Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

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

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

Old Jul 15th 2011, 12:41 am
  #16  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 91,798
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by ljaw2002uk View Post
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?
Bob is offline  
Old Jul 15th 2011, 12:44 am
  #17  
Just Joined
Thread Starter
 
Joined: Feb 2011
Posts: 11
feltonisounds is an unknown quantity at this point
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Thank you everyone this has been a great help.
feltonisounds is offline  
Old Jul 15th 2011, 1:26 am
  #18  
Forum Regular
 
BellaE's Avatar
 
Joined: Jul 2011
Location: Philly area
Posts: 154
BellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond reputeBellaE has a reputation beyond repute
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by White-ishRose View Post
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.
BellaE is offline  
Old Jul 15th 2011, 3:32 am
  #19  
Yes, I know i'm awesome.
 
ljaw2002uk's Avatar
 
Joined: Jan 2011
Location: Twin Cities, Minnesota
Posts: 624
ljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond reputeljaw2002uk has a reputation beyond repute
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by Bob View Post
http://britishexpats.com/wiki/Catego...nancial_Topics

like that section of the wiki here?
Possibly.
ljaw2002uk is offline  
Old Jul 15th 2011, 12:03 pm
  #20  
Forum Regular
 
Joined: Jun 2010
Location: Evanston, IL
Posts: 135
seawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really niceseawaternow is just really nice
Default 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
seawaternow is offline  
Old Jul 15th 2011, 5:27 pm
  #21  
BE Commentator
 
S Folinsky's Avatar
 
Joined: Feb 2010
Location: Los Angeles, California
Posts: 7,386
S Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond reputeS Folinsky has a reputation beyond repute
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Join a credit union if one is available.
S Folinsky is offline  
Old Jul 15th 2011, 6:04 pm
  #22  
Forum Regular
 
Joined: Jan 2010
Location: Stamford, CT
Posts: 200
EricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to all
Default 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??
EricK is offline  
Old Jul 15th 2011, 6:15 pm
  #23  
Forum Regular
 
Joined: May 2011
Posts: 53
docholywood will become famous soon enough
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by EricK View Post
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?
docholywood is offline  
Old Jul 15th 2011, 6:18 pm
  #24  
Forum Regular
 
Joined: Jan 2010
Location: Stamford, CT
Posts: 200
EricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to all
Default 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.
EricK is offline  
Old Jul 17th 2011, 4:55 am
  #25  
Forum Regular
 
Joined: Jan 2011
Location: Los Angeles, CA
Posts: 36
IanH88 has a spectacular aura aboutIanH88 has a spectacular aura aboutIanH88 has a spectacular aura about
Default Re: Brit Expat- no credit- CAR LOANS!! help!

Originally Posted by EricK View Post
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
IanH88 is offline  
Old Jul 17th 2011, 1:04 pm
  #26  
Forum Regular
 
Joined: Jan 2010
Location: Stamford, CT
Posts: 200
EricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to allEricK is a name known to all
Default 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.
EricK is offline  
Old Jul 17th 2011, 7:08 pm
  #27  
Just Joined
 
Joined: Jul 2011
Posts: 14
Desmodronic is an unknown quantity at this point
Default 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......
Desmodronic is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.