I’m new to this awesome community of LH, I’m an international student in Michigan, currently on the lookout for a compact SUV lease. My budget, including insurance, is $500, and I can make a down payment of up to $1000.
If anyone has suggestions or insights on affordable options within these parameters, I would be grateful for your advice.
Thank you in advance.
Then you aren’t getting one. Insurance for a new driver is going to run you at least $200/m, then add your car Monthly of at least $300 and you are going past $500 fast.
Go for a nice used car.
Is it, that’s sad . I really thought I can secure a lease within my budget, after following this amazing community. Think I’ll look into used car markets from now on.
If you weren’t a new driver, then it’s easy to get $500/m but because of ‘new driver’ they are going to charge you a lot for a new car insurance.
You might be able to get a lease if you do a maximum of 24 months, you have a scholarship (proves income, even if it technically covers tuition), and you can do a one pay. But that would mean having at least $7200 to do the one pay. Then insurance will put you back quite a bit (even if you’re in grad school and older, and have had a foreign license for a while; some insurance companies will consider foreign driving experience, but you’d still be looking at a high premium).
I’m new to this , sorry for this noob question. In a hypothetical scenario What’s the max rate insurance company can be asking me(new driver) to pay for 40k car ?
Roughly? $3000-4000 yr
Yep I do have driving experience back in my country, can you name few companies, that usually considers that experience ?
Is it safe to assume that you have little to no credit (history)? If so, that would be another immediate thorn.
That’s roughly translates to 250$ - 300$ , in an ideal scenario i should be searching for lease deals ~250$/month . Thanks a lot for the information
Yes , that’s a thing too. I’m using discover student card from 2 months but I don’t think credit score is significantly improved.
Find a used honda or toyota n build your credit history n driving history for the next 2 years.
Good job with being proactive on the credit situation. Of course, that is assuming the card is being used for constructive purposes and not as a revolving debt. It’s a start, but that (2 months) is basically nothing in the credit world.
I would likely recommend try to find a decent used vehicle. The cheaper the better, so you can make larger principal payments (and still fall within your budget). seeing as the rates are so high now.
You don’t want a leased/new car for college anyway. So many people can’t drive and the others don’t really care…door dings, fender scrapes, etc. While I was in college, I had a nice sports car, a bike and a cheaper beater. Guess which one got taken to campus 95% of the time? 
How many miles do you plan to drive a year?
Based upon the original post, I am guessing zero.
This. Couldn’t see anyone approving without a co-signer
That’s a number pulled out of thin air. You need to get quotes directly from insurers or compare using the Jerry app or through an insurance broker.
10000 should be enough, but after seeing all the replies I think I will stick with the search of finding a used car.
Yes, that would be your best option.
Might also ask what insurance companies may give you a discount for taking a driving course as well.
Insurance will be much cheaper too. You may not even need comprehensive coverage.