Cheapest Cars to Lease with No Money Down Deals

Leasing a car with no money down can be an affordable way to get into a new vehicle, especially if you choose an inexpensive model. With a $0 down payment lease, you just pay the first month’s payment and drive off. However, you’ll still need to qualify for the lease, which often requires good credit.

Leasing is different than financing in that you only pay for the vehicle’s depreciation during the lease term, not the entire vehicle cost. At the end of the lease, you return the car unless you choose to buy it. With no down payment leases, you’ll have lower monthly payments but rarely own the car at the end.

Cheapest Cars to Lease with No Money Down Deals in 2023

Here are the cheapest cars available right now with $0 down payment lease deals:

Car ModelModel YearMonthly PaymentDue at SigningTermMileage/Year
Hyundai Accent2023$149$036 months10k
Nissan Versa2023$179$036 months10k
Kia Rio2023$169$036 months10k
Chevrolet Spark2023$159$036 months10k
Mitsubishi Mirage2023$149$036 months10k
Kia Soul2023$199$036 months10k
Hyundai Venue2023$219$036 months10k
Toyota Corolla2023$219$036 months10k
Hyundai Kona2023$259$036 months10k
Mazda CX-302023$269$036 months10k

1. 2023 Hyundai Accent

2023 Hyundai Accent

The Hyundai Accent compact sedan is one of the most affordable new cars you can lease today. With the latest 0% APR deal, you can lease an Accent SE for just $149 per month with $0 at signing. This includes 36 monthly payments with 10,000 miles per year.

Other Accent lease deals may vary, but Hyundai often offers low amounts due at signing. The Accent gets up to 33 mpg combined and comes nicely equipped even at the SE base trim. Higher SEL and Limited trims add more tech and safety.

Key Accent Lease Details

  • Monthly Payment: $149
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

2. 2023 Nissan Versa

2023 Nissan Versa

The subcompact Nissan Versa sedan offers ample space and technology in an affordable package. Nissan commonly advertises Versa leases with no down payment required. Currently, you can lease a base Versa S for around $179 per month with zero due at signing.

As with most leases, you’ll need to qualify for specific lease terms and offers. But the Versa makes it possible to get into a brand new car with no upfront cash. Opt for the SV or SR trim Versa to add desirable features like a 7-inch touchscreen.

Key Versa Lease Details

  • Monthly Payment: $179
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

3. 2023 Kia Rio

2023 Kia Rio

Kia regularly advertises tantalizing lease offers on the subcompact Rio. With Kia’s leasing deals, it’s often possible to get into a new Rio for zero down payment. Current offers show a $169 per month lease on the mid-level Rio S with $0 due at signing.

As with most affordable leases, you’ll need to qualify for specific terms and manufacturer incentives. But the Rio makes an excellent choice if you’re looking for the lowest possible out-of-pocket cost. Consider the EX trim for features like automatic emergency braking.

Key Rio Lease Details

  • Monthly Payment: $169
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

4. 2023 Chevrolet Spark

2023 Chevrolet Spark

The tiny Chevrolet Spark is one of the most affordable new vehicles you can buy or lease. With available discounts and incentives, Chevy dealers regularly advertise Spark leases with zero down payment required.

A current offer shows a $159 per month lease on the base LS manual model with nothing due upfront. Opt for the automatic CVT transmission to make the Spark more livable in traffic. Consider the better-equipped 1LT trim for amenities like Apple CarPlay/Android Auto.

Key Spark Lease Details

  • Monthly Payment: $159
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

5. 2023 Mitsubishi Mirage

2023 Mitsubishi Mirage

The Mitsubishi Mirage sedan is another highly affordable subcompact model that’s available with $0 down leases. It offers impressive fuel economy up to 36 mpg combined from its 1.2L 3-cylinder engine.

Current offers show a Mirage ES lease for $149 per month with zero cash due at signing. While the Mirage is basic transportation, it represents one of the cheapest ways to get into a new vehicle. The higher G4 and LE trims add more desirable features.

