I was recently laid off so I opened my own company. I have been averaging about $4500.00 a month. I've been in business for only six months. My car is on its last leg. I need a car for work and would like to either purchase or lease a good used car. I have very little money saved. Can I either purchase or lease a car with my scores? Equifax 668 TU 656 Experian 629 Thanks! Ex
I would think so. I thought I heard somebody say that you could qualify for the 0% with just a 620, but I could be wrong.
Thanks for the reply. I'm also worried that it may be a problem that I no longer have a cushy corporate job AND that I'm now self-employed.
DH is self employed. Got approved at Ford with a 575 fico. We had to show tax returns for 1 year proving income. We had a tax lien, a 2 y/o CH 13 bankruptcy, and a judgement on his report. We did have to pay a down payment and they would only finance for 42 months. Granted we pay 14.25% but I'll be making the 6th payment next month and intend to refinance. I don't think Ford will finance with any repo's though.
Stay away from leasing. It's much more expensive, and when you get right down to it, you're making payments on a car that isn't yours. I'm currently leasing, and I'm facing a huge expense at the end of the term because I put more miles on the car than I'm allowed. Buy a car, even if you have to get a used one with a few miles on it.
What kind of auto history do you have on your credit reports? Are you still in the same line of work? What kind of down payment do you have, if any?
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