One pay auto lease with no income?
Helove everyone, hoping to get some good advice from auto finance experts.
I'm a college student with no income and I need a car, I have about 6000 in cash maybe a little more. So I have looked into used cars and while there are very many options, they are mostly higher mileage and over 10 years old. Some of the cars are decent and would be acceptable but I thought of another option.
What about a one pay lease? I could have a brand new car for 3 years for the same price as a used car that's 10 years old. (obviously I'm talking about low end cars, like Honda civic or fit) I did talk to a sales rep today at Honda, unfortunately the finance guy wasn't in yet, he said I could probably buy a car with that much down if my credit was good enough even though I have no income, is this correct?
OK so my main question is: can I do a one pay lease with no income?
Also I do know the risks involved with a one pay lease so I'm not really interested in that aspect, just need info on the income stuff for the one pay and regular financing.
Leasing is the only way to go… However if your in school the chances of you having a sufficient credit score to lease is going to be the problem, get a co-signor do the one pay. With a Honda Civic not an Fit you'll most likely be in a positive equity position at the end of your lease eg. If your residual is let's say $11,500 on a LX civic that vehicle will be worth more than that at the end of the lease term, sell the vehicle pay the lease off and you'll re-coup a couple of thousand bucks. Then go a lease another one, may sound too good to be true, it's not you just have to pick the right vehicle like a civic… There's always going to be a huge demand for pre-owned low mileage examples.
Leasing is a bad option. And I seriously doubt that there really is a "one-pay" lease. You still have all of the costs when you turn the car in - any excess wear & tear, excess miles, etc. Potentially thousands more dollars in extra expenses.
Don't lease - buy.
Your only option is to buy an older car in the $3000- $4000 price range and keep the additional money for insurance. Without a source of income you will not be able to finance or lease a vehicle.
If you really need a car then you should buy one for 5 or 6 grand. You can get a fairly dependable car for that amount. You would still need some money set aside to pay for gas, maintenance, repairs, and insurance.
Lease is no good because at end of lease period you have nothing. Young college students with no jobs usually do not have good credit score so you probably would not qualify anyway.
Stay out of debt as much as possible and you will do better in life.
Why would you lease a car? Think about what you will have at the end of the lease, nothing and no money. And if you consider using your money for a down payment with no job you would be a fool in anyone's book. Just because you are in college doesn't mean there's a high paying job just around the corner, most grads I know are working minimum wage jobs and are buried in debt. If that is what you want go for it.
You STILL have to have good credit to lease even if you pay all upfront. Because you have to maintain insurance and you have to return the car in good shape and with low miles.
Leasing is the most expensive way to drive a car and 60%+ of the population can't qualify to lease even with thousands down.
I just need points.
Sorry.
I hope someone actually helps you with your question.
Have a good day. X
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