Key Mirage Lease Details

  • Monthly Payment: $149
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

6. 2023 Kia Soul

2023 Kia Soul

While not the absolute cheapest, the boxy Kia Soul is a very affordable subcompact SUV. It offers ample cargo space and an efficient powertrain. The Soul’s regular lease deals are attractive if you want a basic crossover SUV without a down payment.

You can currently lease a base Soul LX for around $199 per month with $0 due at signing. Opt for the S, X-Line, or EX trims to add desirable features like dual-zone climate control, keyless entry, and more. Don’t forget the Soul EV all-electric model too.

Key Soul Lease Details

  • Monthly Payment: $199
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

7. 2023 Hyundai Venue

2023 Hyundai Venue

Hyundai’s smallest crossover SUV, the Venue, is another model regularly advertised with $0 down leases. The Venue competes with budget-friendly crossovers like the Kia Soul. You can find it with lease payments around $219 per month and nothing due at signing.

The Venue SE base trim comes nicely equipped with an 8-inch display screen and Apple CarPlay/Android Auto. Moving up to the SEL adds more tech and safety like automated emergency braking. The tiny but tall Venue provides a higher driving position for increased visibility.

Key Venue Lease Details

  • Monthly Payment: $219
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

8. 2023 Toyota Corolla

2023 Toyota Corolla

While compact cars aren’t the cheapest category for $0 down leases, the venerable Toyota Corolla makes the list thanks to its availability and reputation. With a recent offer, you could lease a Corolla SE for $219 per month with zero cash due at signing.

Opting for a compact over a subcompact gets you more interior room, better ride quality, and extra features. The Corolla LE trim also remains a smart buy for an affordable but more livable car. Overall the Corolla stands as a reliable choice for a low out-of-pocket lease.

Key Corolla Lease Details

  • Monthly Payment: $219
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

9. 2023 Hyundai Kona

2023 Hyundai Kona

The subcompact Hyundai Kona crossover is larger than the Hyundai Venue, adding more cargo space and an available turbocharged engine. Even as a pricier small SUV, it’s still possible to lease the Kona for little to no money down in some cases.

Recent offers show the base Kona SE leasing for around $259 per month with zero down payment required. Moving up to the SEL trim adds worthwhile features like advanced safety tech. Overall the Kona delivers style, space, and efficiency at an affordable price.

Key Kona Lease Details

  • Monthly Payment: $259
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

10. 2023 Mazda CX-30

2023 Mazda CX-30

The stylish Mazda CX-30 subcompact crossover is noticeably nicer than bare-bones rivals, with a premium-feeling interior and sharp handling. While not the cheapest option, the CX-30 does come with enticing lease deals to get you into this near-luxury small SUV.

Recent offers include a CX-30 2.5 S FWD for $269 per month with $0 due at signing. Moving up to the Select trim adds desired tech features like a power driver’s seat, blind spot monitoring, and a Bose sound system. The CX-30 provides a lavish ride without a huge price.

Key CX-30 Lease Details

  • Monthly Payment: $269
  • Due at Signing: $0
  • Term: 36 months
  • Mileage: 10k per year

Lowest Down Payment Leases – Used Cars

While new cars allow $0 down leases more often, you can also lease a used car with low out-of-pocket costs. High demand used SUVs often have deals in the $500 – $1000 down range.

Here are a few ideas for affordable used car leases with low money down:

  • Toyota RAV4
  • Honda CR-V
  • Subaru Forester
  • Ford Escape
  • Nissan Rogue

How Does a $0 Down Car Lease Work?

Leasing a new car with $0 down payment doesn’t mean the lease is free, but it does lower your initial outlay. Here’s a look at how no money down leases work and what to expect:

Low Monthly Payments

With $0 down, more of the cost is rolled into the monthly payment. But on very low-priced cars, the monthly rate can still be under $200. Just know that the payment is higher than leasing with a down payment.

Shorter Term Lengths

Most $0 down leases are for shorter terms like 24-36 months. This keeps the monthly payment lower. You can often add mileage for flexibility if needed.

Tax, Fees, and First Payment Due

When you see a $0 down lease, tax, title, license, documentation fees, and the first month’s payment will still be due when you sign. These extra fees are typically under $1000 total.

Good Credit Is Essential

Since you’re not putting any money down, strong credit in the 680+ FICO range is usually required to qualify for a zero down car lease. Shop around for the best possible rates.

