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

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

Old Jul 14th 2011, 9:08 pm
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Default 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
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Old Jul 14th 2011, 9:35 pm
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Default 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.
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Old Jul 14th 2011, 9:38 pm
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Default 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
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Old Jul 14th 2011, 9:43 pm
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Default 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.
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Old Jul 14th 2011, 9:46 pm
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Default Re: Brit Expat- no credit- CAR LOANS!! help!

I was hoping to get a car loan to help my credit score... thus the post
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Old Jul 14th 2011, 10:33 pm
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Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by feltonisounds View Post
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?
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Old Jul 14th 2011, 10:41 pm
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Default 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
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Old Jul 14th 2011, 10:47 pm
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Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by feltonisounds View Post
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.
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Old Jul 14th 2011, 10:49 pm
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Default Re: Brit Expat- no credit- CAR LOANS!! help!

Thank you! That's really helpful.
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Old Jul 14th 2011, 11:00 pm
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Default 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.
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Old Jul 14th 2011, 11:06 pm
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Default 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!!
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Old Jul 14th 2011, 11:13 pm
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Default 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
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Old Jul 14th 2011, 11:38 pm
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Default Re: Brit Expat- no credit- CAR LOANS!! help!

Thank you
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Old Jul 15th 2011, 12:02 am
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Default 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...
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Old Jul 15th 2011, 12:38 am
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Default 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.
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