- Driver's License
- Proof of Insurance
- Proof of Income
- Proof of Residence
- Credit Score
1. Driver's license
Before considering any lease terms, a car leasing company will need to verify your identity and perform a credit check, which is typically done by providing a valid state-issued driver's license. It's important to check state laws beforehand as some may require a license issued by the state that you are attempting to lease from.
Your driver's license is one of the most important documents you need when leasing a car. It serves as proof of your identity and driving ability. It’s always a good idea to have your license with you and updated at all times. If you need to renew it or get a new one, visit your local DMV office and check their website for appointment details.
2. Proof of insurance
When leasing a car, proof of insurance is necessary to protect you and the leasing company from any liability in case of an accident. Full coverage car insurance is required throughout the term of the lease, and the lessor will need to see the specific details of your policy before approving the agreement.
If your policy does not include vehicle replacement coverage, gap insurance may need to be purchased. Additionally, if you plan on trading in your current vehicle, you will need to have its title and registry available for the necessary paperwork. Proof of insurance can be found on your insurance company's website or by contacting your agent, and can also be mailed to you or displayed on your phone through your insurer's mobile app.
Having the title and registry of your current vehicle ready is important if you plan to trade it in before signing a lease. The lessor will need this information to complete the required paperwork.
The next three documents may not be mandatory for leasing a car, but having them on hand can help streamline the process.
3. Proof of income
Proof of income is required when leasing a car to ensure that you can make the monthly payments. Proof of income can usually be in the form of your pay stubs, tax returns, or bank statements. You can also request a letter from your employer, or a copy of your W-2 form. These documents can be found online through your employer's website, bank website, or the IRS website.
4. Proof of residence
Proof of residence is required when leasing a car to verify your address and identity. Proof of residence can be in the form of your utility bills, lease agreement, mortgage statement or bank statements. These documents can be found online through your bank's website, utility company's website or are sent to your physical address via mail.
5. Credit score
Your credit score is one of the key factors used by leasing companies to determine your ability to make payments on time. You can find your credit score through various online services like Experian or Equifax. You can also request a free credit report once a year from each of the major credit bureaus through their websites or by mail.