Auto lease with limited to no credit history possible?

[Lel]

Hi peruvianprincess11, and welcome to the FICO Forums.

It appears that you may be having trouble posting.  If you would like to edit your original post, click on the "options" drop down menu in the upper right hand corner of your post and select "edit message".  You will then be able to post additional details for your question.

But to answer the question posed in your title, yes, it is theoretically possible.  However, there are a number of factors that play a role in auto loan approvals.  When you have posted some additional details (e.g. vehicle price, income, down payment amount, relevant details of the credit history that you do have), then you'll be able to get more specific feedback and suggestions.

[Anonymous]

Say a car has an MSRP of $15,000-$20,000 that has a high residual value. This being around a $9,000-$10,000 amount borrowed. This with a down payment of $3,000-$4,000 and annual gross income of $26,00(roughly $2,200 monthly gross). If that's possible, could I stretch to a $30,000 also with a high residual value which is a total of $11,000-$14,000 borrowed and with a $5,000-$6,000 down payment? I've been at my job for a little over 2 years. Limited credit history being 3 years with 2 credit cards total limit of $5,000 perfect payment history with 8% usage. AAoA is 1 1/2 years.
TransUnion Fico: 763
Equifax Fico: 724
Experian FAKO (Credit Sesame): 757
No negatives, no collections.

If this isn't enough info, I'll gladly post additional info needed.

[pizzadude]

Have you had any installment loans previously ?  Not just auto loans.....

[Anonymous]

No but I can easily get a secured loan for $6,000-$7,000 if I have to. But I don't need to take out a loan other than for credit mixing purposes.

[pizzadude]

Honestly I don't know if they will try to push you to get a co~signer, but IMO you shouldn't need once since your credit is good, it is just thin, but I think they should be able to approve you.

[Anonymous]

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@pizzadude wrote:

Honestly I don't know if they will try to push you to get a co~signer, but IMO you shouldn't need once since your credit is good, it is just thin, but I think they should be able to approve you.

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+1

Take a CapOne blank check route. Also try your financial institution first to see what are you eligible for. nowadays lenders are soightly more leniant for auto lending. And if you have possibility of cosigner than have it handy so that your time gap for inquiry reporting does not expire and your inquiries are counted as one for scoring purpose which in turn will not affect advrsely to your FICO score.

Good Luck

[Anonymous]

I could get a co-signer however their credit is about the same as mine with the same length of history. Would having them co-sign improve my chances of approval despite the fact we pretty much have the same credit and credit history?

[Anonymous]

I agree with the others.  Your credit looks good, though it is thin.  You won't get the same rate or amount as someone with similar scores but 10+ years, but you're much better off than someone with an average but long history. 

[Lel]

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@Anonymous wrote:
I could get a co-signer however their credit is about the same as mine with the same length of history. Would having them co-sign improve my chances of approval despite the fact we pretty much have the same credit and credit history?

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Echoing others, I think your chances for approval are good even without the cosigner.  If, however, your other financial obligations would make money appear tight to the lender (e.g. housing costs, CC payments, etc), then the cosigner could improve your chances a little.

But the amount that you wish to finance is relatively modest (some people try to finance 4x as much with not much more income), so I don't think affordability is going to be an issue.

Definitely go to your bank or credit union and get pre-approval before going to the dealership, as you might be able to secure a better interest rate that what the dealer's financing arm might offer you.