Car Leasing Affect My Credit????

[trhland]

ive been finacing trucks for years now and its lowered my credit score . do to it showing debt. if i lease a truck will that do anything to my credit meaning showing debt . im asking because were trying to buy a house and i dont want to show anymore debt on my credit report.

[Meghan]

Where's Killr and surfer when you need them?! Come on finance boys and help out our friend!:p

[trhland]

thanks ill be standing by for them :)

[FMINUS]

Yes it will, it will show the remaining balance as debt. Lease payments x months left on the contract + agreed residual balance.

[trhland]

o really i thought it didnt . so by leasing a truck lets say its 25 grand its going to show on my credit report that i owe that much?? but im only leasing not buying

[FMINUS]

It depends, I have only leased 2 cars in my life and they both showed up different on my report.

I leased a Z8 which was the calculation above, and also a 360 which showed about 75% of the car's value. So I think it depends on the bank, either way it will hit your credit.

[trhland]

thanks for the info

[trhland]

antoher quistion is i have my own bussness can i buy under the bussness name insead on my personal name . is ther such thing as a bussness credit report??

[FMINUS]

Businesses have a credit report rating from 0-100 (personal is 0-850)
In most cases, businesses credit is given by examining the owner's personal report, but the debt and liability will go on the business entity, NOT the personal.

But then again, every case is different so make sure you and the person doing the loan/processing are on the same page.

[trhland]

Businesses have a credit report rating from 0-100 (personal is 0-850)
In most cases, businesses credit is given by examining the owner's personal report, but the debt and liability will go on the business entity, NOT the personal.

But then again, every case is different so make sure you and the person doing the loan/processing are on the same page.gotcha thanks

[Tonya]

In most cases, businesses credit is given by examining the owner's personal report, but the debt and liability will go on the business entity, NOT the personal.

But then again, every case is different so make sure you and the person doing the loan/processing are on the same page.

Exactly!!! You can lease or buy in the business name. Make sure your loan officer knows their stuff. Make it clear you are financing in the business name. All the document you would sign, will clearly state the business name and you most likely will have to sign a section with a personal guarantee. That basicly mean if the business fails to pay, you will. However, it will still report to the business credit report not your personal one.

[trhland]

Exactly!!! You can lease or buy in the business name. Make sure your loan officer knows their stuff. Make it clear you are financing in the business name. All the document you would sign, will clearly state the business name and you most likely will have to sign a section with a personal guarantee. That basicly mean if the business fails to pay, you will. However, it will still report to the business credit report not your personal one.thanks tonya .dam wish i new this years ago.

[Tonya]

OH CRAP I ALMOST FORGOT!!! Do not let people pull your credit when you are shopping. NEVER GIVE THEM YOUR SOCIAL!!! They like to say let me run some numbers for you, give me your social and I will work out a payment. Everytime they get your social they pull a credit report. When you go to finance your home those inquires will show. That makes under writters wonder why you ran all over town letting people pull your credit, it makes them question too much. So don't give anyone your social while shopping. If you know your score, tell them the number, that is all they need. If you don't know your number tell them to give you a range for rates and payments.

[trhland]

OH CRAP I ALMOST FORGOT!!! Do not let people pull your credit when you are shopping. NEVER GIVE THEM YOUR SOCIAL!!! They like to say let me run some numbers for you, give me your social and I will work out a payment. Everytime they get your social they pull a credit report. When you go to finance your home those inquires will show. That makes under writters wonder why you ran all over town letting people pull your credit, it makes them question too much. So don't give anyone your social while shopping. If you know your score, tell them the number, that is all they need. If you don't know your number tell them to give you a range for rates and payments.thanks will do

[joe.p]

where else could you go where so many people help out..our demographic area may seperate us but a clean car brings us all together...one thing we all have in common

you guys/girls are great bunch of people ..