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Looking into a lease or loan

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Established Member

Re: Looking into a lease or loan

I feel a lease is terrible no matter the terms. It’s not going to help your score either, not like a loan would. And I’ve seen too many times, at the end of the lease, someone having to pay thousands of dollars for overage on miles or minor damage.
A local bank for a car loan is probably the easiest to get based upon score. I know my local bank approves at 625 for 7-9% interest on used cars. My done got a 6% for a car 2 years old with a 740 score.
Message 11 of 14

Re: Looking into a lease or loan

First purchase. After 3 years is when major repairs begin, only reason I'm aiming away from purchasing. I was approved for a loan at $510 a month with $500 down and 6%, BOA wasnt able to offer me a better deal then TFS, and all local banks pull from equifax, which is shot until later this year.

Next March I most likely will be on salary at 60k a year, so maybe I will consider buying soon enough. But right now, leasing is a good option price wise. Minor paint repairs I can fix myself, as my uncle owns an auto body shop a few towns from me. But overall I hope for the best.
Message 12 of 14

Re: Looking into a lease or loan

And thankfully, I drive once a month 200 miles to visit family, then its 4 miles a day to and from work. I average 8,000 miles a year on my old car. Smiley Happy
Message 13 of 14
Established Contributor

Re: Looking into a lease or loan


A lease will show up as a loan on your credit report. If you're way over the miles, just buy out the lease from the leasing company and convert it into a loan (this is what I did!). Or a few months before your lease is over go to a dealer and say you want a new lease. 
@Samwooly wrote:
I feel a lease is terrible no matter the terms. It’s not going to help your score either, not like a loan would. And I’ve seen too many times, at the end of the lease, someone having to pay thousands of dollars for overage on miles or minor damage.
A local bank for a car loan is probably the easiest to get based upon score. I know my local bank approves at 625 for 7-9% interest on used cars. My done got a 6% for a car 2 years old with a 740 score.

 

Message 14 of 14
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