What’s the point of offering a lease/purchase if you require the potential buyer to pass a credit check?
Question by I Give Up: What’s the point of offering a lease/purchase if you require the potential buyer to pass a credit check?
I mean, doesn’t it seem the only reason a person would want to do a lease/purchase rather than buying outright is because their credit prevents them from doing so?
Best answer:
Answer by go_lc_bears
The credit check might look for different items.
If I was doing a lease to own I would look at WHY your credit score is bad. Not just the score.
Know better? Give your answer to this question below!
Tagged with: buyer • check • Credit • lease/purchase • offering • pass • point • potential • require • whats
Filed under: Lease Options
Like this post? Subscribe to my RSS feed and get loads more!
No. There a many different reasons to lease/purchase. You didn’t mention the item in question. I’m assuming it is a home, but everything from furniture to appliances to cars can be leased/purchased.
i would want to know just how jacked up the credit is.
a couple of missed payments or doctor’s bills, well, that is understandable. but if you NEVER pay rent or lease,….
i know a person who would get into a house and not pay rent/lease for 3 mo.
they know the system. you can live there as long as you are not thrown out. in the meantime, it could take about 6 mo of none payment. then you go to another house. and another. you have a history of never paying. there are laws against throwing someone out of the house. some people play with the system. check out the people. doctor’s bills and student loans give you bad credit. but i would still let someone like that lease. BUT A HOUSE HUSTLER, NO!
Not at all. As a landlord, I always required a minimum credit score of all of my tenants.
People have many reasons for opting for a lease option, not just poor credit.
I decided to go with a lease option because I was new to the area and didn’t know exactly where I wanted to live. But… I needed a place to stay until I could make up my mind – so since I liked the place enough to consider purchasing it, I decided to go with the lease-option.
I’m actually not exercising my option simply because the place is worth 20k less than it was last year and I’m not paying that much of a premium for a house. Such is life…