What is easier to get a lease or a car loan? Also what hurts your credit score more in the short run? (I am looking at moving and do a couple big purchases in the next year or so)
2007-08-01 11:52:33 · 4 answers · asked by Tim6298 2 in Business & Finance ➔ Personal Finance
If I got a 12,000 loan what would that do to my credit score? it would have to go down a little at first right?
2007-08-01 12:55:18 · update #1
lease is easier 2 get as most times its the manufacturer, ie gm credit, fordlease, diamler-chrysler lease that "finances" the lease, not a bank.
neither hurts ur credit score unless u just don't pay.
u should already know the difference between a loan and lease as far as mileage u can put on, how long lease lasts and that in the end of a lease u own nothing.
2007-08-01 12:02:30 · answer #1 · answered by junkyarddogfan 6 · 0⤊ 0⤋
The lease is usually easier to get. It is also the most expensive way to drive in anything resembling the long run. If you are concerned about your credit, don't spend money you don't have. That mean no loan or lease.
2007-08-01 19:39:34 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
lease is good for short period if you are planning for bigger purchases next year but also keep these things in mind
1. if you break the lease u will have to pay ur rest of the montly payment together without using the car..
2. if you want to get rid of your leased vehicle before ur term ends, u might have to purchase it from the car company or try take over lease sale.
3. if you want to give it away as a take over lease option, you might loose ur downpayment
4. if you drive a lot, u might exceed allowable milage and u will pay extra at the end of the term.
give these things a thought and decide which option is better.
2007-08-01 19:23:23 · answer #3 · answered by suzy 2 · 0⤊ 1⤋
Pay CASH instead of doing either one. You will be much better off in the long run. If you can't pay cash you really can NOT AFFORD the car!
2007-08-01 19:39:47 · answer #4 · answered by rhgizmo 4 · 0⤊ 0⤋