Getting Approved with FICO auto score of 8 635! HELP!

[Anonymous]

I am interested in purchasing my second car soon. I purchased a Honda Civic back in 2007 with my father as the co-signer. I paid the car of in 2011. I am not trading in my car(giving it to my niece) but I am interested in leasing a car with Honda, Chevrolet or Ford. What re my chances of gettting approved with a 636 FICO Auto score 8? My credit is inclining and it went up 20 points last month. I have a great history of on ime payments with my previous loan from a credit union. I don't have a lot of money (0-none) to put down on a downpayment.

Any adivse is greatly appreciated!

[Jeff532003]

I've personally never seen a 0 down lease but they might exsist. A complete guess but even a stanard lease might be a challenge with a score below 650.  I'd think you could likely get 0 down financing but the F&O guy is going to try and kill you with intrest points on the backend because of your score and downpayment situation.  I'd apply at the CU that you had yout last loan with and Cap One auto before walking in the door so you have a rate that they need to beat and they know your informed.  

[Anonymous]

Thank you for your reply Jeff. I am going shopping this weekend to see an estimate or round about they are offering me with checking my credit (Since I will my scored printed out) I paid down my credit utilization to 50% this month, so hopefully that will reflect on my credit score at the end of the month. I will also reach to the credit union and capital one. I think I can put down about 500 by the end of the month.

Thank you again!!!

[Anonymous]

You'll be fine I work at a dealership, gmc Cadillac Buick & I've sold leases to 530 credit score. But the lower your score the worse the tier from what I've seen you should try to get a tier bump to at least an A3. Every dealer ship has one specific bank that handles all their leases, my dealership for example only Gm financial, dodge/jeep is on td auto/Chrysler which only specifically pulls transunion & you MUST be over a 650 to even qualify to have hope just try to get the run down before too many dealerships run your credit.

[Anonymous]

Thank you Netta! I am hoping by the end of the month, my credit rate bumps up at least 20 points. That will be put me at a credit range of 656 for myfico auto enhanced score.

I paid down all my credit cards and recently received a credit increase for my capital one card. I am looking tomorrow but not letting any dealership run my credit. I just want to see what deals they have test drive the cars. I will also ask what credit score they pull and show them what I am working with.

[Pway]

Yes 0 down leases do exist.  I see the commericals run all the time on T.V.

[Creditaddict]

Use Truecar to get the vehicle located you want with options and get the price so you don't have to haggle at dealership.

Ford will be easy approval... Honda may be little more difficult but I don't see really any issue getting some sort of approval.

[Anonymous]

Contact a loan ofc at your local credit union, get pre-approved for a loan before you go shopping. They should be able to give you an idea with your score before running credit. At the dealership have the salesman initial a letter prohibiting them from running your credit at the dealership. (They are going to run it anyway even if you tell them no.) So with a copy of the letter you can get the inquiry off later if necessary bevause you will lose a few points with the inquiry.