Good deals and getting approved with 670 credit score possible?

I live in LA and have spent the past week trying to get a reasonable deal on a few cars. At first I was targeting the Ghibli (please hold your Chrysler comments), but wasn’t able to work anything even slightly reasonable out at the dealer. I’m aware it would be hard to get me approved tier 1, but either way I was looking at $800+ per month with 5k down!! Unreal. Passed on that and started looking at f type jaguars and had a decent deal in my eyes at $450 per month 3k down with 12k miles per year, but my credit got declined. After looking at this site I’m starting to feel hopeful that some gurus on here could assist me.

This is my first lease, I’m 21, have a lot of income to show but just not the best credit and no car history.

Looking for some overall advice on leasing to get better deals on something better for my money, and also tips on getting approved.

Hope you guys can help!


How long is your credit history? Assuming a max of 3 years, do you have any negative items? Just as an FYI JP Morgan Chase can be fickle sometimes, and they are the lease finance company for Jaguar and Maserati. I’d imagine you’ll have an easier time getting approved for a BMW or Mercedes-Benz.

Like @willwar14 alluded to, it’s not just your score but also the length/depth of your credit history that they take into account. Possibly income as well.

Sounds like you are either going to get outright declined or ransom’d to a exorbitant APR at a high end brand. Have you considered something more “normal” to stay within a reasonable payment and also build your credit history at the same time?

Perhaps someone can chime in whether an auto loan (purchase) or a lease will help build your credit better/faster over the next 3 years.

@willwar14 @max_g

My history is about 2 years. Plenty of income to show though. my budget is around $500-600 per month and am trying to get the best i can in that range for a first time lease. Open to BMW and Mercedes.

My history is also around 2 years and I was able to lease a BMW at tier 1 rates. I also have a much bigger file than most people for my age so that likely helps me. My biggest question is that do you have any negatives on file? Negatives + short history = denial.

And I was not only able to lease one, but one with a MSRP of $78,000.

Buddy of mine was in this boat @22…high income but short history + a couple negatives. Got declined a lease even at Hyundai. Back before they were a respectable brand. Dealer said he could sell the car to him at a high APR

Depending on your situation, you might need to be open to more than just leasing a BMW or Benz

Please share your ways. My history should be good. Which car did you get? @willwar14

History of credit and previous finances play a pretty big role in leasing; more than income in my experience. I was in this same boat for awhile, had plenty of income to show but little history. Even if they were to overlook the short credit history, 670 isn’t high enough to justify for most banks to oversee it. I had about 2 years of history and a score of approx 740 & was still getting declined because I had no long history of significant finances. I’m not sure if you could get somebody to cosign for you but that would be another option.

Hey there -

I was in a similar situation where my FICO score was above 720 but my auto score from Transunion came out to be 643 because I have no prior auto loan history. I was at the dealership about to sign my papers when I learned of this which then affected my MF/APR on the lease. Maybe look into what your current auto score is because this is the number that they use for MF. I definitely overlooked this and assumed I was Tier 1 just based on my regular credit score.

Co-signing will also help if your co-signer has an outstanding auto score.

I ended up leasing the Jaguar XE still and very happy with it.

Transunion sucks, it always comes lower than any other score for some reason.