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I wanted to know anyone or everyone's opinion on leasing a car while rebuilding credit If you have done it what did you gain and lose? Was there an impact on your score or did it improve your situation? What advice would you give someone wanting or having to lease a car??
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@karladicent wrote:I wanted to know anyone or everyone's opinion on leasing a car while rebuilding credit If you have done it what did you gain and lose? Was there an impact on your score or did it improve your situation? What advice would you give someone wanting or having to lease a car??
I see this as two different types of questions.
1) A transportation type question
2) A credit rebuilder type question
I am not a fan of leasing vehicles except in very limited circumstances, so I will let others respond to that portion of your question.
As to rebuilding, you get the most bang for your buck in rebuilding by working on your revolving (cc) accounts and very little score increases come from installment loans which includes the leasing payments mentioned in the above post.
Can u actually lease a car with low credit score? To my understanding they need at least a 680+ score to lease vehicle. Which is totally different from finance
@Anonymous wrote:Can u actually lease a car with low credit score? To my understanding they need at least a 680+ score to lease vehicle. Which is totally different from finance
The subprime dealerships like DriveTime lease their vehicles to those that can't afford it. IMO it is predatory.
I'm actually heading to the car lot this afternoon to look into leasing a vehicle. I just completed a CH 13 in April and submitted a joint application to BMW FS last week and was approved with the highest of our FICO scores being 632. I then spoke to the CA from my local BMW dealer and he said we weren't qualified at the highest tier but the money factor would only go up by .00020 which would seem to indicate that we fall in the tier just below.
I've never leased a vehicle but I don't put a lot of miles on them. I have a 2004 Silverado with 68000 miles on it so from a mileage standpoint, leasing makes sense. I can get a little more car for my money and not worry about going over miles. The downside is I'm basically renting a car for 3 years and will have nothing to show for it in the end.