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If you have dreamed of leasing a semi-truck so that you can run your own trucking business, you could be worried that your bad credit is going to stand in your way. Just as you have to worry about your credit score when leasing a car, you should know that a bad credit score can make it harder for you to lease a commercial truck. However, this does not mean that it's impossible. These are a few options that might make it easier for you to get approved for a semi-truck lease, even if your credit score is low.
Have Someone Co-Sign with You
Just as you can have someone co-sign with you on a personal vehicle lease or purchase, you can look into the same option for leasing a commercial truck. Of course, if you choose to do this, you'll have to find a co-signer who has good credit. Generally, the person will also be required to have sufficient income to cover the lease payment on the truck in the event that you aren't able to pay it. The good thing about finding a co-signer to help you lease a semi-truck is the fact that it can help you qualify for lower interest rates and can help you get approved much more quickly and easily. However, it's important not to forget that your co-signer's credit could be negatively affected if you don't pay your vehicle lease payments on time.
Pre-Pay for Part or All of Your Lease
When leasing a truck instead of buying one, those who have good credit don't generally have to worry about putting down as much of a down payment. However, if you have bad credit, you might find that pre-paying for part or all of the lease upfront can help you get approved. This may require some significant saving on your part so that you can cover this cost, but the good news is that it can eliminate or greatly reduce how much you'll have to pay out each month.
Look for a Bad Credit Program
Some lenders that finance semi-truck leases prefer to work with people who have good credit. However, this is not the case for all of them. There are some financing companies that actually specialize in working with people who have less-than-perfect credit. Consider looking for one of the bad credit leasing programs that are out there to see if you might qualify. You may have to pay a higher interest rate, but this can help you get into the truck that you need in order to run your trucking business.