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Posted in Auto Loans
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Question By
Arte003

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want to lease a car, is 640 score enough?
I want to lease a car from ford. I have a 640 score. I have a high debt ratio but I have been making above minimum payments and have low risk. But is that enough to lease a $15k car? My car is dead so I need one and leasing is for me.

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I work in auto finance underwriting and funding. You'd be considered a sub-prime customer so you'd get a poor interest rate, but as long as you were to make your payments on time, etc. then getting the car would benefit your credit score. A 640 credit score should definitely be qualified enough to lease a $15k car. When you need to worry about getting a car is when someone's credit score reaches 599 or less - that's when they are what's called "super sub-prime". When you get your credit score 700 or above, you'll be prime and there won't be much attention paid to your debt ratio because you'll have the qualified credit. 

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Helpful to 32 out of 42 people

I managed to get a car loan for about $19,000 with a rating of 618. Down payment was $1,600 with interest rate of 9% but if I had a down payment of only $1,500 my interest rate would of been about 20%. I did have to try a few car lots and banks. So short answer is yes you can get a car loan. But you might have to be perpared to shop around a little, have a down payment around $1,500 or more, and expect a higher interest rate.

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lease

Helpful to 4 out of 4 people

I have a 658 credit score and wanted to lease a 40,000 dollar car.. is that possible? .advice please

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Trying to LEASE

Helpful to 2 out of 2 people

I have a credit score of 570 I have a 2008 Chevy Malibu with a balance of 8,900 very high interest rate I've had it for almost 2 years !!! I also have a jeep with a 3,000 balance owed but I don't have the car it was totaled out and insurance company left that 3,000 balance on that jeep , I want to lease a 2017 40,000 car is it possible to roll that 3,000 over from the jeep into a new car if I don't have the car anymore and with my low credit score ?????? Please help I really need a car but if I'm gonna pay I prefer for it to be on what I want ! 

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absolutely

Helpful to 17 out of 25 people

As long as you have a job history, just don't expect the advertised rates.

Actually the manufacturers prefer the shorter term of a lease over a  longer loan.

You gotta be able to make the payments and not go default, that's in their interest too.

Sideeffect, you pay less for your car than on a conventional loan and you are not locked in for 5 or 6 years.

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Wanting to lease

Helpful to 1 out of 1 people

I have a 637 credit score. Just bought a 350k home. I am needing to trade my vehicle in and a bit upside down. Looking to lease to offset negative equity. Credit payment is excellent just the loan inquiries and new debt dropped score. Established income and job history. Looking for a 45-50k truck on a 3 year lease. Is it possible?

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help

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I have a 658 credit score and wanted to lease a 40,000 dollar car..is it possible

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Help Please! Credit Score Of 648

Can I lease a new car with a credit score of 648 on a $30-$40,000 car? I've been at my job for 6 years and my annual income is $80,000. Any advice would be incredibly helpful! 

Thank you! 

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Help me Pleeeasssee

My Credit Score is 491 (shameful) but I need to get it up ASAP I want to buy a $20,000. I am now in a better financial situation and I will be paying off my $1,000 energy bill I owe and making on time payments. I really want to lease or buy a car. What can I do to boost my credit scroe dramatically, get a low interest rate and overall have better credit so when I walk into the dealership I don't look like a complete idiot. I am 22 and I made stupid mistakes when I was younger now I need to clean it up. Any advice would be MUCH APPRECIATED!!! 

Reply by
chelleway71

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Helpful to 1 out of 2 people

Enter Your ReplyYou can get your score up quickly by adding yourself to someones old credit card. Its called a seasoned tradeline. The older the account is awesome. Also make sure that their credit limit is not max. Basically if they have a 1000 credit card make sure their balance is less than 20 percent. This will increase your score.

Reply by
Barrettgirl

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I don't know if that will work or not my sister added me to her chase credit card and they have NOT added me yet,keep giving me the run around when I call and ask why.

Reply by
Duckii

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I would try Lexington law they boosted my scorensoo much from you score to my now 627 also I got a convert it account but it sound like you should build it by getting credit lines and paying on time

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Auto loan

Helpful to 3 out of 6 people

I just purchased a suv for 26k with credit score 626 so now credit karma said my score is 640 when can I  refinance 

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