No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@MovingForward_2012 wrote:
Well after you negotiate the price, they tell you your monthly payment amount. The amount you have to pay per month on a car is just as important as the purchase price. With every car I have financed or leased they tell you your monthly payment after negotiating the price. Who doesn't want to know what they will have to pay per month on a car? And I bought a house shortly after leasing and your DTI for a mortgage app is based on monthly payments, not the total loan amount. So it was very important that I got the monthly payment close to what I was paying on the car that broke down and that was traded in so I could still purchase the size of home that I wanted and thankfully I did it right as I closed on the family dream home Feb 6th!
Congrats on the home.
@MovingForward_2012 wrote:
Thanks Dustin! But you are right, always negotiate the purchase price first. They say that if you plan to lease, go in there and pretend you want to finance...usually the dealer will drop the price lower that route and once you are happy with the price, tell them you are interested in seeing the monthly payments for leasing and financing and then make your decision.
I agree, that is a good tactic. Otherwise they might try to convince you to lease base off MSRP.
Near my house cars have ridiculous dealer mark ups. Like the Subaru dealer I bought from had mark-ups around $7k. The salesmen said some people actually pay it, and I bet some of them got lower monthly payment's than me.
I just recently (two days ago) signed on for two new leases, so here are my experiences...
3 Years ago:
First lease on my own ($37K vehicle) through BMW Financial -- approved at a sub-prime tier with high 500s credit score.
This week:
Second lease on a 2013 Lexus IS 250 ($40K MSRP) was approved for my wife. 690 credit score though approved at the 2nd highest tier. The difference is about $10/month, though the dealership went ahead and ate the cost. She used the recent graduate program, so a significant credit history is not needed. No bad marks, college transcript, and an offer letter were all that was required.
Third lease on a 2013 BMW X3 ($48K MSRP) was approved with a 673 crediit score. Qualified for 2nd highest tier though dealership was able to request a "tier bump" from BMW Financial to go ahead and give me the lowest rate.
If you've got a dealership that will go to bat for you or you can use some sort of program such as the college grad program, you can pretty easily get into a lease without much trouble.