What are the qualifications for leasing a used car?
Leasing a used vehicle from one of the top-tier lenders is becoming increasingly rare. It also takes very good credit and is usually reserved for businesses utilizing the vehicles in their fleets. Can you lease a vehicle without a license? — No. Your lender will require this info when going over the application. If you do not have a driver’s license when applying, the lender won’t even consider you. Do you need insurance before you drive the car off the lot? — Absolutely. Any dealer will require that the vehicle be insured in your name before they allow you to take it home. Backyard dealer? Doesn’t matter… the regulations are the same across the board. And if a backyard dealer is offering a “lease” on a used car, pass on it. All it consists of is a long-term rental of the vehicle at high interest. You’re better off buying one for cash.
