Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 191
Registered: ‎06-13-2008
0

Is it easier to get approved for a lease?

I'm weighing my options..I really don't want to lease but if it is easier to get approved and all I can get approved for I will do it...I just feel if you keep leasing you will alweays have a car payment ..verses buying the car and paying it off in 4 years and then driving it for another few more without a payment...but right now I'm just concerned about the approval process

thanks

Established Contributor
Posts: 500
Registered: ‎05-11-2007
0

Re: Is it easier to get approved for a lease?

No, you typicaly need better credit for a lease.
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Is it easier to get approved for a lease?

+1, Leasing has a lot of good perks like not having to worry about expensive maintenance after the car ages, aways being able to drive a late model car, and lower monthly payments but you need to be more financially stable for leasing and you typically need a 700 score or above. I found out that Acura Leases are all or nothing. Either you are a "well qualified lessee" or you are not. If you are not, you get denied.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Established Member
Posts: 34
Registered: ‎03-14-2013
0

Re: Is it easier to get approved for a lease?

[ Edited ]

I was approved for a new BMW lease on my own back in 2011 -- a year out of college -- with a less-than-desirable salary and a pretty crappy credit score (mid-600s I guess)... My lower score increased my money factor a bit (interest).

 

Not sure if this is a typical scenario though... I was pretty good buddies with the salesman, who I know pushed to help make it work.


Starting Score: 756
Current Score: 756
Goal Score: 800


Take the myFICO Fitness Challenge
Member
Posts: 8
Registered: ‎11-27-2012
0

Re: Is it easier to get approved for a lease?

Hi There,

 

Would you be able to tell me more about your acura leasing experience? I am looking to lease the TSX and have never leased before. My FICO is 773, I make about 50 k per year. I have very minimal debt now which I am happy about! I would consider myself financially stable. My issue is justifying rent. I don't pay the rent, my spouse covers this expense. I don't want to add him as an applicant because he is still cleaning up his credit and I don't think it would help the application. Do you know, or does anyone know how I can apply as an individual and still justify the rent? 

 

Hope that makes some sense. Any info would be helpful. My biggest fear is walking into the dealership and getting excited than turned down. 

 

Thanks! 

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Is it easier to get approved for a lease?


minnieamy1025 wrote:

Hi There,

 

Would you be able to tell me more about your acura leasing experience? I am looking to lease the TSX and have never leased before. My FICO is 773, I make about 50 k per year. I have very minimal debt now which I am happy about! I would consider myself financially stable. My issue is justifying rent. I don't pay the rent, my spouse covers this expense. I don't want to add him as an applicant because he is still cleaning up his credit and I don't think it would help the application. Do you know, or does anyone know how I can apply as an individual and still justify the rent? 

 

Hope that makes some sense. Any info would be helpful. My biggest fear is walking into the dealership and getting excited than turned down. 

 

Thanks! 


Just say you don't pay rent. Are you on the lease as a financially responsible party?

 

You should be good to go, your income should be enough even with the rent.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Member
Posts: 8
Registered: ‎11-27-2012
0

Re: Is it easier to get approved for a lease?

Thanks for that. I am on the lease. But I have never paid towards rent. It's actually really high. So my income would basically support rent and nothing else if I did contribute. We will see what happens, I will try to speak to someone with the dealership. Maybe I am not the first lease applicant with this type of deal? Otherwise I will just need to be patient, save up and buy something with cash down the road. 

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Is it easier to get approved for a lease?

[ Edited ]

Somebody else pays for rent at my house. The dealer didn't even ask about it. I just put down $0 for the rent amount. My income would also not support the rent where I live.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Member
Posts: 8
Registered: ‎11-27-2012
0

Re: Is it easier to get approved for a lease?

Well I just did the online pre-approval for acura and got approved. I have read that you shouldn't do that, but I felt like I was asking a lot of basic questions and should just bite the bullet. Does this mean I just go in and shop for the car now?

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Is it easier to get approved for a lease?

What were the terms of your pre-approval?

 

Acura is offering 0.9% for 36 months. That is a pretty good offer. Aim for that.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.