit profiles. However, a better credit history still typically translates to lower monthly payments and reduced upfront costs, such as security deposits.