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Hello all - I'm looking to get a 2021 Esclelade Sport and was hoping to Lease through GM Financial.
Wondering what my odds are with the below stats:
TU - 739
EX - 725
EQ - 708
Have one auto loan paid off for about $10,000 then currently have one for $52,000 that has been paid down to $45,000.
No deorgatory marks other than 2 from 2018.
3 Inquiries on each report.
At the most will have 5% Credit Utilization at time of pull
No other monthly debt other than my $850 truck note.
Income of $185,000 - Willing to put $10,000 down but don't want to since it will essentially go to waste.
Don't want to waste a hard pull if my odds aren't good.
Thank you all in advance
DTI and scores both look good. I would say you are very likely to get approved, down payment will likely not be needed as well.
Thank you. I dont know why but I get super nervous when it comes to applying for credit. Going to apply Friday - Will update you then.
I actually see now that GM has a Pre Qualification with no hard pull. Going to do that first.
Have you considered doing a lease ?
The depreciation hit is huge on GM cars so unless you are planning on keeping the Escalade for over 5 years, a depreciating asset can hurt if it's a short term buy...
Yes a Lease is the only option I'm considering. Escalade's depreciate way too fast for me to justify financing or paying cash.
I also have a high cash based revenue business so the lease note writeoff is more than enough to convince me.