Reply
Member
godzooki
Posts: 21
Registered: ‎05-26-2011
0

Score needed to lease a car

 

Does anyone know what type of credit score one needs to be able to lease a car?

 

 

TU - 753

EQ - 765

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: Score needed to lease a car

Good score, not the best but good, good history and good income

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Member
godzooki
Posts: 21
Registered: ‎05-26-2011
0

Re: Score needed to lease a car

Two credit cards (1 yr history), no negative marks and good income.
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: Score needed to lease a car

[ Edited ]

ok  whats good income? You are not exactly giving enough information for any real advice.

 

And in reality, with that amount of nothing in your credit report (assuming you have no other car loan or mortgage history showing, and the credit limits are "relatively" small)  you are not getting a lease, unless your income is $60K plus a year with a fat downpayment and no real monthly expenses.

 

And even then your lease payment will not be competitive to those advertised cheap lease payments and will not be competitive to a purchase payment.

 

Leases are harder to get then purchases. Leases to be a better payment option then purchases need a better score, credit history and such to get done.


if you got only a 1 year credit history with two cards you  need to lower you expectations, unless you are in the military (and that has limitations) or just graduated school as a CRNA and have a contract already.

 

Whats your:

1 Yearly income gross, not counting overtime

2 Profession

3 Length of time at employer

4 Rent

5 Other monthly obligations

6 Age

7 what are you trying to lease and why?

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Member
godzooki
Posts: 21
Registered: ‎05-26-2011
0

Re: Score needed to lease a car

Thanks, that's what I kind figured. My income is 50k+ but my lack of credit history would hurt me. Your responses were greatly appreciated.
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: Score needed to lease a car

[ Edited ]

godzooki wrote:
Thanks, that's what I kind figured. My income is 50k+ but my lack of credit history would hurt me. Your responses were greatly appreciated.

1- We are not all knowing oracles, although I still think a lease is out of the question you can probably get a purchase.

2-A 50K income with no credit will inhibit your chances, but local credit unions that may or may no thave less stringent lending may be a better option.


ETA:

 

If you are only interested in pursuing a lease, be VERY CAREFUL of any lease offered through a bank instead of through a manufacturer arm like Ford Credit. Usually a Bank lease in some cases may seem even cheaper then a manufacturer offered LEASE,  there are usually Much HIGHER END OF LEASE OBLIGATIONS expected to be paid before its all over.

 

1-Turn In fees

2-Damage charges

3-Disposition fees

4-Pick Up charges

5-End Of lease Fees

 

In addition, there is usually NO way to end the lease early-even if you simply want to trade into another car, where a manufacturer lease may end you early to get you into a new car.

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Mega Contributor
Creditaddict
Posts: 19,600
Registered: ‎10-23-2007
0

Re: Score needed to lease a car

What car were you hoping to lease?

I know some score requirements for certain banks but don't want to start listing if those aren't what you are looking for.

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:
New Visitor
BrianPan
Posts: 1
Registered: ‎08-09-2014
0

Re: Score needed to lease a car

written by a true Ford dealer

Mega Contributor
Creditaddict
Posts: 19,600
Registered: ‎10-23-2007
0

Re: Score needed to lease a car

Not sure how or why you would buy outside of said manufacture car you are buying (Infiniti, BMW, ford) etc.
You can always get out of purchase or lease
Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:
Moderator
09Lexie
Posts: 25,049
Registered: ‎09-13-2012
0

Re: Score needed to lease a car

************THREAD IS OVER THREE YEARS  OLD********


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+