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Credit score for leasing a vehicle?

Member

Credit score for leasing a vehicle?

Just wondering where you need to be score wise before considering leasing a vehicle. 
Message 1 of 10
9 REPLIES
Moderator Emeritus

Re: Credit score for leasing a vehicle?

Talk to the dealer.... score is not everything.
Message 2 of 10
Member

Re: Credit score for leasing a vehicle?

Thanks.  I have no idea what goes into the credit approval, which is why I asked.  Is it similar to buying a car?
Message 3 of 10
Moderator Emeritus

Re: Credit score for leasing a vehicle?

Leasing generally requires better credit. What are you scores?
Message 4 of 10
Member

Re: Credit score for leasing a vehicle?

Right now my EQ is 627 but the other two are about 20-30 pts lower last time I checked.  When one goes up do all of them?
Message 5 of 10
New Visitor

Re: Credit score for leasing a vehicle?

If you can, use a company name for the lease, you still personally guarentee it, but it doent show against your personal report.
Message 6 of 10
Moderator Emeritus

Re: Credit score for leasing a vehicle?



onthemend wrote:
Right now my EQ is 627 but the other two are about 20-30 pts lower last time I checked.  When one goes up do all of them?



I am guessing your scores a too low for a lease. But check with the dealer. Plus, thats not your actual score for auto financing.. see the auto financing thread.
 
PS.. Just because one score goes up does not mean the other two will. Smiley Happy
Message 7 of 10
Valued Member

Re: Credit score for leasing a vehicle?

To Tuscani, that's surprising.....isn't leasing less of a financial liability? You only pay for depreciation of the car and if you wanna bail out early, pay some penalty.


Message Edited by overdrive on 05-22-2007 09:38 AM
Message 8 of 10
Moderator Emeritus

Re: Credit score for leasing a vehicle?



overdrive wrote:
To Tuscani, that's surprising.....isn't leasing less of a financial liability? You only pay for depreciation of the car and if you wanna bail out early, pay some penalty.


Message Edited by overdrive on 05-22-2007 09:38 AM


Most dealer finance people will tell you leasing requires better credit. I think it comes down to higher scores = more responsible = they will get the car back in better shape.... they have no worries if you buy opposed to leasing as they will probably never see the car again. 
Message 9 of 10
Valued Member

Re: Credit score for leasing a vehicle?



Tuscani wrote:


overdrive wrote:
To Tuscani, that's surprising.....isn't leasing less of a financial liability? You only pay for depreciation of the car and if you wanna bail out early, pay some penalty.


Message Edited by overdrive on 05-22-2007 09:38 AM


Most dealer finance people will tell you leasing requires better credit. I think it comes down to higher scores = more responsible = they will get the car back in better shape.... they have no worries if you buy opposed to leasing as they will probably never see the car again. 


They outta chk the driving history rather than credit history for that
Message 10 of 10