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Car shopping time and I wanted to lease but dealer wont let me citing my credit and wants to shove the 15+ APR financing on me.
I understand only excellent credit people get those lease advertised on dealer websites, but can fair/good credit people never lease at all?? Wont it be sufficient if I can pay a higher down payment ?
I think you need to step back and reevaluate your financial situation.
Think of this as a wake-up call.
(FYI, I am not an anti-lease person. I outright own one new car, one 6 year old car, and I lease a high performance sports car. I only lease under very specific circumstances and if I come out ahead.)
This dealer is already telling you something you oight to pay attention to. That APR is insane. You must be a high risk.
Aim your sights lower on the car.
Look for alternate sources of financing.
Oh, and there will be *someone* out there who will give you the lease anyway.
But they are not doing you any favors.
You don't lease a vehicle from a dealership. Your lease is with a financial institution who purchases the vehicle from a a dealer or manufacturer. The dealer is merely advising you that your credit would not be acceptable to a leasing entity.
What's the difference between "shove the 15% APR financing on you" vs a ridiculously high interest rate for a Lease?
Sounds like some very Good Advice on here so far.
He says a lease wont be approved but I may be approved for financing. And of course he comes up with a number for 7 years loan where I would have been paying 1.5 times the vehicle over the course of time.
He says a lease wont be approved but I may be approved for financing. And of course he comes up with a number for 7 years loan where I would have been paying 1.5 times the vehicle over the course of time.
So how bad is your credit really? It sounds like you shouldnt be taking on any new major loans at all.
I hear about people with crappy credit get 9.9%, so you must have a few charge-offs or missed payments. I’d suggest you get a beater and fix your credit.
Car shopping time and I wanted to lease but dealer wont let me citing my credit and wants to shove the 15+ APR financing on me.
I understand only excellent credit people get those lease advertised on dealer websites, but can fair/good credit people never lease at all?? Wont it be sufficient if I can pay a higher down payment ?
Leases rarely get approved for people with below average credit scores, juts depends how fair is fair. Average credit score is a 680. 650-680 possible. Under 600 very, very little chance. If you're getting 15%+ APR I suspect your credit score is quite far below "fair/good" though.
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