Will I be approved for an auto lease?

Prime525 · ‎04-10-2015

I want to lease a new car preferably a Honda Accord, I’m a 21 year old college senior. I make $2,000 a month at the moment working part time. Once I graduate in June I’ll be making over $60,000 at my new job. Do you think I’ll be approved now for a Honda Accord. I need a new car because my current car just broke down.

My FICO Auto Score 8

Equifax:733

Transunion:750

Experian:721

Anonymous · ‎04-10-2015

Any debt? 2k might be tight to get a lease but debt to income is important. Are you considering lease because of the potential for a lower payment? You can probably get a low enough APR that you can buy the car for nearly the same payment.

B335is · ‎04-11-2015

@Anonymous wrote:
Any debt? 2k might be tight to get a lease but debt to income is important. Are you considering lease because of the potential for a lower payment? You can probably get a low enough APR that you can buy the car for nearly the same payment.

I agree. Unless you get tired of cars after a couple years and Accord is something you drive until it dies - which is a very long time.

Depending on how much debt and/or living expenses you have your scores look good enough to get into a lease.

Anonymous · ‎04-12-2015

@Prime525 wrote:
I want to lease a new car preferably a Honda Accord, I’m a 21 year old college senior. I make $2,000 a month at the moment working part time. Once I graduate in June I’ll be making over $60,000 at my new job. Do you think I’ll be approved now for a Honda Accord. I need a new car because my current car just broke down.
My FICO Auto Score 8
Equifax:733
Transunion:750
Experian:721

As everyone said, do you have any debt? Also, why do you want to lease? I prefer leasing to taking out a loan as it works best for my situation. Your driving habits is also something you should consider when deciding to lease.

Since this is your first lease, do your research and go to www.leaseguide.com to educate yourself properly before moving forward. Let us know the results....

StartingOver10 · ‎04-16-2015

Leasing is not for everyone. It does fit for people that turn in or trade frequently and don't mind having a continuous expense and no equity. After your research compare leasing to actually buying the vehicle. Also since you are just starting out, compare new to slightly used. $60,000 doesn't go as far as it sounds