So I am working on rebuilding my credit. So far I am right around a 650 with the auto enhanced score. What are the minimum credit scores for the different car companies to lease a vehicle?
Like is ford a 650, dodge a 650, etc etc?
I am not sure of the minimum requirements for the purchase of a leased vehicle, but it looks like YMMV across the board.
I know someone whose CK scores said 491 TU and 496 EQ who just bought a Ford from the Ford dealership. I thought that was impossible at scores like that even if they are not to be trusted because they are CKs. Turns out Ford did not qualify them for a loan, but instead a company named Santander stepped in a gave them the money needed to finance. Experian sent a letter saying that the score was a 552. Though they are happy they got approved for a newer car, it came with a 72 month loan at 22% interest rate though.....OUCH!
With a 650 Equifax Mortgage Score you will qualify for a good rate with DCU but probably not their best.
Thanks for the replies! Whats the best credit union online that can do a pre-approval with a soft pull? Do credit unions only finance or are there ones that lease?
I really wanted to lease something new.
Don't forget that they will look at the complete file for approval. Credit score, income, DTI, Length of Credit history etc.