Credit Score for Car Lease/Loa

Discussion in 'Credit Talk' started by suz10, Dec 6, 2000.

  1. suz10

    suz10 Guest

    Hi all...am looking to purchase or lease a new car in the next few months. My middle credit score is 660. I'm wondering if anyone here has a similar score and what rates they qualified for. Is that too low a score for the promo rates that are advertised by the car makers?
     
  2. Sorin

    Sorin Well-Known Member

    RE: Credit Score for Car Lease

    Well, one of my friends tried for a Mitsubishi credit and was denied. They said they approve only from 700 and obviously he didn't have it.

    Other companies may have different criteria though...
     
  3. sam

    sam Well-Known Member

    RE: Credit Score for Car Lease

    Dunno. my gf was first time buyer on a $30K (total finance) loan and she had 1 mastercard secured capitalone, and one macy's card, both for about 5 months.

    They approved her with 10% down. I couldn't believe it, that was VCI (vw credit)
     
  4. average jo

    average jo Guest

    RE: Credit Score for Car Lease

    In order for you to qualify for the lowest promotional rates as advertised on T.V you need a beacon score of 720 or more with a min. of 10% down payment.They do have strict credit requirements.If you want more information on this just talk to your local dealer.He will fill you in to the requirements needed for qualification.
     
  5. me2

    me2 Guest

    RE: Credit Score for Car Lease

    To lease you do need to have better credit (it's harder tolease than it is to buy).

    My credit score was not bad, but it wasn't 700 (I was coming right out of grad school) and Toyota Financial approved me for a lease on a $24,000 Camry with just $1500 down...
     
  6. GEORGE

    GEORGE Well-Known Member

    RE: Credit Score for Car Lease

    TRY A BIGGER DOWN PAYMENT $3,000-$5,000 MAYBE YOU CAN GET A LOW RATE?
     
  7. sam

    sam Well-Known Member

    Maybe, but here's what i was t

    My gf was told to qualify for a lower rate, due to first time buyer program, the 10% down payment would need to increase to 33% (VCI credit). Otherwise she would not qualify for standard credit (at least one establish auto loan, and 24 months of Plus credit with no derogs).

    This instance of course, may be different for other financers.

    Theres a plan, you fall into, based upon your credit, you can always exceed the plan interest rate with a lot of cash (Keep in mind 33% was $10K for this instance, screw that)
     
  8. dave

    dave Well-Known Member

    RE: Maybe, but here's what i w

    Darn, two years of credit history?

    I will have one paid loan (16K), several credit cards with perfect history over 1 yr. old, no inq. in past 6 months, excellent income, basically no debt, and I still wouldn't qualify?

    I'm looking to buy a car around 23K, down payment 13 or 14K. Could I get one of those 0.9% financing deals? I know that in August, my credit score was just at 700. That was with lots of inq. in past 6 mo, not even a year's worth of credit history, etc.
     
  9. sam

    sam Well-Known Member

    RE: Maybe, but here's what i w

    If you're putting nearly 50% down, im sure you can get an awesome rate, with certain car dealers..

    Depends on the model of the car, as well. When buying a car, your getting stuck with a price and profit line on both ends. You jack them on the price, expect them to jack you up on the financing. You should probably go to a auto-broker, with pre-approved bank financing since you are in such good financial position to put 50% down.

    Don't waste your time haggling with a salesmen as a car dealer..

    brokers, usually get better prices, and will go hunt down your car and options for you..
     
  10. kim

    kim Well-Known Member

    RE: Maybe, but here's what i w

    Dave ~

    Just curious, why would you want to put so much money down on a car that depreciates the instant you drive it off the lot.

    That's a lot of cheddar for a down payment.
     
  11. kim

    kim Well-Known Member

    RE: Maybe, but here's what i w

    Dave ~

    Just curious, why would you want to put so much money down on a car that depreciates the instant you drive it off the lot.

    That's a lot of cheddar for a down payment.
     
  12. dave

    dave Well-Known Member

    RE: Maybe, but here's what i w

    I don't want a car payment while I'm a student.
     
  13. Jim

    Jim Well-Known Member

    This is one time I have laughe

    Your question is a good one and many of the answers were very naive.

    First, auto sales are considered secured credit. The larger the down payent the more likely the loan at a favorable rate. As long as you have income and reasonable credit, you can buy a car very easily.The information you have been given about 700+ credit scores is ludicrous.

    Here, again is my situation: I leased Mercedes Benz for years. Had a incapacitating accident in 1997 and a B.K. in 1998. Recovered in 1998.

    Went to Ford and bought a $25,500 with $6,000 down in one hour. Auto club pricing. $19,500 four year loan at 2.9%. I documented what happened for the finance dealer and showed him my proof of employment as a Professor. I B.K.'d to protect my considerable retirement assets.

    My credit score was 530 at the time. Today, my truck runs great and I am rebuilding credit.

    The people who are telling you these ridiculous stories probably have bad credit with no excuse, low income, high expenses and are shopping on the used car lots where a USED CAR SALESMAN is telling them this.

    As a side note, Ford builds very good products but they are not very exciting. I love my truck and will not lease Mercedes agin even though they contact me every 3 months or so.

    Good luck.

    .
     
  14. sam

    sam Well-Known Member

    RE: This is one time I have la

    Exactly, non exciting products, with low demand, and much supply, leads to incentives to move them off the floor.

    Try the same with bmw or mercedes dealer, they will check your credit BEFORE test-drive..

    If the finance company (Ford Motor Credit) is paid $2000 by the Seller (Ford Motor Company), and included in your price due to incentive to move a car........

    I've been offered 0% on a KIA for 48 months, like i'd be caught driving that :)
     
  15. Jim

    Jim Well-Known Member

    Sam - All your comments were g

    Mercedes or BMW will put me in a new car today if I want it. Here is why:

    I use auto club pricing here in California. There are multiple BMW and mercedes dealers that compete for Auto club referals. pricing whether you buy or lease is guaranteed.

    Second, I have a high income and in the case of Mercedes, I am a repeat customer.

    Third, My B.K. just passed the 2 year mark in November.

    HOWEVER, I would expect to put a cash downpayment on a new car just as I did at Ford. This is different than in the past when I put nothing down and took the car.

    Your posts were intelligent. I should have said I laughed selectively at some of the posts.
     

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