@JackieChan28 wrote:Hi guys! I'm Nick. I want to lease a Range Rover Velar HST 2023 $79k sticker at my local dealer and I have a question in regards to my current credit report and score.
So currently my credit score on Experian is a 729.
I don't have any delinquencies, late payments, collects, Repo etc...
My credit history is just not that aged and don't have to many lines.
My oldest is 3.5 years...
Currently:
1st Line:
$35k Barclay's Bank Credit card that's 3.5 years old. Balance is $100. Monthly payment $99/m. Never missed a payment. If I use 1k, 5k, 10k for example, I've always closed the balance off and kept it at a $100 balance.
2nd Line:
I have a $1,500 Discover it Credit Card that's less then a year old. Exceptional payment history. Never missed a payment.
3rd Line:
I recently got a SELF Credit Builder account for 12 months on the $35 a month payment plan. Paid the first month's payment the same day I opened the account.
That's everything I have on my credit file "As of now".
I work for Lockheed Martin.
36 years old....
Make just less then $500k a year
My question to those who can help me.
Would my current credit score and credit file be sufficient to get an approval on a Range Rover Lease for the new 2023 Range Rover Velar priced at $79k?
I have $5k I can put down or I can put more Down if drive off is more.
So what you guys think? Will Range Rover Approve me on a lease with my current credit score and file?
Also what would you guys recommend I add to my credit file to get out of the "Thin File" category?
And build it up to not have issues leasing cars in that price range?
Later I'm looking to lease 3 vehicles as part of a business to use for Turo for income.
Please Let me know what else would be great to add on my credit.
Any input will be greatly appreciated!
Thank you.
Nick!
That's a lot of car for your first ride. I'm not saying they won't do it but it would be an exception not the rule. Also be careful with Turo. A lot of lenders get squirrelly if they see their cars on those platforms. Make sure to verify upfront they are good with it. For one that's commercial use so you would need a biz loan. On top of that some lenders really hate rentals even on commercial.
Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense 
@CYBERSAM wrote:Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense
Score isn't all they look at. Chip shortage isn't marketing nonsense. Very real. I doubt it matters as much on a Rover as it does a Corolla though. LR was discount free before the chip issue came about. The people that want them have been paying up for years.
@increasingmyfico wrote:
@CYBERSAM wrote:Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense
Score isn't all they look at. Chip shortage isn't marketing nonsense. Very real. I doubt it matters as much on a Rover as it does a Corolla though. LR was discount free before the chip issue came about. The people that want them have been paying up for years.
You certainly can get turned down if the score is not good enough to them, regardless of income.
Also many dealers are bringing up chip shortage to raise the price higher then MSRP.
@CYBERSAM wrote:
@increasingmyfico wrote:
@CYBERSAM wrote:Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense
Score isn't all they look at. Chip shortage isn't marketing nonsense. Very real. I doubt it matters as much on a Rover as it does a Corolla though. LR was discount free before the chip issue came about. The people that want them have been paying up for years.
You certainly can get turned down if the score is not good enough to them, regardless of income.
Also many dealers are bringing up chip shortage to raise the price higher then MSRP.
Thats supply vs demand. Econ 101 level stuff. Not dealers using some voodoo term to charge more. Also cars are selling for higher than msrp used.
@increasingmyfico wrote:
@CYBERSAM wrote:
@increasingmyfico wrote:
@CYBERSAM wrote:Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense
Score isn't all they look at. Chip shortage isn't marketing nonsense. Very real. I doubt it matters as much on a Rover as it does a Corolla though. LR was discount free before the chip issue came about. The people that want them have been paying up for years.
You certainly can get turned down if the score is not good enough to them, regardless of income.
Also many dealers are bringing up chip shortage to raise the price higher then MSRP.
Thats supply vs demand. Econ 101 level stuff. Not dealers using some voodoo term to charge more. Also cars are selling for higher than msrp used.
You can't lease a used car!
Dealers don't have a set price for howmuch they are willing to let go a brand new car! I have dealt with many dealers that offer 10K discount and some that would not at all. For the same exact models! I've seen this for many years.
@CYBERSAM wrote:
@increasingmyfico wrote:
@CYBERSAM wrote:
@increasingmyfico wrote:
@CYBERSAM wrote:Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense
Score isn't all they look at. Chip shortage isn't marketing nonsense. Very real. I doubt it matters as much on a Rover as it does a Corolla though. LR was discount free before the chip issue came about. The people that want them have been paying up for years.
You certainly can get turned down if the score is not good enough to them, regardless of income.
Also many dealers are bringing up chip shortage to raise the price higher then MSRP.
Thats supply vs demand. Econ 101 level stuff. Not dealers using some voodoo term to charge more. Also cars are selling for higher than msrp used.
You can't lease a used car!
Dealers don't have a set price for howmuch they are willing to let go a brand new car! I have dealt with many dealers that offer 10K discount and some that would not at all. For the same exact models! I've seen this for many years.
You actually can lease used cars but that wasn't the point. I mentioned that because if used are selling for more than sticker why shouldn't new ones? Nobody at any dealership anywhere has offered $10k off this year. No one. Many years has nothing to do with this current climate.
@increasingmyfico wrote:
@CYBERSAM wrote:
@increasingmyfico wrote:
@CYBERSAM wrote:
@increasingmyfico wrote:
@CYBERSAM wrote:Your income should support your lease amount with no problem, also your score is good enough.
I would secure the 1st loan before discussing additional ones!
Also no need to put any money down and don't fall for chip shortage marketing nonsense
Score isn't all they look at. Chip shortage isn't marketing nonsense. Very real. I doubt it matters as much on a Rover as it does a Corolla though. LR was discount free before the chip issue came about. The people that want them have been paying up for years.
You certainly can get turned down if the score is not good enough to them, regardless of income.
Also many dealers are bringing up chip shortage to raise the price higher then MSRP.
Thats supply vs demand. Econ 101 level stuff. Not dealers using some voodoo term to charge more. Also cars are selling for higher than msrp used.
You can't lease a used car!
Dealers don't have a set price for howmuch they are willing to let go a brand new car! I have dealt with many dealers that offer 10K discount and some that would not at all. For the same exact models! I've seen this for many years.
You actually can lease used cars but that wasn't the point. I mentioned that because if used are selling for more than sticker why shouldn't new ones? Nobody at any dealership anywhere has offered $10k off this year. No one. Many years has nothing to do with this current climate.
Have to strongly disagree with you!
This year we got 2 new cars with usual discounts, no problem! Toyota Sienna and Range Rover
Not 23 because most models are not out yet, but the deals are still going on. Actually 21 was more delayed then 22.