Can I lease without a guarantor?

Ask the Hackrs
1

Hi everyone,

I’m new to leasing and wondering if I’d even qualify without a guarantor. Here’s my situation:

Location: Southern California
Monthly Budget: Under $300 (including tax)
Drive-Off: Up to $2,000
Preferred Vehicle: Compact SUV or Sedan
Lease Term: 24 or 36 months
Mileage: 10k or 12k miles/year
Credit Score: FICO 780
SSN: Yes
Income: No job income (full-time student), but I receive regular monthly deposits of $5,000+ from family and can provide bank statements as proof
Guarantor: Not available

Given the strong credit and proof of funds, is it realistic to get approved on my own? Open to any suggestions or if anyone’s had a similar experience.

Thanks in advance!

2

Your credit score may be high but that doesn’t necessarily mean your credit is strong. If your credit file is thin then some banks will be hesitant to give you an auto loan or lease regardless of how high your income or credit score is.

That said, and while it depends on the bank and car, if your credit profile is otherwise “normal” then it’s generally not a problem to get approved (in that price range) even if you don’t have a real job. Just say that you have $60k of income from family or investment income etc.

4 Likes
3

Are you a local or international student?

PJ

4

You won’t get approved. $5000 in socal means nothing. Maybe you can find a cheap one pay lease and maybe bank will let it slide

I suggest finding a sugar mama or zaddy to get you into a new car

2 Likes
5

Do you have credit cards or other credit lines open?

6

I’m a U.S. citizen currently living alone in California. My family lives abroad and supports me financially while I finish school.

7

If these 5k are used to pay rent then you’re correct.

8

Even if it isn’t, just regular spending in socal is nuts. Insurance might be more than the car lol

9

I have one credit card that I’ve had for about a year, so I know my credit file is still pretty thin. I’m just trying to get a sense of what kind of options might be realistic for getting a car given my situation.

10

Fair enough :smiling_face_with_tear:

11

Appreciate the insight, will keep that in mind.

12

Unless you have a EV charger at your home, you’ll need an ICEV

What kind of ICEV can you get in the stated budget of 2k DAS and basically ~270 plus tax? It’s probably going to be extremely basic and a penalty box.

Tell your family to buy you a CPO BMW or Benz or increase your lease budget to $400 ish. The difference in what you can get is like night and day.

13

Try Volvo. Although im not sure which of their models would be available for your budget. I would definitely recommend consulting with a good broker here. You dont want to go to dealers to find out in person and them dinging ur credit over n over.

Start with Volvo, then Nissan.
Avoid Honda / Acura as they are stupid strict.

14

Yeah, I know it’s a pretty tight range. Just trying to stay within what I can afford on my own without asking my family. Appreciate the advice!

15

Thanks for the tip. I’ll definitely keep that in mind, and I appreciate the heads-up about the stricter brands too.

16

go for a dodge hornet

2 Likes
17

Its not just the payment. He has credit issues. Any CJDR dealer would grill him alive if they sense issues.

18

what if he does one pay? would be like $3k

19

You still need proper credit to qualify for a one pay. Remember the bank is giving you a $XX,XXX car still which you are basically renting from them. They want to make sure you will not screw them over.

2 Likes
20

By the way, a friend of mine recently leased an Elantra with $2k down and $300/month, and their credit situation is pretty similar to mine. They’re also a student with thin history. I got the broker contact from them, but I’m just wondering if that’s realistically the best I can do—or if there might be better options I should consider before reaching out.