
How to Lease a Car on Social Security Income
February 4, 2019
If you are looking to lease a new car on social security income, you may be wondering if you can qualify. Leasing a car is a great way to get into a brand new car with low monthly payments, however, it can be difficult for applicants on Social Security Disability Income to get approved for a lease.
Here, we break down how consumers on social security income can get a new car lease.
Credit Score
Whether you are looking to lease your next car or get an auto loan, you’ll need to have good credit. SSDI recipients with a credit score above 680 can typically get you into the best lease deals seen on advertisements.

Although requirements for a lease can vary from dealer to dealer, most will require healthy credit. If you have less than perfect credit, you may be required to pay more money upfront in terms of a down payment and other fees.
Proof of Income
A dealership will ask for SSDI recipients to provide proof of income. Many of those who receive social security and disability income will only have social security listed as an income source.
Sadly, this can make it hard for some dealerships to approve you since social security income is “non-garnishable“, meaning that a dealership is unable to take the money you earn from SSDI benefits to cover the cost of a lease if you begin to miss payments.

Most bad credit auto lenders like to see a minimal monthly “pre-tax” income of $1,600 per month or more in order to qualify you. Most lenders will also ensure that the cost of owning your vehicle (payments, insurance, and gasoline) will not exceed more than 30% of your pre-tax income. It is important to choose a vehicle that fits not only your lifestyle but also your budget.
Co-Signers for a Lease
In the event that your credit score is too low to lease a new vehicle, a dealership may recommend that you bring on a co-signer. A co-signer is a person who guarantees to make your lease payments if you default. This also makes it easier for lenders to approve you since they now have access to a source of income that is garnishable: your co-signers income.
In the event that you fall behind your lease payments, a co-signer will be there to cover the costs. Be sure that the person you co-sign with is somebody you can communicate openly with. For complete information on co-signers and co-signing, visit our complete co-signer guide.
Final Note
If you are on social security disability income, getting approved for lease can be difficult. If you are looking to buy a new car but have less than perfect credit, CrediReady can help.
Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!
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