20 Smart New Car Choices for a Bad Credit Lease with a Funny Quiz!

Question 1: If you have a low or poor credit score, then you are considered by lenders to be:

a) Have an exciting and unpredictable social life.
b) borrower.
c) Prime Time credit borrower.
d) Sub-prime borrower.

Question 1: If you have a low or poor credit score, then you are considered by lenders to be:

a) Have an exciting and unpredictable social life.
b) borrower.
c) Prime Time credit borrower.
d) Sub-prime borrower.

Answer: d) Sub-prime borrower.
People who have a low or poor credit score are classified as sub-prime borrowers.

Bad Credit Lease Tip: You can improve your credit score by simply checking your credit report before applying for a car lease. Check for possible errors such as erroneous late payments and misstated debt and payment amounts. You can dispute any information on your credit report. The company that reported the issue (e.g. late payment), has around 30 days to reply to the Credit Bureau (Equifax, Trans Union, & Experian) to verify the issue. If they fail to do so, the Credit Bureau must remove the issue. You can do this as often as you like. Some people, make a point of sending letters to Credit Bureau s every four months, to dispute harmful credit score remarks. This is essentially, the service offered by credit repair services . They send these letters, on your behalf. Consistently and diligently attempting to remove all disparagingly remarks on your credit report, as a result, improve your score.

Question 2: Your credit score is:

a) A measurement of your credit worthiness and capability to pay.
b) Are the references your friends and family give, when you apply for a lease.
c) The amount that you will pay at the dealer.
d) The APR rate of the lease.

Question 2: Your credit score is:

a) A measurement of your credit worthiness and capability to pay.
b) Are the references your friends and family give, when you apply for a lease.
c) The amount that you will pay at the dealer.
d) The APR rate of the lease.

Answer: a) A measurement of your credit worthiness and capability to pay.
Your credit score is a measurement of your credit worthiness and your ability to pay debt.

Question 3: What is the lowest possible credit score in order to be classified by lenders as high risk or sub-prime?

a) 10,000
b) 720
c) 680
d) 640

Question 3: What is the lowest possible credit score in order to be classified by lenders as high risk or sub-prime?

a) 10,000
b) 720
c) 680
d) 640

Answer: d) 640
Having a FICO score of below 640 will classify a borrower as high risk or sub-prime. A score above 800, you are viewed as a walking ATM to all merchants, including car dealerships..

Question 4: What has the biggest influence on your credit score?

a) The number of times that you have been bankrupt.
b) The amount that you are in debt.
c) Your payment history.
d) Your monthly income.

Question 4: What has the biggest influence on your credit score?

a) The number of times that you have been bankrupt.
b) The amount that you are in debt.
c) Your payment history.
d) Your monthly income.

Answer: c) Your payment history.
Although A, B and D are detrimental parts in determining your credit score, your payment history plays the biggest influence to lenders and banks when applying for a bad credit auto lease.

Question 5: You are able to lease a car with bad credit if you have:

a) High debt-to-income ratio.
b) Low or poor credit score.
c) A history of bankruptcy or late payments.
d) All of the above.

Question 5: You are able to lease a car with bad credit if you have:

a) High debt-to-income ratio.
b) Low or poor credit score.
c) A history of bankruptcy or late payments.
d) All of the above.

Answer: d) All of the above.
You are able to lease a car with bad credit if you have a high debt-to-income ratio, have a low or poor credit score and have a history of bankruptcy or late payments.

Question 6: You can improve your credit score by:

a) Buying expensive gifts for your family.
b) Be friends with a member of wealthiest 1% of all USA citizens.
c) Staying current with all your monthly expense obligations.
d) Using your credit card for all your daily transactions.

Question 6: You can improve your credit score by:

a) Buying expensive gifts for your family.
b) Be friends with a member of wealthiest 1% of all USA citizens.
c) Staying current with all your monthly expense obligations.
d) Using your credit card for all your daily transactions.

Answer: c) Staying current with all your monthly expense obligations.
You can improve your credit score by staying current with all your monthly expense obligations.

Question 7: What should you expect if you apply for a bad credit auto lease?

a) Higher interest rates = Money Factor.
b) The provision for a higher down payment.
c) A refundable security deposit.
d) All of the above.

Question 7: What should you expect if you apply for a bad credit auto lease?

a) Higher interest rates = Money Factor.
b) The provision for a higher down payment.
c) A refundable security deposit.
d) All of the above.

Answer: d) All of the above.
Since a bad credit auto lease is considered as high risk by lenders, you can expect to be charged with a higher interest rate, a higher than usual down payment, and make a refundable security deposit.

Question 8: In terms of car leasing, what is the residual value?

a) Its the left over amount you have in your bank account after you pay your monthly bills.
b) The amount of down payment that is required by the dealer.
c) The maximum number of miles that is allotted by the lease contract.
d) It is the estimated value of the car after the stated lease term.

Question 8: In terms of car leasing, what is the residual value?

a) Its the left over amount you have in your bank account after you pay your monthly bills.
b) The amount of down payment that is required by the dealer.
c) The maximum number of miles that is allotted by the lease contract.
d) It is the estimated value of the car after the stated lease term.

Answer: d) It is the estimated value of the car after the stated lease term.
The residual value is the estimated value of the car after the stated lease term.

Bad Credit Lease Tip: If you want low monthly payments on your car lease, you should select a car that is known to have a higher resale value.

Question 9: What are the things that you need to double-check before finalizing (and signing) the leasing contract?

a) The selling price of the car.
b) The estimated residual value of the car.
c) The APR rate or interest rate.
d) All of the above.

Question 9: What are the things that you need to double-check before finalizing (and signing) the leasing contract?

a) The selling price of the car.
b) The estimated residual value of the car.
c) The APR rate or interest rate.
d) All of the above.

Answer: d) All of the above.
It is best to double-check the selling price of the car, the estimated residual value, and the APR or interest rate before finalizing and signing the leasing contract.

Question 10: When applying for a bad credit auto lease, what steps should you take in order to get the lowest rates?

a) Improve your credit score.
b) Save enough money for a down payment.
c) Hold a steady job.
d) All of the above.

Question 10: When applying for a bad credit auto lease, what steps should you take in order to get the lowest rates?

a) Improve your credit score.
b) Save enough money for a down payment.
c) Hold a steady job.
d) All of the above.

Answer: d) All of the above.
When applying for a bad credit auto lease, it is best to improve your credit score, save enough money for a down payment, hold a steady job and it may help if you get a co-signer to better facilitate the transaction.