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Hey all, quick question regarding car loans, specifically for Canada, and even more specifically British Columbia.
I'm looking to lease or finance a new car this summer, however i have a few questions... what's more important for credit approval? Length of credit history, or "quality" (i.e credit score etc?) I ask because i have a good credit score (810 according to Equifax, but i'm 19, so i have a very short history (4 months in length). I've built my credit with an un-secured credit card, i purchase everything on it, then pay it off literally the same day (using online banking) and would never exceed 30% of my limit, and have never carried a balance month to month.
Would the short duration of my credit history make it a challenge to get a lease/finance? Also, which is easier to get approved for? Finance or lease? I have a great paying job (for my age) at roughly $4,000 per month. I also have ZERO debt. Thanks!
EDIT: I'll add other info as well;
Current monthly expenses: ~$400. (not a typo, long story)
Emergency fund could last me a couple years.
Future expenses other than car loan/lease payment (assuming approval) will be very little, if at all for the forseeable future.
I'm looking to lease or finance a new car this summer, however i have a few questions... what's more important for credit approval? Length of credit history, or "quality" (i.e credit score etc?) I ask because i have a good credit score (810 according to Equifax, but i'm 19, so i have a very short history (4 months in length). I've built my credit with an un-secured credit card, i purchase everything on it, then pay it off literally the same day (using online banking) and would never exceed 30% of my limit, and have never carried a balance month to month.
Would the short duration of my credit history make it a challenge to get a lease/finance? Also, which is easier to get approved for? Finance or lease? I have a great paying job (for my age) at roughly $4,000 per month. I also have ZERO debt. Thanks!
EDIT: I'll add other info as well;
Current monthly expenses: ~$400. (not a typo, long story)
Emergency fund could last me a couple years.
Future expenses other than car loan/lease payment (assuming approval) will be very little, if at all for the forseeable future.