Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
lorenv09

0 Contributions
0 People Helped
Credit Scores and Factors to Lease a Car?
I am currently looking to lease a Mazda CX-5 and my credit score from FICO is 772 while my scores here on Credit Karma are 722 for TransUnion and 723 for Equifax. I have about $28k limit between all my credit cards although on one I am just an authorized user but the limit is $10k so on my own accounts I have $18k. Can I qualify for a lease with these scores? Would I be able to get a good deal?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
179 Contributions
333 People Helped
Most Helpful Response

Lenders will have their own conditions

Helpful to 2 out of 2 people

Regardless what anyone here says, and with every situation being different, you will obviously be at the mercy of the lender's qualifications, not ours. 

However with that said, the score looks good enough to get a mid-sized auto lease, just don’t expect the advertised rate (that rate is based on/only for those with 800+ scores).  Remember that for every point you are below that top score you will be paying for it in interest rate or longer terms bundled in the loan.  Not to mention that the terms of a lease usually forces a balloon payment at the end of the lease for the remainder of the cost of the car.  Meaning whatever principle that wasn't paid during the lease will typically come due all at once at the end of the lease.  Of course failing to make that payment in full and when due can RUIN a credit score for a very long time should it be reported just once as being missed or late… so make sure you have that much saved by the time the lease comes full term.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.