chances of getting approved.

[woah_amie]

I'm looking to purchase a new vehicle:

2013 Nissan Xterra

0 miles

$23,441 (dealer offered)

$5,000 (down payment)

Have a 710 CS, according to TU. 

Only thing... I have very limited credit history. My oldest account isn't even two years old yet.

 I have Discover: $750

             CapOne: $1,000

             Wells Fargo: $800

Will I be considered for a decent monthly payment? I want to stay in the $350's. Or should I co-sign with my parents?

[woah_amie]

...anyone?

[09Lexie]

Posting early in the morning may not get a rapid response. Dealers use an auto enhanced CS which you cannot purchase. Is this your first auto loan? Are you attempting to lease?

[Creditaddict]

is this at Nissan dealer? I can't imagine you having any issues getting Nissan Financial to offer you a very good rate!

[woah_amie]

It is at a Nissan dealership. I'm in no rush to purchase a new vehicle. I'm wanting to purchase or lease before the end of next month. 

It is my first auto loan, never had to pay for a car. The car I have right now was a HS graduation gift. I know purchasing vs. leasing is more costly, but leasing bumps up insurance, no?

[09Lexie]

Leasing actually requires a slightly higher credit profile due to the lower security as down payment. Dealers often run first time car offers that might assist you. I would also suggest checking with your local CU for auto rates.

If your credit profile is limited, no previous loans, - chances of a co-signer are 75/25

[Creditaddict]

You are talking under $400/month on 60 month financing so I would not breath about leasing to dealer and I wouldn't go over 70 months.
Surely they have an apt special on that car right now? Just look directly on nissans website... Don't see why they couldn't get you approved for that top tier rate.

2. Leasing itself does not make instance more it's that for some having $500 deductibles is lower then they would normally choose thus making insurance more than they usually pay but you are going to have a brand new car I would fully suggest $500 deductibles with 100/300/100k coverages.

[Creditaddict]

I also wouldn't mention co-signore because then they will just push for it rather they need it or not... Just say no... If they can't get get good rate and you can't either on your own at a credit union then maybe offer up visit or but not until you prove to yourself you can't get good rate alone.

[woah_amie]

according to the nissan website:

with the CS between 700 - 739, my payments would be:

$408 purchase/ $349 lease

That includes a trade in value of $3k, and $700 to cover dealer fees.

[Janders000]

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@woah_amie wrote:

according to the nissan website:

with the CS between 700 - 739, my payments would be:

$408 purchase/ $349 lease

That includes a trade in value of $3k, and $700 to cover dealer fees.

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My personal opinion is never do trade-in when leasing.  Always opt for the lease that requires the smallest amount of cash/trade up-front.  Why?  Because if you pull out of the lot and get smashed and car is totalled, you are OUT whatever money you dropped on downpayment or trade-in.  You don't own the car (the bank does), so your insurance will not pay you the value of the car in a claim.  If you opt to lease, negotiate the smallest downpayment and smallest monthly payment, but take your trade-in elsewhere to sell for cash.