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Is it at all possible to be able to lease a car with NO credit history ? Moving to the US mid-year and don't want to pay all that cash upfront. What are my options ?
Steady income around 8K per month can be shown and we can also afford to put in the downpayment without problems..
You may be better off opening a banking account with the local credit union there, show steady income, and they may be able to finance a vehicle for you. Trying to get a lease with no credit will be very difficult even with a good down payment and good monthly income.
You may be better off opening a banking account with the local credit union there, show steady income, and they may be able to finance a vehicle for you. Trying to get a lease with no credit will be very difficult even with a good down payment and good monthly income.
Yep. OP needs to understand that income doesn't have much to do with credit worthiness.
There are plenty of people out there who make good money but have poor credit as well as people who don't make much but have great credit.
perhaps find a decent used car, put a good amount down so you only have to finance a small portion. Even if the interest rate is higher then one would normally want, if the $ financed is minimal then the added interest could be as well...... just one way to start building up that credit rating without being overall gouged on the back end.
Probably not. However, I've seen a few exceptions. Some companies have programs in place for their newly immigrated employees to purchase vehicles; basically, the company was the cosigner, so to speak. Secondly, recent graduates who are gainfully employed can at times qualify for the best interest rate/money factor, even with no credit history (provided there isn't a negative credit history. See if your company has a credit union, as that can help things as well.
Please do not consider a fleece, it is the equivalent of renting. It will not improve your credit and is a poor financial decision.
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Dear Dave,
Do you have any advice on vehicle leasing for business purposes? I’ve heard that the expense is 100 percent deductible.
Anonymous
Dear Anonymous,
Yeah, and it’s 100 percent stupid, too! “Fleecing” is absolutely the most expensive way to operate a vehicle. What you’re talking about is rationalizing the fact that you want a vehicle you can’t afford. It’s a bad idea.
Dr. Tom Stanley interviewed tons of millionaires while he was writing his book, Stop Acting Rich. In the process, he found out that 80 percent of them had never leased a vehicle. What does that tell you? It tells me if you want to be rich, you need to do what rich people do—and they don’t lease their vehicles! Plus, I really don’t care if it’s 100 percent deductible. Guess what? I get deductions on the vehicles owned by my company. It’s called straight-line depreciation."
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