Hello hackers my name is jhonny I am a new member from Altamonte Springs Fl 32701, first time leaser/buyer.
I am barely new in this country I am trying to be familiar with the Credit score play, currently MY credit karma is around 650´s and experian 660´s there is option for a SUV leasing like jeep wrangler, 4runner or new honda CRV, I am open to hear recomendations for hacks.
I have been checking rodo prices and also FLEX leasing, are those acurate prices/deals? thanks in advance
In this market, with low credit, dont bother leasing. Find an inexpensive vehicle to purchase, work with a credit union thatll give you the best rate, and build your credit.
I wouldnt believe anything you see on rodo. Theyre notorious for listing deals that they wont honor.
+1. Remember: This is a continuous process. Whenever you can, refi to a lower rate.
Lowering your balance by paying down more (upfront and over time) will lower your total finance charges.
Thanks a lot guys !! So imposible get a leasing in this market with mids 600’s score so I get pre approval for Capital one for 45k with interest rate around 7-10% I should go to local credit union even when I have not accounts with them right ?
It isn’t impossible, but it is going to jack the already high prices much higher.
Theres a good thread on here regarding the best credit union options for loans and what it takes to qualify.
Welcome!
Credit Karma scores are not used by any lenders for lending decision, so consider them “for entertainment only”. Suggest you take some time reading through
And: credit score is just the first of several things that might (and are usually, not always) checked to qualify for a lease:
To name a few. An 800 FICO v8 score doesn’t mean you get to lease an X7, but the credit worthiness part of the application won’t return a “No” and bomb out of the flowchart.
If these were FICO v8s from all 3 bureaus, I’d tell you that you’re pushing Tier 3 on some brands, and your bureau age and lack of auto history is going to give any credit analyst pause, irrespective of the current rate/lending environment.
Get your 3 bureau FICO scores and start monitoring them, go buy something (relatively) inexpensive and used that you can finance and pay-off in 1-2 years, then consider a lease. You probably aren’t a candidate right now.
Lots of good advice in this thread.
Alternatively, some credit unions do credit building loans, they have slightly higher interest rates but inversely easier to qualify for ratesz
It depends, Toyota and Ford have done down to T7 (500s), so you can see if they will loan to you.
Are those tier for financial or leasing ?
Probably gonna need a hefty down payment…
Both, you will be hit with a big interest rate and possible high downpayment but both of those companies cater to new car buyers/leasers with low credit.
So that 4runner you mentioned might be in your sights.
Thanks a lot !! Also I have a pre approval from capital one for 45k it could be a real estimated ?
I just had a customer get hit with an 80% LTV on a 330ix because she has never had a car loan in the US. Credit is tightening up for sure.
PreApproval is worth the paper it is on. Until you get a real approval (which at 660 Cap1 will probably deny), you will never know.
Hello I am planning to get my first car I am looking for a lease, credit score mid 600(630,650,640) on myFICO app I am able to put 3k down, only debts are 3k on credit card, income around 70k
recommendations for brands first time buyer friendly ??
My potentials options could be Nissan frontier, Honda crv, Kia Sorento or Tacoma crew cab 4x2 or maybe a jeep wrangler basic model
I really appreciate your recommendations
The same answers from above hold true.
You need to purchase an inexpensive car and repair your credit, not lease.
Let me add some more info.
Interest rates pretty much doubled for leasing.
So payments for low FICO’s is horribly bad right now, especially for leasing.
I would find a low priced used car and buy it out directly.
Buy used car for like $15k and then consider leasing after 2 years. Used car market is continuing to drop so maybe you can find a good deal thru negotiating. In 2 years you should be able to build up to good credit worthiness.
If you have bad credit for leasing you will pay a lot…for example on a 36/10 lease:
MSRP: $30k car
Tier 1 credit: $500/month and 0 down
Tier 3 credit: $600/month and they may ask you to put the $3k down
That’s a huge payment difference for 36 months. Don’t fall into the trap of leasing if you don’t qualify for a good deal. You will be on the hook for 3 years if you can’t sell, buy it out, or transfer.
You’re getting good advice.
Do you just have one credit card?
yes 3k on CC and 4k personal loan