what kind of credit score am i looking at when buying a lexus car?

Question

i`m looking into buying a lexus car, but i wanted to know if maybe someone on here knew what kind of credit score i am looking at .. maybe for the price range between $40,000 - 50,000.

Answer 1

First you need to make 4 times the payment. I would say around a 680 and above.

Answer 2

Having a sufficient income and down payment is more important in getting loan approval for a car like this than your credit score. If you're making enough to be buying a car this expensive (like say, at least $80k) and can put down 20%, getting an approval should be no problem, though if you have poor credit you will likely have to pay a high interest rate.

On the other hand, you could have an 800 credit score but if you're only pulling down $30k a year and have no down payment, you're going to have a hard time finding anyone to lend you that much money.

Answer 3

It just affects the percentage points on the loan. You probably can't have a score of 550...for a Lexus at a reputable dealer I'm thinking at least 650. Of course, the higher the score, the better the interest rates. And if above 720, then it's alot easier without having to have a lot of money.
What the dealer is going to be looking for is $$$. How much do you make a month (to cover the monthly cost) and how much do you have in hand for down payment?

Answer 4

Read the fine print, luxury leases normally require a huge amount of money upon inception of the lease. This means easily anything from $4000-$6000 due at signing. You might also look into how many miles a year you'd be allowed to drive the car as most of them allow only up to 10K a year with anything from 25 cent to 45 cents per mile for every mile in excess. To qualify you would normally have to score 740 or better on your Fair Isaac Auto Score. Good Luck

Answer 5

If you want to buy a new Lexus and you are worried about your credit score you probably already know you can't afford it.

Step back into reality and look for a good used ES for around $24K.

Answer 6

If you have to worry about a credit score, you can't afford a Lexus; it is ludicrous to spend that much money on an automobile unless you have more money than you know what to do with.

Answer 7

Lexus Lease Credit Requirements

Answer 8

Your score doesn't matter as long as you qualify for a loan (make enough money to cover payments / debt to income ratio). The score is reflective in your interest rate.

Answer 9

I have also asked the same question 3 times, and haven't got a proper answer

Answer 10

To purchase or lease it needs to be about 625 or higher. Any lower than that, you may need a co-signer and a nice down payment.