{ "media_type": "text", "post_content": "I am not approved for financing the car due to immigration status and limited credit history. Leasing (1.99% - 2 years) and cash are feasible options. I really want to own the car so should I buy it off in cash or lease to build credit history?", "post_id": "609566391a00be0022a6f51c", "reply_count": 18, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

I am not approved for financing the car due to immigration status and limited credit history. Leasing (1.99% - 2 years) and cash are feasible options. I really want to own the car so should I buy it off in cash or lease to build credit history?

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You can lease for now to establish credit and then finance and buy out. Set aside extra savings and investments to compensate for the slightly increased cost of leasing there are usually fees say of around $750 for leasing.

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Insurance might be a little higher because a lease requires “gap” insurance but I can’t say I noticed a material difference when I bought my leased car out. The price went down over time but I think that was due to my most excellent driving (and depreciating car value) more than anything.

Just lease for now. The extra costs over 2 years will not be huge, and it'll help with credit history.

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Do NOT buy the car post lease, but in order to help build credit history, leasing is your best option here.

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You’re more the anomaly than the norm though. There are certainly some situations where it makes sense, but in general you shouldn’t buy out your lease.

Lease it. If you are not into cars, just buy an electric - Bolt ot Leaf.

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I don't know much but I think I am into cars 😅

cars depreciate in value, after about 10 years or 100,000 miles a car's trade in value is less than 1000. the cost of maintenance goes up dramatically after year 5. leasing is a much better option than buying because you'll get to drive a new car whenever your lease is up.

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Anecdotes are fine: in terms of building credit, does it have a same effect if I just buy a phone on plan for 2 years?

I mean, if the purpose is to improve credit history, does buying a phone installments have the same effect on credit as leasing a car?

Thank you everyone. So the consensus is leasing instead of buying in cash. If so, do I need to pay more to get rust protection? Will it be late if I do it after 2 years, when I decide I will keep the car when the lease is up?

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