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

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

like that section of the wiki here? :lol:

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

Thank you everyone this has been a great help.

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

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.

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

Possibly. :p

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

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

Join a credit union if one is available.

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??

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

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?

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.

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

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

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.

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......