I have a 618 credit score and I am trying to lease or finance a new car?

-I have a 618 credit score but I have been having trouble finding someone who will lease me a car. I am currently looking into options to finance a new jeep but I haven't heard back from them so its not looking to good. Does anyone know of any options that I have available to me at this point? The reason I am having a hard time is because all I have on my credit report is settled credit cards and school loans from a long time ago. I have been building my credit for the past year and didn't think I was going to have this much of a problem. I am not interested in buying a used car just interested in leasing or financing a new car. I am located on Long Island...all suggestions or info would help, thanks for your time!I used to sell cars so I'll give you the best advice I have. Please forget about leasing. Most leasing programs are reserved for people with at least a 650 (and that's the very bottom) score. Financing is going to be your best option. It doesn't matter if it's new or used, it only matters the amount you can get a bank to loan you, and if you can afford the payments on the vehicle you've chosen.



While a 618 is not horrible, it's definitely not great. Sounds like part of the reason for the low score is a lack of long-term credit history. That's actually a good thing. Defaulted loans and charge-offs are the kiss of death to a credit score!



What I would recommend is that you apply for a loan with a company that specialized in loans for low, or new, credit. You have a better chance with them than you do with a normal bank.



On our website we have one lender in particular that is closing about 25% of all requests. This is phenomenal as the average is about 10%. I suggest you try them. The link is in the source box below. It's the first lender on the list. Instant Car Loans



Once you know how much you can get for a car you can go shopping and get the best deal on a new or a used car. Banks aren't going to tell you it MUST be new or used, they will give you restrictions on the number of miles or age of a used car, but that's about it.



I hope that you get the financing you need. Pre-approval is the best route for your score so that you don't have dealerships all over town pulling your credit. Although having your credit pulled like that won't lower your score permanently, it does lower it temporarily and trust me, you don't want it to fall below the already low 618!



Good luck to you! We finance people with your score all the time so I think you'll find a lender here. Hope this information helped!Kate allot of it is going to be based on whats currently going on with your credit. If you've been working on cleaning up your credit for the past year a credit report will show that and it'll be taken into consideration but if you've had a repossession or a foreclosure recently than the chances of you getting a loan to purchase a car is very slim. Due to the economy banks are going through credit reports with a fine tooth comb, their not about to stick their neck out for someone who has a questionable credit history.
I am not interested in buying a used car just interested in leasing or financing a new car

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Yeah, well, a 618 credit score makes you a beggar, not a chooser.



Leasing is definitely NOT happening and evidently you do not make the income that a lender feels comfortable with giving you a new car loan.



Used car for you!
Forget leasing. You just cant be that picky.



You need about $1500 down on a $5000-7000 car to stand a chance.



You don't HAVE to buy a used car. You just wont be able to finance a new one so save up & pay cash.
It is not a good idea to finance a car. a car is a deprecating product.

best to pay cash for a car you can afford. that way you can have a car and be debt free.