Will Leasing a Used Car Affect My Credit?
Shopping for used cars in Cincinnati is a fantastic way to discover a fresh driving experience for yourself. And you’ll also feel refreshed when you choose Joseph Buick GMC as your used car shopping destination. We can help you with any of your automotive-related questions, including if leasing a used car will affect your credit score.
Can I Lease a Used Car?
Not all drivers are aware that leasing a used car is an option. While leasing is typically advertised for new cars, you can always lease a Certified Pre-Owned Buick or GMC vehicle. This is a great choice for drivers who aren’t quite ready to buy but who still want to enjoy everything that a rugged GMC Sierra 1500 or a luxurious Buick Encore has to offer.
Plus, your payments will be even more affordable since used cars depreciate slower when compared to new cars. This results in a lower residual value of the vehicle you want to lease, which is how lease payments are calculated.
Will My Used Car Lease Affect My Credit Score?
One of the apprehensions drivers have about applying for a lease, or checking their credit score in general, is the worry that a penalty will be incurred on their credit. While it is true that you’ll get a slight knock for your finance application, the deduction is very minimal and should be no more than five points.
However, this slight deficit will be more than worth it in the long run, since your credit score will significantly improve as you complete the payments for your used car lease on time. Contact our Buick dealership today to learn more about leasing a used car.