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Car Leasing Qualifications
Leasing can seem to be an attractive option to most of the people, but not all people can lease a car because people need to pass certain qualifications before they can be declared eligible for leasing a car. Leasing is a process by which a person is allowed to drive a car by a company for a fixed time period only if he is agreed to pay the monthly repayments of the car. So, what are the major qualification barriers important for the people to pass for being eligible for leasing a car?
Strictly speaking, this is the most important qualification barrier that can decide your fate in just seconds. Credit qualification is actually the name of having a look at your credit history. Before leasing you a car, the lending company would want to have a look at your credit history. They would probably check the history for any late payments, foreclosures, bad credit and many other things like that. These things make it clear whether or not one should be permitted to drive a car. A person with good credit history will not face any difficulty in leasing a car. The company feels this person trustable who can pay the monthly repayments on time.
This may not be necessary but some dealers may require you to show proofs about your residency in the current area. Some dealers don’t like to sign deals with tenants. In some other situation, you may need to provide the residency history of last five years in the same area.
This is another important qualification that must be met in any way if you want to lease a car for yourself. This is to clear that you will continue to earn and pay the monthly repayments. Most of the time, they ask to present the last five year employment history. You should either be an employee of the same employer or have work experience in the same line of work.
You are not likely to be approved if you get failed in it. Almost all of the dealerships would want you to have a specific minimum income to be declared eligible for leasing a car. If the monthly income is too low, the person may not pay monthly repayments easily. In this case, they will reject the case.
Out of all these qualifications, the two regarding credit qualification and income qualification are the most crucial barriers that must be passed by anyone interested in leasing a car.