Limited Mileage Allowance

To keep monthly payments low, most $0 down leases only allow 10,000-12,000 miles per year. That may mean extra mileage charges at lease end if you drive more.

No Ownership Equity

With $0 down, you won’t build any equity in the vehicle. Unless you buy at the end of the lease, you’re essentially renting the car for a few years.

Early Termination Fees

If you want or need to get out of the lease early, you’ll face hefty early termination fees. Make sure a short-term lease aligns with your long-term needs.

Tips for Getting the Best 0 Down Car Lease

Here are a few tips to score the optimal no money down car lease for your needs:

Shop Multiple Dealerships

Compare lease offers and pricing from different dealers. Local incentives and discount offers can vary, so don’t just go to one place.

Negotiate the Selling Price

For a lease, you only pay sales tax on the vehicle’s negotiated selling price, not the full MSRP. So haggle this price down as much as possible to lower the taxes.

Qualify for Rebates and Incentives

Factor in all potential lease deals and manufacturer incentives you might qualify for. This lowers the effective selling price.

Opt for a Shorter Term

24-36 month leases typically have lower monthly payments than longer 48-60 month terms. Just make sure the short term fits your needs.

Buy at Lease End If Possible

Consider buying the car when the lease ends if you love it. The sales taxes you paid upfront lower the purchase price.

Key Takeaways – Cheapest $0 Down Car Leases Right Now

  • Many affordable new cars like the Hyundai Accent and Kia Rio can be leased for $0 down payment when available offers align.
  • You still need to qualify and pay first month’s payment and fees, but $0 down reduces the total upfront cash needed.
  • Short 24-36 month lease terms help keep monthly payments under $200 on very cheap models like the Chevrolet Spark.
  • Compact cars like the Toyota Corolla and small crossover SUVs like the Hyundai Venue also offer no money down leases.
  • Used car leases may require at least $500 – $1000 down but still represent a low amount due at signing.

Leasing an inexpensive car with no money down can be a tempting way to drive a new vehicle while minimizing the initial purchase price. Just be sure to run the numbers carefully and consider the limitations like low mileage limits before committing to any $0 down lease.

Conclusion

Leasing a new car with no money down can be an appealing option for budget-minded shoppers looking to get into a vehicle with minimal upfront costs. While $0 down leases don’t mean zero costs overall, they do reduce the amount you need to pay initially. Just be sure to carefully evaluate the monthly payment amounts, mileage limits, and lease terms when considering a no down payment car lease.

The cars listed in this article represent some of the most affordable new models that can be leased with zero cash due at signing during September 2023 lease deals. Focus on the Hyundai Accent, Kia Rio, Chevrolet Spark and other subcompact sedans for the lowest total monthly payments under $200. Compact sedans and small crossover SUVs stretch the budget slightly but offer more interior room and features.

No matter which affordable model you choose, be diligent about shopping multiple dealerships and negotiating the best possible selling price. And remember to account for taxes, fees, and the first month’s payment that will still be due at lease signing. While not free, securing a $0 down car lease this September is one way to put new car ownership within reach if you qualify.

Frequently Asked Questions (FAQ)

What credit score is needed for a $0 down car lease?

Most $0 down leases require very good credit, usually 680 FICO or higher. This ensures the leasing company you’ll reliably make the monthly payments since you haven’t put any money down.

What are the disadvantages of a 0 down car lease?

Disadvantages include higher monthly payments, vehicle mileage limits, lack of ownership equity, and early termination fees. You also need excellent credit to qualify.

Do you need gap insurance on a 0 down lease?

Gap insurance helps cover the difference between the car’s value and remaining lease balance if it’s totaled, so it’s recommended. You have no equity in the car to help offset the insurance payout with $0 down.

Can you negotiate a $0 down lease?

Yes, you can negotiate the selling price, lease term length, mileage allowance, and interest rate if possible. Lowering the sale price reduces taxes for the best deal.

What fees are due when you sign a $0 down lease?

You’ll need to pay first month’s payment, taxes, title and registration fees, documentation fees, and any acquisition fees. Shop multiple dealers for the lowest added fees.

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