What Documents Do You Need to Lease a Car?

Leasing a car is an excellent option for those who don't want to own a car but still want to enjoy the benefits of having one. However, if you’re looking to lease a car, make sure you have these necessary documents beforehand. 

Car leasing differs from buying a vehicle. It’s where drivers receive a new or nearly new vehicle, and you get to keep it for a set length of time. It could be 6-12 months or longer depending on the agreement. Depending on your situation, the benefits could be lower monthly payments than financing and getting to drive a refreshed vehicle every time you change your lease.

• 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.

Leasing a car as a non-US citizen is possible. It requires a valid permanent or semi-permanent residency address, such as an F1 student visa, work visa, or green card. It's recommended to check with the specific leasing company or dealership for their requirements and policies, which may vary by state.

In addition to traditional leasing, there is a faster, more convenient, and flexible alternative to car ownership. With a FINN, you have a car subscription instead of a lease. 

With a FINN car subscription, you can easily find your perfect car, select the term length and mileage package that suits your needs, and get approved in just a few clicks, all from the comfort of your own home. Plus, FINN can deliver your new car right to your door, so you can start driving right away. When your term is up, you’ll have the chance to try a new car. 

Leasing a car can be a complicated process, but having all the required documents beforehand can make it much easier. 

You’ll need a driver's license, proof of insurance, proof of income, proof of residence and credit score. These documents are necessary to verify identity, ensure payment ability, and protect against liability in case of accidents. 

If a car subscription with FINN is the right choice for you, browse our selection here and get your next car in a few easy steps.