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First time buyer - Good Credit

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New Contributor

First time buyer - Good Credit

My wife's car is under my name. Lease is ending in 3 months. 

I was recently laid off and I don't know if I'll be able to find a job before this lease expires. If that's the case, she will have to buy\lease the car on her own

She has good credit. Right now its FICO 730, but by July will probably be 750 or higher. Her salary is not very high btw. 

Will she be able to lease\buy a car on her own without a cosigner? 

If she does need a cosigner, can I cosign without having a job? I have pretty good credit and 2 car leases under my name. I assume my Auto FICO score is pretty high

She is looking at the Honda HR-V and I want to make sure we don't waste time. 

If she is a first time buyer with 750 FICO, will she have any issues? Does her salary matter?

Did I miss anything else?

1 REPLY 1
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Valued Contributor

Re: First time buyer - Good Credit

I don't have the exact answer, as every lender is different. What I'll say is here whole credit picture matters. The good FICO score certainly helps. Salary is certainly figured in. As for whether she'll need a cosigner or not, depends again on the lender.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


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