Resolved Question

How does Leasing a vehicle look on a credit report?

I currently have a car on a car loan and am looking to sell it to clear the balance and take the remaining cash out. I am then looking to lease a vehicle. Does this show on a credit report and is this worse than owing money on a car loan. The lease deal is over 3 years and around the same amount as the monthly payments of the car loan.

Has anyone leased and looked at their credit reports and is it worse than a loan?

Best Answer - Chosen by Asker

Leases will look similar to any other finance on your credit report, but will be identified as lease (as opposed to credit card, hire purchase, mortgage, personal loan etc). Provided payments met, it will look no different, if payments missed, this will also show.

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Other Answers (5)

• Since no credit is being offered to you, leases generally have minimal effect on your credit score...unless you become deliquent. Owing money on a car loan is NOT a bad thing it is actually a GREAT thing. It shows diversification in the types of debt you carry, which HELPS your credit score. You are a bit confused about debt and how it affects your credit score.
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• anything that you pay for on a regular schedule becomes part of your credit history, i.e. rent, utilities, phone, insurance, leases etc
  if you perform well on a lease, it should show up well on your report
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