First time car buyer/new credit LEASE?

[Society1]

my Father will be a first time car buyer & never had credit before. There is only 1 tradeline reporting to all 3 credit bureaus Is it possible for him to lease a car or only finance? Im sure interest will be crazy financing..If he can lease how much should the car be ? Someone anyone give me some insight 

[cashorcharge]

You'll need to provide a lot more details on this before we can attempt to help.

I take it he doesn't have a FICO score with only 1 account?

What about his income...full time employment?

And Expenses...debt to income ratio...with 1 credit card...what are his rent (assuming) expense?  What does he think he can afford per month?

With more details, we can likely provide guidance....

[Society1]

Income full time employment 80k salary..I applied him a credit builder loan also but of course need another month or so to report. Rent he's living rent free with Mr so that's not a issue just a phone bill he has that's all

[cashorcharge]

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@Society1 wrote:

Income full time employment 80k salary..I applied him a credit builder loan also but of course need another month or so to report. Rent he's living rent free with Mr so that's not a issue just a phone bill he has that's all

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Thanks for the details....okay....so that loan may help and the lack of housing expense will report a low DTI so that also helps.

Yes, once that reports a score may be generated.  Typically, anything over 700 is an automatic approval in the auto industry for a payment in line with income.  Not sure that 1 account will generate that kind of score...and typically leases are bit more risky for a bank so the qualifiers may ask a few more questions.

I would start conservative.  Certainly try to stay under $40K as depending on what you're looking at with a decent lease (Subaru comes to mind) that he can get a payment in the $300's with "likely" $2000 or so down.  The other option to explore to get "most bang for your buck" would be some of the Korean brands like Kia or Hyundai.  They have decent lease programs, car prices aren't exorbitant, likely no dealer mark ups and can get some nicely options cars for your father that include safety features that would benefit him.