First time lease is always harder to get approved for since the bank issuing lease gives you the car for nothing.
But you can still do it, especially if you have already financed a vehicle.
You have to follow these basic steps:
- Number One: The Cheaper the sale price of a car, the lower payment going to be,- the lower both of those numbers the easier it is to get the bank to issue a car lease.
- You must research True price of a vehicle (truecar. com) you want to lease. Do not negotiate with dealer "what payment my lease is going to be". If you negotiate a payment then that is exactly how the dealer is going to bump the total vehicle price up and get you. To a dealer a sale is a sale, let it be finance or a sale. YOUR GOAL IS TO GET THE DEALER SELL YOU THE CAR AT A LOWEST PRICE POSSIBLE.
There is a mathematical formula dealers and banks use to calculate monthly payment. You can find this formula on internet. To calculate a payment you need to know these numbers:
- Residual of a vehicle (the higher % the better)
- Money Factor
- Lease Term (how many months lease)
- How many miles to be driven per year (lower better, always get 10k/y no more than that. If you will drive more than that, you can pay for extra miles at end of lease, bank will give you huge discount.)
Having an idea of what monthly payment going to be, will help you get the number even lower by negotiating harder on a sale price of vehicle with dealer.
There is also another good option to put some money as down payment to have your payment even lower.
The bank will love all of this and will get you approved right away!
05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715
