So is a checking line of credit.
Generally lenders want 2-4 lines of credit w/ 24-48 months of history to buy a deal.
You can mix and match them how you see fit but a mortgage and two car loans is always going to beat 3 credit cards.
High credit amount also comes into play w/ some companies. I know Porsche like to see 10k on a card/credit line at some point.
The score is only one piece of the puzzle. It’s the context behind how you got to that score – types of dings (if you have any) credit history, revolving available credit, types of accounts, balances carried, etc.
This is something I have noticed as well - it’s something MB likes, too.
It also varies lender to lender. Definitely isn’t one formula for all. I got approved through Chase for a jag in 2018 while 6 months into first job out of college with no loan history and two cards with an average of 1.5 year history.
Depends on how anxious they are to make a deal. Did they ask for paystubs?
Nope! Was in and out of the finance office.
I’ve never been asked for paystubs. Have no clue why.
Also - if you’re a borderline case for approval or for bumping to another tier, the mood of the F&I person can play a role since they have the ability to try and push things through with their credit analyst.
Kinda but not what BMW wanted to see. I had a long credit card history but they still said it was good but thin credit. This was also during the recession though.
This.
2020202020
That is how it should be! I always get asked for paystubs (Even when my father cosigned my lease, with him having stellar credit), they still wanted my paystubs. When my friend got a car from the same dealership, but different F/I manager, and no car payment history, she didn’t need POI.
I’m more curious what the details of your deal are, maybe the $1000 down is so the finance guy already has an approval $1000 over what you have been approved for so he can sell you some blinker fluid refills.
Oh and ask to see the approval, I can almost guarantee he won’t show it
So before a credit app is ever submitted, no matter the dealer, the finance manager is always asking you for paystubs? I’ve never heard of that happening before the app is submitted and certainly not across multiple dealerships with difference F&I managers.
First time I run into this. In the past, they usually asked me for paystubs when they submitted everything (but the very first time my score was 609). When my father cosigned (he has stellar credit), they still wanted to see my paystubs, but not his.
AutoFICO and regular FICO can be very different, two years ago when I got my first lease, my dealer told me I have 700 autoFICO but my FICO was about 780 that time.
Sometimes banks stipulate a loan to value ratio to offset the risk of the loan.
They want to see if you are able to come up with funds to support the payment, given that you have no history. I do find $1000 to be rather ridiculous especially given the low MSRP of Hondas and typically low payments. I usually see this when “Bob” is trying to buy a $120,000 7 series with reported annual income of $70,000, then the bank may ask for a large down payment like $7000-$8000 down.
They should be able to show you the stip through the bank. If your payment is like $275 x 36 = $9900 for the entire lease. 10% down is not unheard of. In my honest opinion if you can do the $1000 down, and it’s obviously being applied correctly then it does not seem like too big of a deal.
Samson laying down the knowledge!
Same here, I don’t have loans (or loan history).
Haven’t reached the final boss fight yet, just talked with the regular sale guy. I’m still researching various places to get a base better than 8.4% off msrp. I left the dealer but got a pretty good idea of their most used words.I liked the experience also never knew I had so many friends and family at a dealer, or so they said lmao.