Leasing Documents

Leasing Documents

Carlease is the easiest way to lease your next car.

We combine extensive research, personal support, and easy vehicle selection help you make an informed decision - all from the comfort of your home or office. When you’ve picked your perfect vehicle and customized lease plan, our leasing experts will take care of the financing and deliver your new lease right to your door saving you hours of time and aggravation at the dealership.  

To help our leasing experts save you time and money, here are the documents you should have on hand - and why - when looking to lease a new vehicle:

Driver’s License

In order to lease a car, you will need a valid driver's license!

Proof of Insurance

To get behind the wheel in the United States, you need auto insurance. What may come as a surprise is the level of coverage you need when leasing a vehicle. While minimum coverage may satisfy the state’s requirements, finance institutions will often require more comprehensive coverage before leasing you a vehicle. The coverage you'll need depends on whether it's a personal or business lease and which financial institution you secure the lease through.

Additionally, when you insure your new lease, you must provide your insurance company with the name of the leasing/financing company. Because you don't own the car outright, the leasing company becomes a named policy member on your insurance plan in the event of an accident or injury.

Most insurance companies also offer additional coverage in the form of GAP and Umbrella insurance. These are additional liability policies that can cover you, your vehicle, and bystanders in the event of a more serious accident or injury.

Credit Score & Credit Application

Your credit score is one of the primary factors in determining your monthly lease payments. The general rule of thumb is: the higher the credit score the lower the monthly payment, and this is true across most makes and models. There are also finance institutions that set a minimum required score in order to lease a particular make. While you may need at least a 650 credit score to lease a Nissan, Volvo financing may accept a credit score of 620.

It's smart to know your credit score before pursuing a lease or a purchase, that way you can accurately budget for your new vehicle. If you don’t know your credit score the good news is that it’s easy to find. There are many free services that will provide you with a soft-pull credit score: CreditKarma, FreeCreditScore, and FreeCreditReport  are all services available online.

To ultimately lease (or finance) a car, a soft-pull credit score isn't enough. Before you can take possession of the vehicle you will need to complete a credit application. A credit application will ask for details such as your full legal name, address, SSN, and gross monthly income. This information will be used to confirm the credit score you provided and verify approval for the lease. But be careful! This will generate a hard inquiry on your credit report. One hard inquiry is unlikely to affect your credit score in a meaningful way, but when you have too many hard inquiries in a short period of time your credit score liable to be negatively affected. To read more about hard vs. soft inquiries, CreditKarma has provide a helpful breakdown of each.


In order to qualify for a lease, you will need a steady source of income. Oftentimes proof of income is required when leasing a more expensive car, or when your monthly lease payments will be a significant portion of your monthly income.

Why is this? Oftentimes, financing companies use your income (along with your credit score) to calculate your debt-to-income ratio, or DTI, to determine if you're an ideal candidate for a lease. They will compare your current monthly debt payments (credit card bills, mortgage payments, etc) added with your prospective lease payment. This figure is then measured against your monthly gross income to determine your DTI ratio.

Here's the formula: DTI = total monthly debt payments/gross monthly income

Generally speaking, a good debt-to-income ratio is considered to be under 35%. If you're in this ballpark, congratulations - your financial health is looking good! But don't lament if you're not there, most financial lenders will qualify individuals for a mortgage at a 43% DTI and mortgage payments are usually significantly higher than car lease payments.

Why Carlease

Here at Carlease, we love finding you the perfect vehicle at a price that fits your budget. Our experienced team of personal and business leasing specialists will walk you through the process of vehicle selection to find the car that's right for you - without all of the hassle.

Unlike traditional dealerships, Carlease lets you browse for your next vehicle from the comfort of your home or office. We work with several independent finance companies and will shop around the market to help you find the best lease promotional deal available, saving you time and money. Couple your savings with free home delivery and you'll see why Carlease is the easiest way to lease your next vehicle.

Visit Carlease.com today to view hundreds of makes and models, and when you’re ready, reach out to our leasing experts who are standing by to answer your questions. We're standing by!

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Not sure where to start? Need leasing advice? Our team of leasing advisors are here to help.

847-714-1414 sales@carlease.com