William Lipovsky
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 below. These include Acima Credit, Kornerstone Credit, Progressive Leasing, and Snap Finance.
What to Know Before Choosing Lease-to-Own 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 the 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.
The List
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: Must be at least 18; must provide a government-issued photo ID, Social Security number, three months of history with your source of income, and deposits totaling at least $1,000 per month into a checking account[1]
- Financing limits and/or terms: Instant approval for up to $4,000. Payments are generally between $0 and $70. Acima Credit offers the following repayment plans and incentives:
- Credit check required? May be required[2]
- Apply
Kornerstone Credit
- Type of financing: Lease-to-own financing for retail purchases
- Application requirements: Must be at least 18 with more than 90 days of history with your current employer; must provide a government-issued photo ID, mobile phone number, and active email address; must have a bank account that’s been open for more than 90 days, receives at least $1,000 in monthly deposits, allows ACH drafts, and doesn’t have any NSFs[3]
- 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.[4]
- Credit check required? No[3]
- Find a store and apply online or call (888) 521-5111
Progressive Leasing
- Type of financing: Lease-to-own financing for single purchases
- Application requirements: Must be at least 18 (19 in Alabama); must have a source of income, bank routing and checking account numbers, and a credit or debit card[5]
- Financing limits and/or terms: Instant approvals are good for up to 90 days from the application date. An initial 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.[5]
- Credit check required? Yes; however, multiple factors are considered for approval[5]
- Contact Progressive Leasing to apply
Snap Finance
- Type of financing: Lease-to-own financing for single purchases
- Application requirements: Must be old enough to enter a legally binding contract in your state of residence; must have an active checking account and a steady income of at least $750 per month; must provide a valid email and smartphone number[6]
- Financing limits and/or terms: Instant approval for up to $5,000.[7] When you sign a lease-to-own agreement, you may pay an upfront processing fee.[8] Snap Finance repayment plans and incentives include:
- A 12- and 18-month standard payment plan
- A 100-day payment plan
- Early Payoff option-pay off the remaining balance any time after 101 days and receive a discount.[9]
- Credit check required? No[7]
- Apply
