My dad is looking to lease a vehicle. he has literally no credit score or any credit history but has verifiable income/job and basically no debts besides rent…would leasing be an option for him? He wants a mid size, 7-8 passenger SUV with a v6. He has roughly 3-4K down payment.
I could try to cosign, but i have my own car loan and all that…my score is roughly 700.
Based on this, he is not getting approved for a lease. His best bet is a local credit union auto loan.
Ok, thats what i was thinking…something along the lines of a first time buyer program
I mean not really. No loan history but suddenly needs an 8 passenger SUV with a v6?
Credit union is the place to go here.
He transports my 4 kids around a lot more now…and right now all he has is an older 2 door civic that seats 4. So he wants something larger that can accommodate everyone
May I suggest a used minivan. He will be the coolest grandpa ever. Provided your kids aren’t teens and “image conscious”.
It only takes six months with one open trade line reporting to generate a FICO score.
Still not enough history for a lease this time around, but he should start to build a credit profile so he has it later.
He can get started with a secured card. You can also add him as an authorized user on one or more of your seasoned credit cards to help jumpstart his profile.