My current lease is ending soon, and I am planning to get another lease again.
I am looking to lease a MSRP around $46k car.
I have around $31,000 in revolving debt which is about 55% utilization, it have been carried for around a year, but I am making around $2,500 payment each months. My current FICO score around 690s.I am assuming that my high utilization will affect my new lease.
My question is that does anyone think that I am still could qualify for a lease, with FICO score 690s and utilization 55%? In my credit report, it shows I have leased with BMW and Toyota; however, this time I am looking for Infiniti. By switching brand, do the new creditor would still offer me a better rate?
Thanks in advance.
Anything is possible OP. While a 690 score isn't terrible, the 55% utilization may cost you some in regards to interest rate. But I'm telling you from a person who use to spin paper in the box, a nice down payment will overcome a multitude of credit sins in regards to auto financing.
How is your DTI as compared to your current credit card utilization?
If your Auto FICOs are in that same 690 range Infiniti will buy. Most dealers can get that bumped to Tier 1 and get the lowest MF.
But when I lease car, I would like to put $0 or really small amount of down payment.
I am choosing Infiniti because the interest rate (when leasing car they call it money factor) is most likely 0%. So, I am wondering that if I lease car with my score right now, will the interest rate increase?
But my utilization is around 55% though....
Good to know..
Personally I think you'll be fine with Infiniti. I completely agree on a lease you should put zero to mininal down.