What Are the Requirements for an Auto Lease?

To qualify for an auto lease, a buyer must have a valid driver's license, full coverage auto insurance and a good credit score. The buyer's income must also support the monthly expense of the loan.

Reasons for Requirements

Auto leases have special requirements because lenders want to make responsible loans that will be repaid. Although an auto lease may cost less per month than a comparable finance contract, the lender is making a risk equal to financing the full purchase price.

Driver's License

A valid driver's license is required because the lender wants to avoid straw purchases. A straw purchase is a loan made to an individual who will not drive the vehicle.


Insurance requirements for leases vary by lender, but full coverage insurance usually is required. Guaranteed asset protection insurance is included in most lease contracts. Different states require different levels of coverage, so contact your car insurance company for details before signing a lease.

Credit Score

A high credit score is required for a lease. A credit score above 650 is needed, and even this does not guarantee approval in all cases.


The purchaser's income must support the monthly payment, which should not become an unmanageable burden.

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