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Auto finance is what I do for a living and this should shed some light on your question. Below is a list of factors that auto lenders look for. Factors. 1. Loan to value (LTV). 2. Age of vehicle. 3. Term of loan. 4. Miles on vehicle. 5. Down payment. 6. Time on job. 7. Time at residence. 8. Monthly income before taxes. 9. Credit score/profile. 10. Total debt to income including new payment. What they look for; 1. Between 85% and 115%. 2. No older then 8-years. 3. 36-72 months. 4. No more then 60,000. 5. 10% of the sales price or $1,000.00. 6. 2-years. 7. 2-years. 8. $1,500.00 to $2,000.00 depending on lender. 9. 540 or above with 4 paid as agreed lines of credit with 1 being a installment loan paid at least 12 times for at least $150.00 a month and in the credit bureaus for at least 3 years. 10. Not to exceed 45%. Another thing that comes into play is called payment to income ratio so depending on the term of the loan and the interest rate you would have to budget for the payment. Most lenders do not exceed 16%. So without actually looking at your credit report to see what makes up your score nobody here can answer your question with any degree of accuracy. Score wise you will not receive the best rates but if everything is in line you should qualify. Additional information. I have no idea where anyone gets the idea that leasing a car is considered sub-prime but they are totally mistaken, credit wise leasing and purchasing are the same thing. Good luck.

Source(s)

Finance Manager for a car dealer for over 9-years.

by SPIFIMAN1

3 weeks ago

Asker's Rating: 

probably but at a crazy high interest rate,and you will continue in debt and never get out of it....

by Ara- 3 weeks ago

You won't get the best interest rate. Actually, unless this car is for your business and you need to lease to make it tax deductible on the biz tax return, you are better off buying than leasing. Put down at least 25% cash, and you will probably get a better deal on the price, & better interest rate, too. If you lease, you have to get the most expensive kind of car insurance, and there are lots of other hidden costs to leasing.

by ibu guru- 3 weeks ago

you can probably get the loan, but at a cost. the lender may charge an excessive APR and/or require cash down because lending requirements have become more stringent. i would not lease unless you needed the tax write off either. most leases on cars have TONS of hidden fees for everything right down to mileage. read carefully before you sign!

by Laura-belle- 3 weeks ago

Car leasing is considered subprime - and it will show on your report. Don't do it. Remember that employers look at reports when hiring you, so do landlords, and car insurance companies. Don't mess up your future by leasing a car. /

by Judy- 3 weeks ago