Community Leader
Super Contributor
Posts: 5,060
Registered: ‎03-06-2010
Re: Will I get approved for a lease w /BMW Financial Services w/ thin credit file?
[ Edited ]

I was responding to your inquiry to lease, not to purchase.

You will have a rough time since it is your very first vehicle and your credit is brand new and the income is not there for the type of payment you need to make on the vehicle you have chosen.

 

This is going to sound harsh to you: From your post, it sounds like you are either still at home with your parents where they are paying all your housing expenses (vehicle insurance, rent, food, utilities, etc) or you have alternate sources of income that are not verifiable. Getting into a lease is a long term proposition.

 

Right now you have some savings and no expenses, will it be that way for the entire term of the lease? If so, than get whatever vehicle you desire.

 

If you plan to move out on your own at sometime in the next 3 yrs or whatever lease term you sign up for, just make sure you have the cash sitting in your account to continue the payments until the lease termination. There is almost nothing worse than trying to recover from a repo. Given your original stated income, if you were supporting yourself, you wouldn't be looking at a $400/mth payment for a vehicle + the required vehicle insurance.