topic Re: Looking into a lease or loan in Auto Loans

Looking into a lease or loan

Anonymous — Wed, 10 Jul 2019 21:05:35 GMT

My current car is slowly taking its toll on the pocket book, so have decided to look into loans or leases. Some information, My EX is Auto 8 is 689, Eq 581, and TU 701. Total Utilization between cards is 16% and make around $45,000 a year.

My Eq is weighed down with $1800 in hospital Bill's, but other than that, 100% on time with all CC payments. This will be my first loan or lease, I started payments through the collector for my debt at $50/mo as wanted to pay it in full come bonus time.

I'm afraid of doing a lease due to hearing places like Toyota financial are CFA's, been working hard on my scores for awhile, wouldn't want them hurt.

Anyone have any advice? Any good auto loan companies that pull from EX and TU? Is leasing worth it if its through Toyota Financial (they will pull all 3 and use the best score to finance me.)

Re: Looking into a lease or loan

KLEXH25 — Fri, 12 Jul 2019 03:22:05 GMT

So I have an auto loan with Toyota Financial. My car is a Mazda, but TFS was the only approval at the dealership that was lower than my DCU loan. They do not report as a CFA on my report, but I financed so I don’t know if that matters. I should mention that TFS has been great and their website is easy to use and make payments. The app needs work though.

Re: Looking into a lease or loan

Anonymous — Fri, 12 Jul 2019 04:55:08 GMT

Thanks for the input. I shopped around across 100 miles and found the car I wanted, with many dealerships trying to compete, so that's a plus.

I go in next Friday to test drive it and go through financials. Being the first time doing this, is it better to get there earlier? Or does time frame not matter when it comes to financing and driving away?

Re: Looking into a lease or loan

settleordelete — Fri, 12 Jul 2019 11:55:25 GMT

I bought a new Toyota in June using TFS (pulled my Tu and Eq reports here in Texas). TFS appears on all 3 of my bureau reports as an auto loan and not a consumer finance account. Dealers have alot of sales traffic on Fridays and Saturdays. I went in around 10 am on a Saturday and was driving away before 1pm. This was my third time using TFS and the finance department at this dealer was amazing and easy to deal with as always.

Re: Looking into a lease or loan

KLEXH25 — Fri, 12 Jul 2019 16:12:24 GMT

My process took longer. I went in on a Saturday around 10am, took the car for a test drive, and then started the paperwork. I didn’t leave the dealer until around 4pm! It can be a long process (especially if they’re busy) so earlier can be better. FYI, I just checked my reports and TFS only pulled Experian.

By the way, I highly suggest that you try to go in with a preapproval so that you have leverage. Check out Capital One Auto Navigator and see if you get any offers. It’s only a soft pull, so you can see where you’ll stand (regarding interest rate).

Re: Looking into a lease or loan

Hockeypnc1 — Sun, 21 Jul 2019 01:26:45 GMT

@Anonymous wrote:
My current car is slowly taking its toll on the pocket book, so have decided to look into loans or leases. Some information, My EX is Auto 8 is 689, Eq 581, and TU 701. Total Utilization between cards is 16% and make around $45,000 a year.

My Eq is weighed down with $1800 in hospital Bill's, but other than that, 100% on time with all CC payments. This will be my first loan or lease, I started payments through the collector for my debt at $50/mo as wanted to pay it in full come bonus time.

I'm afraid of doing a lease due to hearing places like Toyota financial are CFA's, been working hard on my scores for awhile, wouldn't want them hurt.

Anyone have any advice? Any good auto loan companies that pull from EX and TU? Is leasing worth it if its through Toyota Financial (they will pull all 3 and use the best score to finance me.)

What is a CFA???

Re: Looking into a lease or loan

Anonymous — Sun, 21 Jul 2019 02:55:30 GMT

Consumer Finance Account. I dont know much about them, but read alot about them ruining your credit.

Got approved by toyota financial for the Lease on my new 2019 Camry. Drove it out of the showroom Friday with 2 miles on it, a $50 gas card, a bunch of swag, and got $1500 knocked off price. $429 a month.

Applied for the PP 2% CB MC today and got approved with a starting limit of $500 and overall $1500. Applied for Citibank, was told to wait 7 days for further processing, not holding my breath. Both pulled TU though. Dumped my Creditone onto my Discover and canceled today.

Been a busy 2 days!

Re: Looking into a lease or loan

Hockeypnc1 — Sun, 21 Jul 2019 03:17:13 GMT

Excellent work.

Would like to know more about these CFAs.

Re: Looking into a lease or loan

settleordelete — Sun, 21 Jul 2019 03:26:17 GMT

Congratulations on your purchase.

Re: Looking into a lease or loan

KLEXH25 — Sun, 21 Jul 2019 03:50:23 GMT

Congrats on the new card and CC!!!

Re: Looking into a lease or loan

Anonymous — Sun, 21 Jul 2019 04:01:24 GMT

I feel a lease is terrible no matter the terms. It’s not going to help your score either, not like a loan would. And I’ve seen too many times, at the end of the lease, someone having to pay thousands of dollars for overage on miles or minor damage.
A local bank for a car loan is probably the easiest to get based upon score. I know my local bank approves at 625 for 7-9% interest on used cars. My done got a 6% for a car 2 years old with a 740 score.

Re: Looking into a lease or loan

Anonymous — Sun, 21 Jul 2019 04:48:09 GMT

First purchase. After 3 years is when major repairs begin, only reason I'm aiming away from purchasing. I was approved for a loan at $510 a month with $500 down and 6%, BOA wasnt able to offer me a better deal then TFS, and all local banks pull from equifax, which is shot until later this year.

Next March I most likely will be on salary at 60k a year, so maybe I will consider buying soon enough. But right now, leasing is a good option price wise. Minor paint repairs I can fix myself, as my uncle owns an auto body shop a few towns from me. But overall I hope for the best.

Re: Looking into a lease or loan

Anonymous — Sun, 21 Jul 2019 04:49:53 GMT

And thankfully, I drive once a month 200 miles to visit family, then its 4 miles a day to and from work. I average 8,000 miles a year on my old car.

Re: Looking into a lease or loan

Hockeypnc1 — Tue, 23 Jul 2019 01:24:44 GMT

A lease will show up as a loan on your credit report. If you're way over the miles, just buy out the lease from the leasing company and convert it into a loan (this is what I did!). Or a few months before your lease is over go to a dealer and say you want a new lease.

@Anonymous wrote:
I feel a lease is terrible no matter the terms. It’s not going to help your score either, not like a loan would. And I’ve seen too many times, at the end of the lease, someone having to pay thousands of dollars for overage on miles or minor damage.
A local bank for a car loan is probably the easiest to get based upon score. I know my local bank approves at 625 for 7-9% interest on used cars. My done got a 6% for a car 2 years old with a 740 score.