Can I Lease a Car without a job?
Hi, I’m am international student recently graduated from college, and applying for a job, it may take months or half year to get hired. However, I want to lease a car right away, I’m planning to lease a BMW X5 about 60k, my credit score on credit karma is 714 now, and my family will cover the monthly payment and costs before I find a job, I’m wondering what’s the chance I can get approved by the bmw dealer for the leasing? Really appreciate your explanations!
- Old Man DirtLv 71 month ago
Your first hurdle is getting your visa redone so you are eligible to take a job. With out some form of "naturalization" or valid work Visa I honestly don't think any banking institution would consider you a good risk. You just happen to fit into a group of people that the immigration system has targeted.
Secondly with out an "income" there is no way to qualify for a lease.
Thirdly leasing a BMW X5 is a poor financial move! The deprecation on a X5 the first year is 20,000 dollars. On a five year lease that is 43,000 dollars. There are a lot of nice used cars out there in the 20,000 dollar range. If your family is going to make sure the "lease" is paid- just buy a 20,000 dollar used car to start with. The way a lease works is you finance depreciation (for five years 43,000 dollars) add in interest (11,000 dollars) and make payments. So that BMW if leased will have a total cost of 54,000 dollars. At the end of five years, you turn the car in and have nothing to show for it. Not even a trade in, just a empty parking stall.
- KY-ClayLv 71 month ago
Not without a cosigner you can't.
- Anonymous1 month ago
Sure. And you never have to pay for it either. SMH
You could possible finance a modest car on a new grad program, but leasing without a job is NOT happening. And you do not need a $60k car.
- NikoLv 51 month ago
No. You need to prove you can make the payments.
- How do you think about the answers? You can sign in to vote the answer.
- ScottLv 61 month ago
Between zero and none. Your family isn't applying to lease the car, you are. You have no income. It's not going to happen.
- regeruggedLv 71 month ago
You have expensive taste...way too expensive for one starting out. No chance you will get approved. Consider taking over a lease of a practical vehicle. Visit www.swapalease.com or www.leasetrader.com. Millions of people are trying to get out of leases. It is the most expensive way to acquire a vehicle.
- Jay PLv 71 month ago
You alone applying = somewhere between not a chance in hell and 0.00% chance.
If you have a co-signor with very good or better credit rating, and a good income, your chances improve.
- Anonymous1 month ago
If you're that rich, why not just outright buy the car yourself?
- PeterLv 72 months ago
In my country, depending on your age, it would be pretty easy, I don't know about your country.
- 2 months ago
Btw, I went to some local dealers, many of them just lured me to apply, since I know each inquiry will affect my credit score, so I haven’t apply at dealership yet.