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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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Helpful to 116 out of 120 people

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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Reply by
Vlanson

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Helpful to 4 out of 14 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. "gmorrison741 @ g m a i l . c o m" is the programmer's email address. I wish you good-luck. Y’all can thank me later. 

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Wanting to lease

Helpful to 16 out of 19 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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lease

Helpful to 28 out of 36 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 12 out of 15 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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Help Please! Credit Score Of 648

Helpful to 14 out of 22 people

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! 

Reply by
Jenbug421

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Helpful to 5 out of 7 people

You should have no issues leasing a car with that kind of income and credit score. Any bank would be stupid not to approve you.

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Help me Pleeeasssee

Helpful to 11 out of 15 people

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 7 out of 9 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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Helpful to 2 out of 3 people

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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Helpful to 1 out of 3 people

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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Helpful to 34 out of 47 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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19 People Helped

absolutely

Helpful to 19 out of 28 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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help

Helpful to 5 out of 8 people

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

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to get a lease on a chevy silverrado 1500 4x4 at around 249 a month -with credit of 630 -is this posible and if so would there be money due at signing

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Question on Lease

Helpful to 1 out of 2 people

I am looking at leasing a new car price around 38500 that includes 3500.00 rolled up negitive equity in the new car. my credit score is in the mid 500 i have a had  some late payments but my payment history is 97% My income is 33,500 a year . Now I do have a cosigner ther credit score is 680-700 payment history 99% and there income is around 92,000 a year. I am sure we will not be prime due to my credit score but should there be a issue with getting approved on the new lease.

Reply by
Jenbug421

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As long as you have a cosigner, there shouldn't be any issues. A cosigner would help greatly in your situation, not only they have good credit but they have very good income.

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Auto lease

So I am looking to lease a new dodge and I have a 672 score and I make around 85k a year but I have minimal tradelines with only a few credit cards! I have not leased or bought a car in my name and I am wondering if this will be a problem when I go to get approved ???

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Car Loan

I have a 640 credit score and I make about $600 every two weeks and $3000 thousand dollars saved up for a $4899 car do you think I would get approved to get and auto loan 

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Forget about it.

No. Don't ask. It won't happen.

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Auto loan

Helpful to 4 out of 9 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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Helpful to 3 out of 10 people

yes but you will pay a higher money factor rate than someone with a 740 score

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4 People Helped

Flipping the script. 750 score - Lease??

Helpful to 0 out of 1 people

Interesting and informative conversation. Thanks to all.

With all due respect to the OP and question, I came on here today (via a Google search) to get more leasing info and "min credit scores needed" to lease, as I always assumed that no one under 720 would ever get a Mfg. lease!?! Obviously I was wrong given the amount of leases done here - ??

But all that aside, let flip the script some as I need a new car for 1-2 years w/low monthly payments... (hence looking into leasing) Also because I split my time between here and England (and the UK obviously has the steering wheel on the wrong side), so am thinking it’d just be easier to lease something here, turn it in at the end... and then do the same over there?  But every Ad I’ve ever seen always says (like from BMW or Benz) all say in their fine print “For well qualified buyers ONLY” - So, to me that is like for those in the 750-800 credit-world, no? I’m amazed to hear that ppl got leases at 9%APR with a <640 scores here? Wish I’d researched this years ago now!?! :(

ANYWAY - I just broke the 750 barrier DEC 1st and figured now is the time to act before my score slides down a bit with Christmas gifts $$ coming - so given the aforementioned situation... I’ll sell my current beater for around $6500 but don’t really wanna throw that $$ all back into another car or note. So to those far brighter than me, with a 750+ score, what are my options or what can I expect at a dealership? What would you do? I know VW had some “sign and drive” type deal - but not a fan of VW’s... Looking at a used $29K AWD for here in the Rockies with winter coming... but also need a sedan for work/clients (currently have an Eddie Bauer SUV) But looking at AWD Benz’s, BMW sedans and the Jag F-Pace) I dunno  ...

Whatever the case, any car finance gurus out there that can advise me? First time in my life I’ve been higher than 720 and have always bought before - so this lease stuff is all new to me - thanks!!  

Apologies to the OP  - I didn’t mean to hijack your thread  but it kinda ties in ;) 

Cheers-

BB

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Lease?

Helpful to 0 out of 1 people

I have a credit score of 653 on one and 681 on another. No idea how I have such a high score. I stopped paying on accounts about 4 years ago and just kinda gave up. Expected I'd have a score in the low 400s. Anyways, I want to lease a car. I would be using it for pizza delivery part time and uber. The area I work in is a gold mine for both. I have no idea how leasing works. Is it possible to lease with those intended purposes in mind? Does it even matter? Really I guess my biggest issue would be mileage limits. I'd like a reasonable lease rate with little to no restrictions on mileage 

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