Does Leasing a BMW Affect Your Credit?

If you need a car but don’t want to buy one, leasing a BMW could be a great option. There are some things, however, you should know about a BMW lease that concern your credit. 

Your Score Will Be Checked 

Generally, you will need a credit score that is at least in the Good range in order to qualify for a lease. This isn’t necessarily a deal-breaker, however. If you put up more money for a down payment or even pay for your entire lease up front, your credit score may not matter as much. 

Your Score May Fluctuate 

Even if you already have a good score, there’s almost always room for improvement. This is a nice benefit of leasing; when you make all of your monthly payments on time, this should boost your score. 

When your credit score is checked initially, it will probably drop a little. While negligible, there’s a chance that you could hurt your credit during the course of your lease. If you regularly miss monthly payments or don’t make them on time, this will negatively affect your score. The same is true if you end up defaulting on your lease or decide to end it early. 

Get Your Questions Answered at BMW of Asheville 

If you have questions about leasing in regards to your credit or anything else, get in touch with BMW of Asheville. Or, if you want to get the process started, you can complete everything online or over the phone. Once finalized, we’ll gladly bring your vehicle out to your home.