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Registered: ‎09-05-2012
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Buying vs Leasing Car make any difference to credit score?

I will be in the market to buy/lease a car in 3 - 6 months and buying a house 12-18 months, and I am wondering if leasing vs buying a car will make any difference in credit score. Does it make any difference?


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Registered: ‎04-15-2011
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Re: Buying vs Leasing Car make any difference to credit score?

I really don't think it will make a difference.  It would still show as an installment loan.  You would take the hit for your AAoA and Inquiries.  But that will will be aged plenty by the time you app for mortgage.  Just keep an eye on your DTI.

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Posts: 6
Registered: ‎09-05-2012
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Re: Buying vs Leasing Car make any difference to credit score?

If I have had an auto loan before that I paid off early will hat hlep or hurt my auto enhanced score?


Starting Score: 650 TU FICO (8/29/12), 642 EQ-FICO (8/29/12) 606 EX (8/29/12)
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Posts: 13,892
Registered: ‎04-15-2011
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Re: Buying vs Leasing Car make any difference to credit score?

If you paid on time and had no lates, it will be a positive factor.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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Posts: 15,442
Registered: ‎04-09-2011
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Re: Buying vs Leasing Car make any difference to credit score?

I agree with Shogun it will show up as an installment loan either way so no real difference in score.

@Olivia it should help you that is PIF regardless of early payoff or not.



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