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beachdreaming777

Getting financed need recommendations

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I am in a lease that expires September 9. I will need to purchase a car. My credit scores are 556 for TU and EQ and 592 EX. I am trying to get my scores up. I make almost $10k a month. Do u think I will have any problems getting financed? Any recommendations to boost my score?

 

 

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I would go to the originating dealer and see if they could help you.   Why do you need to purchase the vehicle?

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I don’t want to purchase the leased vehicle. It’s a Cadillac Escalade and has too many problems. I want to get away from Cadillac. I went in last month and they ran my credit and can’t do anything bc of my score. It was 502. I got a self lender acct and made my payments on time and my score has gone up to 556. I just want to have options and not be pushed into a vehicle


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42 minutes ago, beachdreaming777 said:

I got a self lender acct

I do not know what that is.   Can you explain?

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21 minutes ago, beachdreaming777 said:

It’s an installment loan that’s helps boost credit score


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Is that like one you self funded?   IMO shorter term installment loans do relatively little to quickly increase a FICO score.   I'm still curious why you used the word need to buy this vehicle.   Are you over on miles, or does the vehicle have unrepaired body damage?   Or you just want a change?  Can you turn the lease in and just walk away free from any obligations?

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 Just based on what you posted, I believe you are approvable, but not perhaps for a lease.    Our main credit forum is full of tips to help one boost credit scores. 

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Posted (edited)

With your scores where they are, any loan you get is going to be at a horrible rate.  The best thing you can do, since you have a solid income is buy a reliable used car for a few thousand dollars that can last you a couple of years.  During that time work to build up your credit scores (as well as making sure you have an emergency fund of at least 6 months of expenses and are saving for retirement) and then look into getting something newer when you can be approved at a reasonable rate.

 

 

Edited by CTSoxFan

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Posted (edited)

Definitely pay cash for something. 

 

If you make enough money to power an Escalade lease payment, you should be able to pay cash for a reliable car.

 

Example:

 

Within 50 miles of my home zip code, cargurus.com has 154 listings for Honda CR-Vs with < 100,000 miles.

 

Not a single one of them is over $20,000.  30 are under $15k.  10 are under $10k.  

 

And this is after filtering out the ones with accidents reported or salvage history.

 

 

Edited by cv91915

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