@tparvaiz wrote:
Hi,
I am planning to get a new Honda on either lease or finance.
Here are my questions
- I plan to secure a mortgage as well; with the lease/finance, what will be the impact on my FICO score (related to mortgage), and how long will it stays.
- Will there be any difference in impact to FICO (related to mortgage) if I lease or finance the car.
- Which fico score Honda in Chicago uses. Any way to find out.
I appreciate any help you can provide.
If you are in the process of securing a mortgage, it is not wise to apply for a car loan/lease as it will change your DTI and possibly your FICO score. With a lease, most (if not all) car manufacturers will still require a hard pull of your FICO scores. Bureaus and versions will vary. With a finance, you can either go with the manufacturer or bank/credit union but it will still require a hard pull regardless. And yes, it will impact your scores. Whether or not your mortgage scores will be affected is hard to tell, but more than likely it will be a hit. Only way to tell what FICO Honda of Chicago uses is to ask the finance manager at the dealership beforehand.
