Moreno93 Posted October 6, 2015 Report Share Posted October 6, 2015 Looking to get a new truck later this year or early next year. Looking for a 2016 1500 Silverado. With the options im wanting close to 40k mark. I'm not sure if my parents can cosign due to 2 new cars being on there credit at the moment. & i've only had 1 credit card for the past 2 years. Worked at fedex for past 6 months & with my brother for the past 4 years.. Looking to put down around 5K on a 10-12K mile lease. But i want to keep my payments below $400 a month so if i need to put more down i will. Not trading anything in, & im only going to be 22 in a week. My parents have great credit but have a house & 2 new cars on there credit at the moment on top of a few other things im sure. My credit is only a 700. My main question is what would i need to be making around to qualify for this lease on my own with where i want it. Looking for a 2-3 year lease. & i plan on buying the truck afterwards. Aswell as what would my credit need to be. any other questions please feel free to ask. why this & not something else, because it's my dream truck. So whatever it requires i'll do. Link to comment Share on other sites More sharing options...
Mtnbikecrazy55 Posted October 6, 2015 Report Share Posted October 6, 2015 IMHO I don't have any lease experience, but a 700 score (also depends on reporting bureau) and 5k down on a 40k loan isint going to cut it. Even with a 700 being a not terrible score, the two year history and only having one existing trade line is going to hurt you. In general, I would suggest opeing up another two credit cards, to add sone more revolving trade lines. The Discover IT card and Chase Freedom card are both great cards with 5% rotating cashback categories (gas being at least 1 quarter each year) and 1% cash back on everything else. Keep your credit utilization below 30%, pay them off every month, and DONT miss a payment. That will help build your credit. Also, within the 6 months before you plan to do this, don't apply for any other cards/loans/etc. Good luck, Chris I hate long signatures.... ...what the fuck is wrong wiht you you fucking fuckity fuck fuck head... Mtnbikecrazy55 Feedback Link to comment Share on other sites More sharing options...
Karkov Posted October 6, 2015 Report Share Posted October 6, 2015 Your parents have taught you how to spend money... Maybe wait till later in life to have your dream truck? I am 33 and don't have my dream truck. Leasing is for a limited market but buying afterwards makes it a better idea so you're on point there. I have no idea how much you make but a 40k truck at age (not even 22) seems steep. I am sorry I sound harsh, I am the type of person who likes to pay cash for things and have "less than" because of it. My opinion prolly means very little to you but unless you lock down a decent job that you know you have security in for the next 5 years that's a lot of money to take on. So truck instead of college? both? Not getting into that debate, just asking if you've thought about everything. That 40k truck will cost more after all is said and done in the long run. Best of luck whatever you choose. 2007 Chevy Tahoe (SOLD) 12 ~ FI Audio X series 10" w/BP option 2 ~ DC Audio 5.0K @0.67 3 ~ DC Audio 5.0K @1.0 2 ~ PPI 3 way sets (not installed yet) 1 ~ RF T400-4, 1 ~ RF T600-2, 1 ~ RF T600-4 4 ~ CT Sounds 5.25" Strato comps (rear fill only) 1 ~ XS Power D4800 1 ~ XS Power D3400 8 ~ XS Power XP3000 160 stock alt, Mechman 370 Elite, 185 DC Power 320+ Sq. Ft. Sound Deadener Pioneer AVH-X5500BHS Youtube: https://www.youtube.com/user/knfjdkghjudfhsgkjdhf/videos?sort=dd&view=0&shelf_id=0 Link to comment Share on other sites More sharing options...
Ahmed Johnson Posted October 6, 2015 Report Share Posted October 6, 2015 A big ass down payment and the salesman will take care of the rest. Link to comment Share on other sites More sharing options...
Bship Posted October 6, 2015 Report Share Posted October 6, 2015 I have to agree with KarKov, Improving your credit is way more important than getting a new ride. Buy something cheap for now, I'm 31 and have a new sierra but not the one I want for sure. Also I have money for audio. CARS 14 Sierra crew cab daily, Small build coming one of these days 69 C-10 fleetside in many pieces, won't be done till the end of time Last car '12 Focus with build log http://www.stevemeadedesigns.com/board/topic/165619-2012-focus-btl-15-crescendo-sundown-audio-control/ Link to comment Share on other sites More sharing options...
Ahmed Johnson Posted October 6, 2015 Report Share Posted October 6, 2015 I hate monthly payments. I'd rather have it be mine so I could fuck shit up without being nervous. Link to comment Share on other sites More sharing options...
Miguels Posted October 6, 2015 Report Share Posted October 6, 2015 When I was 19 I was going to buy a Tahoe. That was 14 years ago. I had 758 credit score and due to my age they offered 14% interest. And $17,999 for the Tahoe. I skipped it and never got a Tahoe. I'm glad I never got it, I was able to buy many cars within that time and was out enjoy my pay checks my logshttp://www.stevemead...-my-new-set-up/my blow through loghttp://www.stevemead...future-updates/ 96 ss http://www.stevemeadedesigns.com/board/topic/164094-96-impala-ss-build/ Link to comment Share on other sites More sharing options...
Moreno93 Posted October 7, 2015 Author Report Share Posted October 7, 2015 starting to feel like it's going to take more then i'd like to get what i want. Reason i'm making the push now is before anything major happens with my current truck (engine/tranny) before i have something else to drive. Might just need to wait till after tax season, & peak. As for those curious about how much i make, 2600/m with my brother on my main job & fedex my part time job is another 1100 ish a month. Planning on going to school next year aswell i have money saved but do not wish to use it for this. Would rather just wait & work more to get what i need and leave savings alone. Would taking out another card really make that big of a difference? I have discover right now but i want a chase or wells fargo credit card. Link to comment Share on other sites More sharing options...
Moreno93 Posted October 7, 2015 Author Report Share Posted October 7, 2015 Reasoning for a lease is because i can knock down the price before i buy it making it easier to afford on my own later. There is no way i could afford a 40K loan right now 100% but with my estimation it would be around 27K after lease is up. But with lease's i would think credit score would be a bigger problem then down payment size for me. Meaning if my credit isn't where they want it i would have to put down more? Am i wrong? Im just not to sure about how exactly leases work Link to comment Share on other sites More sharing options...
ToNasty Posted October 7, 2015 Report Share Posted October 7, 2015 I know this is way off topic but we just bought a 2015 midnight edition silverado. Fully loaded. I actually prefer my silverado classic strip down model. ***Super Sellers List***http://www.stevemeadedesigns.com/board/topic/25829-super-sellers-buyers Link to comment Share on other sites More sharing options...
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