If you’re looking for a cost-effective way to get a car, leasing a Hyundai model could be a great choice. However, not everyone qualifies for a Hyundai lease. Here Keyes Hyundai discusses what you can do in this situation.
Troubleshoot the Issue at the Source
If you are turned down for a lease, the first step is determining why this happened.
Credit Score
Your credit score will be scrutinized during the leasing process. A 620 credit score is often considered the minimum, but your credit utilization or payment history may cause issues. Pay down debt and be diligent about payments to help your odds.
Income
If your income doesn’t fall within the lender’s criteria, or if you haven’t been at your current job long, you may be turned down. Boosting your income, or re-applying once you’ve got longer tenure, can help your chances of approval.
Car Insurance
You can’t get a lease without car insurance, but you may also be turned down for insufficient coverage. This is an easy fix since you can enhance your coverage with collision and GAP coverage through our Sherman Oaks Hyundai dealership.
Alternatives to Leasing
Once you understand why your lease application was denied, you can decide on next steps. If a new car is a desire but not a necessity, take the time to get your finances in order. If you need a car sooner, opting for a pre-owned or certified pre-owned model or financing a new one may be an alternative since loans’ criteria are often looser than those for a lease.
Let Keyes Hyundai Help You Lease the Right Car
Questions are inevitable even when the leasing process is smooth sailing. Our Hyundai dealership near Los Angeles, CA, can help with answers. Visit us to see what’s in stock and to get the leasing process started.
