Used Car Leasing

Open Today! Sales: 11am-3pm
Call us at: 855-509-3939

You Can Now Lease a Used Car!

If you are in the market for a pre-owned vehicle, you are likely thinking the only option is to buy. Many people don’t realize that you can now Lease a Used Car! For those savvy buyers who already buy used, to maximize value and minimize depreciation, you have another option. Arizona Car Sales is proud to have partnered with Phoenix Auto Finance to offer our customers a new option for their used car needs. Is leasing a used car right for you? Read on to learn more.

How does Used Car Leasing Work?

Leasing a used car is set up almost identically to leasing a new car. The basic structure is the lessee (customer) is effectively financing the difference in the sales price of the vehicle and the residual value of the car. The residual values are determined by the lender, or by a third party chosen by the lender. This value is what the lender is estimating the car will be worth at the end of the term of the lease. This is where there is a difference in new car and used, the residual values in new cars are set by the Manufacturer and are percentage point based and used cars the values are specific to the model and mileage amount.

Just like in new car leasing the customer always has the first right of refusal to purchase the vehicle he or she has leased at the end of the term at the set residual value. This is a moment where a lease can be a huge benefit because it is possible the residual was set too low, and the customer may be able to purchase the car for far below market value.

How do I know if leasing a used car is the best option for me?

It is important to consider all of the pros and cons of leasing and buying versus the cost difference between leasing a used car and buying a used car. Every customer should know what the costs will be on buying a vehicle through traditional financing before committing to a lease. This applies to both new and used car leasing, but is more important in the used space, because of the swing in residual value based on a used car’s existing mileage at the time of purchase. Arizona Car Sales is pleased to do what we can to help you figure out if leasing is the right fit for you. Compare the pros and cons of leasing vs. buying.


Used Car Leasing with Bad Credit

Some folks believe that leasing a car with bad credit is impossible, but this isn’t true. It is easier than it used to be for people with less than perfect credit to be approved for lease contracts, and our finance team at Arizona Car Sales is made up of experienced professionals in the special finance field. Even if leasing is not for you, bad credit auto loans are available in many dealerships around the country.

It’s true that some lenders will chose not to finance a customer with a lower credit score. Indeed many dealerships often prefer to deal with great credit customers when considering leasing options. However, Arizona Car Sales offers buy here pay here and lease here pay her financing which means you can lease a new car, even if you have a 500 credit score. The Arizona Car Sales leasing program is tailored to customers struggling with bad credit. At the end of an Arizona Car Sales lease you still have the option to purchase the vehicle outright.

Pros and Cons of Leasing

Leasing is not for every customer but it certainly has some benefits:

  1. You get a brand new vehicle with all the up-to-date technology and safety features for your family.
  2. Leased cars through Arizona Car Sales come with a balance of factory warranty or qualify for up to a 5 year/100,000 mile service contract!
  3. Leased used cars through Arizona Car Sales tend to much later model vehicles with lower miles.
  4. When you make an on-time payment on your used car lease, it can help with your credit rating.
  5. At the end of a lease you don’t own the car but you do have the option to buy it.
  6. Most Leases come with mileage restrictions although our used car leases come with generous 20,000 yearly mile limits.

While these advantages may get you excited about the prospect of a used car lease, there are some other considerations to bear in mind. In some cases, bad credit auto loans might be worth considering also.

Monthly Payments for Lease Agreements

A common perception of leasing a vehicle versus financing is the relatively low monthly payments. Many dealers advertise new cars, trucks, or SUVs for as low as $200 a month but you need to put a lot of money down and have an 800 credit score to qualify! Remember that your credit rating typically factors into final monthly payment calculations. With an Arizona Car Sales used car lease, you can choose from weekly, bi-monthly or monthly payment schedules to ensure your lease payments line up with your budgeting needs. Phoenix Auto Finance has been helping people with credit issues find bad credit auto loans and leases since 2010. If bad credit auto financing is the best option for you, get started today by filling out our easy online approval form. Your new lease could be ready to go before you know it!

Benefits of Leasing a Used Vehicle Vs Leasing a New Vehicle with Arizona Car Sales are:

  • May Offer a Lower Monthly Payment
  • Used Vehicles have a lower selling price than new, allowing the customer to avoid the steep new car depreciation curve.
  • Better Candidate for a Lease Buyout
  • Since prices start lower at the beginning of the lease, their residual values will also be lower. Allowing for a potentially more lucrative deal when offered the buyout option at the end of your lease term.
  • Potentially Lower Auto Insurance Cost
  • Because the value of the car would be less than a new vehicle the insurance cost may also be lower.

Do You Need Great Credit to Lease a Car?

Do you need to know if you can lease a car or truck with ugly credit? Well, you’ll be relieved to be told that the answer is yes. Unfortunately, it’s not always easy. However, with a little research, some smart shopping, and knowing how you and your credit stand, it isn’t impossible. The following are some ideas and concepts from industry experts that can help turn the anxious buyer into an educated shopper.

Find Out Your Credit History

An official credit rating is a map of your standing as someone who takes care of their credit obligations. Your credit profile is a glimpse of your precise standing at the moment of the query. Conversely, your credit report is a complete summary of your history as a debtor and consumer. Additionally, be aware that every time you check your credit score can negatively affect this number. It certainly can’t hurt to get a copy of the report and bring it to the dealer when you stop by.
Your credit score will range from 900 to 300 and any score under 620 is designated as “subprime”. At most new car dealers, the minimum credit score required to lease most cars is 700, but at Arizona Car Sales, you can lease a quality used car with a credit score as low as 500 with provable employment, steady income, and a reasonable down payment!

Come to Grips with the Reality of your Options

Even if you have poor credit, or may have to lease a car without any credit, realistically you probably will not be bringing home your dream car. However, with low credit, cheaper vehicles will be less challenging to get qualified for. Some leasing companies specifically handle poor credit applicants. Indubitably, there are car lots that work with all types of credit scores but most want to put you in an older, high mile auto loan with high-interest rate versus a lease. Again, at Arizona Car Sales, you can lease a quality used car with a credit score as low as 500 with provable employment, steady income, and a reasonable down payment!

Verify Your Steady Income

How about weak credit without a co-signer? You likely won’t be approved for a car or truck lease without an income. All is not lost, however – there is such a thing as bad credit car leasing. Arrive at the dealership or leasing agent with actual proof of your regular income, copies of pay stubs and evidence of a salary that is more than sufficient to take care of your monthly expenses. Demonstrate that you are working to improve your poor credit history, and even include personal/professional references. Verification of prior leases you have had with excellent payment history. If not a car lease, a household may impress as well.

Save Up for a Greater Down Payment so you can get what you want, not what you settle for!
Down payments are a significant factor for leasing agents when they analyze your choices. Typically, those with near-perfect credit will qualify for no money down car or truck leases.
For those with less than perfect credit, however, the option for giving up a large down payment may greatly improve your chances of an ideal vehicle lease on what you want, not what you can get.

Leasing could be the best option for you and your family. Find your match by searching through our vast inventory of over 100+ Sedans, SUVs, Trucks, and Minivans. When you have found that dream car, simply tell our sales staff that you interested in leasing any of our vehicles and you can decide if it’s the right fit for your family.

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1648 E. Main Street • Mesa, AZ 85203

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Open Today! Sales: 11am-3pm

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Arizona Car Sales 33.415775, -111.794924.