Credit Score and Car Leasing

xlnc99

bazzyb wrote: »

Wrong again. Perhaps read the thread in full.

My mistake on that, misread. Should have too much effect, as he is still in a good position credit wise

xlnc99

From what the OP has started, he should have no issues getting accepted somewhere for a hire purchase agreement so long as it was for a sensible lend rather than the £22k car he is looking at.[/QUOTE]

Car value makes little difference when leasing. The main thing is the monthly cost and spread over the term. A value of a car being high or low is not relevant to the monthly rental. There are cars worth 30k that costs 300 per month and cars that are 45k that are same monthly price. Generally the more expensive the higher the price but monthly prices fluctuate alot depending on specific models.

I have a rubbish credit profile, defaults, CCJ and was accepted for a 50k car for £450 per month.

Having said that in my case i think a mistake has been made and they will cancel the agreement. No way i should have got a lease with my profile

[Deleted User]

xlnc99 wrote: »

I have a rubbish credit profile, defaults, CCJ and was accepted for a 50k car for £450 per month.

Having said that in my case i think a mistake has been made and they will cancel the agreement. No way i should have got a lease with my profile

Interesting.
Why did you take the lease out then?

Is there some kind of split-personality thing going on here?

xlnc99

i took the lease out because i wanted it. When i mean mistake i mean i dont no how the credit passed was passed not a mistake by me

sourcrates

xlnc99 wrote: »

I have a rubbish credit profile, defaults, CCJ and was accepted for a 50k car for £450 per month.

Fifty thousand pounds with defaults and a CCJ ?
And they say creditors don’t lend irresponsibly.

xlnc99

ITs a hire car, im not buying it. Its leasing which is essentially rental. You can go into any care hire and rent a ferrari if you wanted to regardless of credit histor

the value of the car is irrelevant, its the monthly cost that really only matters.

Willing2Learn

I just checked out the price to lease a Ferrari. It is actually cheaper than I thought...

JBR Capital

Ferrari 488 Gtb, Year 2016
Value £175,000

OUR FINANCE EXAMPLE
Deposit £17,500
Total amount of credit £157,500
Total charge for credit £33,821

48 monthly payments of £2,151
Final balloon payment £87,500
Total amount payable £208,821

Fixed rate of interest per annum 6.57%
Duration of agreement 49 months
Representative APR 6.9%
Interest Type Fixed

xlnc99

There should not be a baloon payment at the end of a lease car. You may have an option to purchase the car at the end of the lease (depending on the contract or terms either set before or you can negotiate after the lease ends) but its not contracted at all to say you must pay the baloon payment.

You maybe looking at another leasing option. There are many. You also dont pay interest on lease cars as you are effectively renting the car. The value at the end if you decide to purchase will always be lower the the value and will take account depreciation

sourcrates

Willing2Learn wrote: »

I just checked out the price to lease a Ferrari. It is actually cheaper than I thought...

JBR Capital

Ferrari 488 Gtb, Year 2016
Value £175,000

OUR FINANCE EXAMPLE
Deposit £17,500
Total amount of credit £157,500
Total charge for credit £33,821

48 monthly payments of £2,151
Final balloon payment £87,500
Total amount payable £208,821

Fixed rate of interest per annum 6.57%
Duration of agreement 49 months
Representative APR 6.9%
Interest Type Fixed

How about a 2006 Ford Fiesta Zetec with 99,000 miles in the clock WTL ?

Jonathan_Kelvin

Jep1805 wrote: »

I would be grateful for input or advice on credit scores and leasing a car.

Basically I’ve worked very hard at getting my credit file all in order as I wish to buy my first home in the next 18 months. My Experian score is now 973/999 and Equifax is 507/ 600.

My current car lease is in my partners name and is due to go back in February so I will be getting my own new lease soon.

May I ask why? You are clearly not in a great place financially, so why not spend £1,000 or so on a more basic, used car instead of taking on more debt on something which you can’t really afford?