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Posted in Auto Loans
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brookelynn915

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How long of a car loan is considered sufficient enough to establish good history?
So I tried to get a lease but I was denied (my score is 778 and 755) because of I sufficient loan history. I have credit cards that are paid in full every month but they said I need history with a car loan. I decided to buy a less expensive car and try to get a lease later in the future. How long should I wait before I am considered a good candidate for a lease? Maybe 1 or two years?

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The time frame necessary will depend on the loan amount as well as the balance at the time you apply.  They will want to see regular payments, all on time of course.   They would prefer to see it paid off on time, so I hope you didn't get a 60-72 month payment term.   It didn't even have to be a new car, it can be a financed used car for as little as $3500.  At least, that is what mine was.

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So, you really need to understand how credit works and teaching that is the purpose of Credit Karma.  The articles here provide valuable information on that topic and on how to build your credit score. I have a degree in business and learned more about credit here than I did in college, and was able to buy a new car last year.  You also need to read the pros and cons of leasing so do an online search on that.

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