Leasing: Never had an auto loan. But perfect credit.

[jritch]

Quick question.

I'm looking to lease a car. I've never had an auto loan before, because I've lived in NYC and Chicago and depended on public transportation. Recently moved to NC and looking to lease a car this month.

I have heard that it is difficult getting qualified [without a cosigner] if you have never had a loan before. I'm 31, make 92k and have excellent credit. I'm looking in the range of $200-$300 payment per month. Nissan, GMC, VW, Acura and Mazda are all in my consideration set.

I can't imagine I'd have any issue, but not sure how much of a deal will be the lack of a previous auto loan. Thoughts?

[pakman92]

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@jritch wrote:

Quick question.

I'm looking to lease a car. I've never had an auto loan before, because I've lived in NYC and Chicago and depended on public transportation. Recently moved to NC and looking to lease a car this month.

I have heard that it is difficult getting qualified [without a cosigner] if you have never had a loan before. I'm 31, make 92k and have excellent credit. I'm looking in the range of $200-$300 payment per month. Nissan, GMC, VW, Acura and Mazda are all in my consideration set.

I can't imagine I'd have any issue, but not sure how much of a deal will be the lack of a previous auto loan. Thoughts?

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Last car we purchased, we used my wife's credit.  The reason was she had no other credit than revolving on her file.   (no student loans, auto, installment or mortgage).   Her file was quite clean and had a non auto enhanced fico of 770 ish. (10 yr AAoA)  She had no problem getting the best rate through Acura Financing.  (0.99%).

I guess what I'm saying is that if you have perfect credit with decent amount of history, lack of previous auto loan should not be an issue for you.

[oscar_actuary]

why leasing instead of buying?

fwiw, if you were buying, just put 20% down and you'll be ok.

Maybe the same is true for leasing, I don't have a clue

ETA:  oh, re-read, you have excellent credit, just no car loans. Yeah, should not be a big deal at all.

[SamsungHDTV]

I agree. Buy, dont lease. No point in a long term rental car.

[Project17]

Financing with excellent credit and no previous auto loan no problem, leasing maybe or maybe not if so you will have a higher tier thus paying more then you should.