topic Re: My chances with a FORD lease as college student and FICO Scores needed?? in Auto Loans

My chances with a FORD financing as college student and FICO Scores needed??

Anonymous — Tue, 26 May 2015 09:14:33 GMT

I am new this forum and starting to build my credit at 21years old as a college student. I am still learning about building my credit score and my current FICO scores are in the upper 600s/low 700s.

I currently have a 2001 Ford Explorer Sport that I own and I bought from an auction last year but it’s getting up there in mileage (200,000). So I probably will need a new car in the future because of some mechanical issues. My mom always taught me buy cars and not lease/finance them. But I am interested in leasing a new car that is reliable.

What are the requirements for financing a FORD? which credit bureau does it pull? income/employment requirements?
Or How I should prepare financially so I can finance a new car? Has anyone been approved by ford recently? If so can you please give details

I really like the 2015 Ford Mustang it has always been my dream car since I was a young girl.

I am not sure if I can get new car because my credit history is not long with the credit cards I have. ( less than one year).

Any advice and suggestions are greatly appreciated, thanks!

Re: My chances with a FORD lease as college student and FICO Scores needed??

Anonymous — Tue, 26 May 2015 06:57:50 GMT

and I live in south carolina

Re: My chances with a FORD lease as college student and FICO Scores needed??

StartingOver10 — Tue, 26 May 2015 08:03:44 GMT

Do you have an income? Or are you thinking your student loans will cover the payment?

Re: My chances with a FORD lease as college student and FICO Scores needed??

Anonymous — Tue, 26 May 2015 09:13:09 GMT

Yes, I have a income from a full time job I been at for 2 and half years. I live on my own and rent a apartment.

And no, I don't think student loans will help me buy a new car and I don't have any student loan debt.

I used scholarships, grants, and my own money to pay for school not student loans.

Re: My chances with a FORD lease as college student and FICO Scores needed??

StartingOver10 — Tue, 26 May 2015 10:47:35 GMT

@Anonymous wrote:
Yes, I have a income from a full time job I been at for 2 and half years. I live on my own and rent a apartment.
And no, I don't think student loans will help me buy a new car and I don't have any student loan debt.
I used scholarships, grants, and my own money to pay for school not student loans.

Ah, so nice to see! So many come here and think their student loans are a substitute for income

I am not the one to answer your question about leasing as I think that leasing is only suitable for very narrow circumstances. Take a look at the stickies above. There is a thread on leasing. But do also take the time to review your options for purchasing too. Remember, at the end of the lease you have nothing (no equity).

Start with this thread - it has both leasing info and financing info http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/2898720

Re: My chances with a FORD financing as college student and FICO Scores needed??

Anonymous — Wed, 27 May 2015 02:35:52 GMT

I was actually approved around 2 weeks ago through ford. I thought they used my transunion score but actually used my experian score. I was approved for 0% and 4.89% apr for 72 months. I still live with my parents so my DTI is 0%. My score on the date of approval was 717. I am a college student and 21 years old. I financed $25,000 for a focus. I make around $20,000 a year and my longest credit card is 2 yrs old. Hopes this helps. i purchsed mines.