New Lexus age 20 HELP!

[Anonymous]

Yes I know im young!!! I have been trying to build good credit since I first turned 18! My CS now is 724 according to EX. I am self employed and pay myself $750 a week and have been in business for two years now! I have 9 inq on me I know its bad 6 are from 2013 when I was desperately seeking a car loan w/o a co-signer! 3 inq are from this year (amex gold) (amex everyday) (denied personal loan)!!! 

Should I wait to get the car or do you think i could get approved now i really dont want a co-signer!

What should i bring to the dealership with me my personal bank statements are sporadic 5k one month 11k the next is this going to be a problem?

Wells Fargo CL $1700  (2012)

Macys         CL $1300   (2013)

Amex Evry   Cl $1000 (I know low I expected more but will ask for increase once the 60 days is up) (2014)

amex Gold  I use for my business and have charged 10k in one month and paid before the due date (2014)

[enharu]

Your credit scores are okay for tier 1 but the lack of any auto loan / lease history and relatively short credit history may be a problem. If you put a bigger down payment, then it wIll help.

Are you trying to get a lease or auto loan? Lease is harder than loan because they have to trust u with the vehicle with little to no money down. Putting a large down payment for auto lease is a horrible idea.

With a loan, you put a larger down payment, their risk goes down, and sometimes they won't even look at your scores as much if you put an extremely large down payment. A friend bought a Bmw last year and had a 35k down payment and was trying to loan 10k (just to build history). Her credit history was maybe 6 months and extremely limited. Bmw financed her at the lowest rate simply because the risk exposure for Bmw is just so small. If she defaults Bmw literally gets to repo a 45k car for just 10k.

bring your bank statements and tax returns. Those should suffice.

[Anonymous]

I would like to lease since I like the idea of having a new car every 2 - 3 years. Do you think I could get approved by myself with my limited credit history? I really dont want to shell out more than the advertised special, a couple grand down plus TTYL... I really dont claim as much as I should on my taxes and I write everything I can off!!! Do you think my personal bank statements of 5k - 10k in deposits every month will push it through I have about 10k in savings but I really dont wanna take to much out of my capital for a lease... 

[enharu]

Since you are self employed, you may also qualify for tax rebates if you lease. Talk to your accountant about that.

It's hard to get approved for a lease for a luxury vehicle with very limited credit history and zero auto loan / lease history. They will most likely want a bigger down payment, which is bad for a lease because if you total the vehicle or want out of your lease by transferring it, you will basically lose that downpayment. If you stick it out for the full 2 years, then it's no big deal. Lexus leases are 2 years for best rates.

If you are getting a vehicle they are trying to get rid of (such as a 2014 vehicle or a model that's getting replaced soon such as the RX), then they will be more willing to negotiate with you even with a limited history. If you are looking for a 2015, or the newer models (RC350 for example), then they are going to be less flexible.

Bank statements may work, but sometimes Toyota financial will come back and ask for more proof. If you can't comply with what they need then you will be turned down. Depends on what they are asking for.

And the advertised rates are not the best available rates! Dealerships can do better if you negotiate hard. Then again, it also boils down to your credit history. They may not be willing or able to give you the best rates simply because of your credit history.

[Anonymous]

Thanks for the help I really appreciate it! I'm most likely going to go for the 2014 IS350 soon! Wish me luck! And I must say you have some awesome credit cards with great limits! I cant wait to build up my credit to your level! 

[Creditaddict]

id also call wells fargo and see if your account is eligible for a SP CLI

also ask macy's for a cli to $5k, they will tell you hp but it won't be and they will instantly counter you.

just to help get your limits up higher.

[enharu]

---

@Creditaddict wrote:

id also call wells fargo and see if your account is eligible for a SP CLI

also ask macy's for a cli to $5k, they will tell you hp but it won't be and they will instantly counter you.

just to help get your limits up higher.

---

+1

---

@Anonymous wrote:

Thanks for the help I really appreciate it! I'm most likely going to go for the 2014 IS350 soon! Wish me luck! And I must say you have some awesome credit cards with great limits! I cant wait to build up my credit to your level! 

---

 It's not hard to get to my level. There are people with far more impressive lineups. Or even 1 Centurion is better than everything I have combined.

About the 2014 IS, they will cut you a good deal on that car. Where are you located? If you are in Socal, I can recommend you to a good dealership. I got my 2014 IS from them last year but the car's totalled now. 

One sneaky way you can try to do things is to have the dealership quote you prices on the best credit rating first without pulling your credit. Use that as a benchmark to compare prices at several dealerships. that way you don't end up with a lot of unncessary inquiries. Once you decide on which dealership to buy from, have them pull your credit. If you are not too far off, they can usually work around the numbers a little and make the deal work at that price. If you're very far away from T1 financing, then don't even try this. Tier 1 for Lexus is anything above 719. Assuming your 724 score is FICO and not FAKO, then you should be fine.

Alternatively, you can also call up several auto brokers. They will negotiate the deal with the dealerships, and let you know the best price you can get the car for. It is pretty much the same thing but sometimes you do get a better deal since those brokers get the cars leased at the corporate rate. Some dealerships will match or beat those prices though. The more quotes you have, the better it is going to be.

[heyitsyeh]

---

enharu wrote: 

If you are in Socal, I can recommend you to a good dealership. I got my 2014 IS from them last year but the car's totalled now. 

---

Jim Falk Lexus Beverly Hills? Everyone that I know in greater LA/OC raves about that dealership, mostly because of the huge stock of CPO low-mileage vehicles.

[enharu]

---

@heyitsyeh wrote:

---

enharu wrote: 

If you are in Socal, I can recommend you to a good dealership. I got my 2014 IS from them last year but the car's totalled now. 

---

Jim Falk Lexus Beverly Hills? Everyone that I know in greater LA/OC raves about that dealership, mostly because of the huge stock of CPO low-mileage vehicles.

---

I can't comment on CPOs since I have never shopped around for a used car.

When I was shopping for a Lexus, i was considering Longo Lexus, Keyes Lexus and Jim Falk. Ended up getting it from Keyes because they were willing to go below true-car pricing. Tried getting Jim Falk to match it and they wouldn't budge much, because I wanted the ultra white + red interior, which they said is the most popular color so they didn't want to discount the car.Longo was able to do true car pricing but Keyes still gave me a better deal, so I drove to Keyes and picked up the car right away.