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feltonisounds Jul 14th 2011 10:08 pm

Brit Expat- no credit- CAR LOANS!! help!
 
I've been endlessly looking at different places online for getting a car. I will need a car loan, but really can't decided how to go about it.
I have no credit history (won't accept it from the uk) and am looking to get a Toyota yaris hatchback for under $10,000. Any good suggestions for loans and where to find such a car?

Thanks

avanutria Jul 14th 2011 10:35 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
You might be better off getting a cheap clunker for a couple years, one that you don't need a loan for, and start establishing a credit history now that you can use for the car you want when the clunker conks out.

feltonisounds Jul 14th 2011 10:38 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
I would if I didn't have to drive so much. I need a reliable car that won't be in the garage a lot or cost me a fortune fixing it. I'm looking for a decent place to get a loan and a car... Any ideas

ljaw2002uk Jul 14th 2011 10:43 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Look on craigslist. I bought a perfectly good vehicle for under $3k. No loan, looks great, and will last me until we are settled and ready for new.

feltonisounds Jul 14th 2011 10:46 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
I was hoping to get a car loan to help my credit score... thus the post

cluedweasel Jul 14th 2011 11:33 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by feltonisounds (Post 9496036)
I was hoping to get a car loan to help my credit score... thus the post

When I first came over, I got a car loan after 6 months or so. I had no credit history, so I had an exorbitant interest rate of around 22%. didn't really matter because I paid it off almost straightaway. It was just a way of building some credit history. The current economic situation may have put paid to that though.
Is there anyone with U.S. credit in your family who could co-sign?

feltonisounds Jul 14th 2011 11:41 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
That's the situation i'm in now. Which company did you use for the loan? I don't have anyone who I would ask to co-sign. Just me myself and I I'm afraid

cluedweasel Jul 14th 2011 11:47 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by feltonisounds (Post 9496112)
That's the situation i'm in now. Which company did you use for the loan? I don't have anyone who I would ask to co-sign. Just me myself and I I'm afraid

I got it though the Honda dealership I bought the car at. It was through Bank of America if i recall correctly.

feltonisounds Jul 14th 2011 11:49 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Thank you! That's really helpful.

ljaw2002uk Jul 15th 2011 12:00 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
In addition, there is plenty of information out there for new arrivals to the US on how to build up a good credit score. You might want to Google it.

feltonisounds Jul 15th 2011 12:06 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Think I'm all googles out. By far the best way to get a good start on credit is a secured credit card and buying a car. So far one outmoded two ain't bad!!

N1cky Jul 15th 2011 12:13 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
We got a great offer through VW of around 4.5% 3 years ago, it's tied into the length of your visa. I don't know if anyone else does something similar, I found this link by just following the Finance page on their website.

http://www.vw.com/en/financial-servi...-programs.html

feltonisounds Jul 15th 2011 12:38 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Thank you

White-ishRose Jul 15th 2011 1:02 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
We were recommended by the car dealership to go and talk to a local credit union. They were really helpful, gave us a great deal (relatively) on a car loan and gave us credit cards too with a reasonable starting limit (ie not the $300 that Capital One offered us!!) The Banks were less than useless...

Bob Jul 15th 2011 1:38 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
put more down...or use a local credit union...or join AAA and get a loan through them, they seem to offer okay loans through various credit unions.

Bob Jul 15th 2011 1:41 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by ljaw2002uk (Post 9496133)
In addition, there is plenty of information out there for new arrivals to the US on how to build up a good credit score. You might want to Google it.

http://britishexpats.com/wiki/Catego...nancial_Topics

like that section of the wiki here? :lol:

feltonisounds Jul 15th 2011 1:44 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Thank you everyone this has been a great help.

BellaE Jul 15th 2011 2:26 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by White-ishRose (Post 9496216)
We were recommended by the car dealership to go and talk to a local credit union. They were really helpful, gave us a great deal (relatively) on a car loan and gave us credit cards too with a reasonable starting limit (ie not the $300 that Capital One offered us!!) The Banks were less than useless...

AS several other have said, check out a credit union. However, be aware that you have to some "affiliation" to be a member -- for example, live or work in certain community.

ljaw2002uk Jul 15th 2011 4:32 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by Bob (Post 9496254)
http://britishexpats.com/wiki/Catego...nancial_Topics

like that section of the wiki here? :lol:

Possibly. :p

seawaternow Jul 15th 2011 1:03 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Since you want a Toyota, check out their financial services portal for options, you should be able to even apply for credit ahead of time and figure out APR you'd get:

http://www.toyotafinancial.com/consumer/tfs.portal

S Folinsky Jul 15th 2011 6:27 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Join a credit union if one is available.

EricK Jul 15th 2011 7:04 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
I got a car loan after 4 weeks of being here through BWM financial services. They have a "global executive" program. They required a copy of my Visa and letter from my employer confirming employment and salary. I didn't have any problems, was agreed within 2 days. The loan couldn't exceed the length of my Visa however.

Audi and Mercedes also offered me something similar - worth asking Toyota if they operate a similar scheme??

docholywood Jul 15th 2011 7:15 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by EricK (Post 9497708)
I got a car loan after 4 weeks of being here through BWM financial services. They have a "global executive" program. They required a copy of my Visa and letter from my employer confirming employment and salary. I didn't have any problems, was agreed within 2 days. The loan couldn't exceed the length of my Visa however.

Audi and Mercedes also offered me something similar - worth asking Toyota if they operate a similar scheme??

Great info I'll check that out - did the rates seem competitive vs what a local would get? Would you mind sharing what deposit they expected and monthly installments you paid?

EricK Jul 15th 2011 7:18 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
They had a promotion on for finance deals - think I am paying 1.9%.

I put down a large deposit as I only wanted a small amount of finance to build my credit history - however there was no stipulation that I had to do this, I could have just paid a regular deposit amount - it was my choice to put more in.

IanH88 Jul 17th 2011 5:55 am

Re: Brit Expat- no credit- CAR LOANS!! help!
 

Originally Posted by EricK (Post 9497731)
They had a promotion on for finance deals - think I am paying 1.9%.

I put down a large deposit as I only wanted a small amount of finance to build my credit history - however there was no stipulation that I had to do this, I could have just paid a regular deposit amount - it was my choice to put more in.

Did you get this direct from a dealer? I've spoken to a couple of BMW dealers and neither were aware of any type of program, despite me asking specifically.

I'd really appreciate any more info you can provide

EricK Jul 17th 2011 2:04 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
Yes, from BMW Long Island - the agreement is through BMW financial services and was taken out through the dealer.

Desmodronic Jul 17th 2011 8:08 pm

Re: Brit Expat- no credit- CAR LOANS!! help!
 
I was in the same situation, the dreaded "no credit history" thing.

With the economic downturn the government relaxed the rules on credit unions. Lets face it......wasnt it those with good credit that had all the mortgages and loans in the first place who then couldent pay them back?

The banks basically had no one to lend to and had to get income from somewhere.But the banks had no money .


My credit union manager told me that they were giving loans to those who had no credit history but that did have a pay check history........sort of a no brainer really.

Any way........I would suggest you find a credit union that is attached to something like your local educators union.......mine is nefcu.

With no credit history I bought a $20000 Mustang with no money down and 3.9% interest.

There are other benefits too, these credit unions are non for profits or something like that so are not bowwing to shareholders, so your banking if done threw them will be a lot more cheaper and also less frustrating.

I do all mine threw them now....thats one less headache of my plate.............now anyone know how i can get around having to deal with the dmv office......


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