Auto Parts Financing With No Credit Check: 4 Lease-to-Own Options

For auto parts financing with no credit check, you may want to try a lease-to-own company. While specific finance options may depend on where you purchase your auto parts, we’ve listed the best-known lease-to-own companies and their terms of service. These companies include Acima Credit, Kornerstone Credit, Progressive Leasing, and Snap Finance.

What You Need to Know: Lease-to-Own Auto Parts Financing

Auto parts financing options with no credit check are limited, so you may want to try a lease-to-own company. Lease-to-own financing differs from a traditional line of credit or a personal loan in that you will make payments toward ownership of the item(s), while also paying a leasing fee. There may be an initial down payment and/or a processing fee, but lease-to-own financing is typically easier to get approved for if you have bad credit.

In general, to qualify for lease-to-own financing, you must have a valid ID, a checking account, and a steady income of at least $1,000 per month. Many lease-to-own companies do not require a credit check, though some may do a “soft” or “hard” pull on your credit. Keep in mind, this type of financing can help you build your credit if you make regular payments. For example, Acima Credit reports to Experian, which means your on-time payments will help bolster your credit score.

You should be aware that while on-time payments can help your credit score, any missed payments will have a negative impact on your credit score. Additionally, If you’re unable to make the regularly-scheduled payments for the item or can’t ultimately afford the total lease amount, the leasing company may repossess the item. Lease-to-own programs generally cost more in total than purchasing the item(s) outright; they charge rental fees on top of the item’s retail price, which may double or triple the total cost of the item in comparison with its retail value. Setting a budget and knowing the total cost, regular payment amount, and payoff amounts for the lease before signing can help you avoid missed payments and repossession.

Where to Get Lease-to-Own Auto Parts Financing

We’ve listed the best-known lease-to-own companies for auto parts. Some of these companies are tied to retail partners. If you have a preferred auto parts dealer in mind, you might want to check with the store first about its financing partners and/or options.

Acima Credit

• Type of financing: Lease-to-own financing for discretionary purchases
• Application requirements: A government-issued photo ID, Social Security number, three months of history with your current employer, and deposits totaling at least $1,000 per month into a checking account that has been open for more than 90 days
• Financing limits and/or terms: Instant approval for up to $5,000. Acima Credit offers the following repayment plans and incentives:
  • A 90-day payment option in which you’ll pay $10 in processing fees
  • A 12-month payment plan, in which you’ll pay approximately twice the invoice price
  • If you make a lump-sum payment anytime after the first 90 days of purchase, you’ll get 25% off your remaining balance.
• Credit check required? No
• Source: Acima Credit FAQs
• Apply

Kornerstone Credit

• Type of financing: Lease-to-own financing for retail purchases
• Application requirements: A government-issued photo ID, three months of history with your current employer, and deposits totaling at least $1,000 per month into a bank account that has been open for more than 90 days
• Financing limits and/or terms: Instant approval for up to $5,000. Payment plans are for 12 months, with a 90-day buyout option. Fees vary depending on the retailer, lease amount, and your application.
• Credit check required? No
• Source: Kornerstone Credit FAQs
• Apply online or by calling (888) 521-5111

Progressive Leasing

• Type of financing: Lease-to-own financing for single purchases
• Application requirements: A source of income, bank routing and checking account numbers, and a credit or debit card
• Financing limits and/or terms: Instant approvals are good for up to 90 days from the application date. A small upfront payment will be collected upon agreement. Payment plans include a 90-day buyout and a 12-month payment plan; fees vary by lease totals and lease terms.
• Credit check required? No
• Source: Progressive Leasing FAQs
• Contact Progressive Leasing to apply

Snap Finance

• Type of financing: Lease-to-own financing for single purchases
• Application requirements: You must be at least 18 and have an active checking account and a steady income of at least $1,000 per month
• Financing limits and/or terms: Instant approval for up to $3,000. When you sign a lease-to-own agreement, you’ll pay an upfront processing fee. Snap Finance repayment plans and incentives include:
  • A 12-month payment plan; a rental fee will be included in each payment
  • If you buy out the lease within 100 days, lease fees will be waived.
• Credit check required? No
• Source: Snap Finance FAQ
• Apply

In Summary

Lease-to-own options can help you finance auto parts with no credit check necessary. Lease-to-own financing for auto parts is a flexible and accessible option if you have bad credit. In most cases, as long as you’re over 18 and have a steady monthly income, you can get approved for a lease-to-own finance agreement. However, do keep in mind that the total cost of a lease-to-own item will be higher than if you purchased the product in full.

Want just a list of auto repair credit cards? See our rundown of the auto repair credit cards available (even if you have bad credit).