Barbitana

Hi all,

What is the best car loan while you're not a citizen/gc holder? any experience would be great.

Thanks
cheers

fatbrit

Fresh off the boat, no credit history, non-immigrant visa.

The answer would be anything that you can get. Beggars can't be choosers! Actually a better answer would be to buy a used one and save your interest payments since your insurance will be similarly priced until your history is developed.

If you're really determined to ride around in a shiny new depreciating liability, try arranging the loan before you move with international autosource or similar. I read mixed reviews of them

cranston

i guess you have almost zero chance...its really tough at the moment.

scrubbedexpat099

There are solutions for those with no documents.

Se habla Espanol?

Poppy girl

I did it with no credit and no GC but that was 5 years ago, I went to a credit union and got $4000 approved the same day.

Undefeckable

I got one from a local credit union after having been here only 3 months.

Had to limit the term of the loan to the expiry of my Visa though.

In my experience, the credit unions take a more 'common sense' approach to lending than the big banks do.

Just be sure that they report back to the main credit bureaus like Equifax and Experian etc - remember, it's not just getting you hands on the dough, it's about making sure you will be in a better position to do so in the future too.

Barbitana

Thanks very much guys,
A quick update from myself, just talked to a couple of car manufacturer (they do have something like finance departments) and all of them are happy to offer you loans on their brand new cars as soon as I get any more info will let you know.

Cheers,

Peter Newton

I did hear of one Brit who took out an unsecured personal loan in the UK, then transferred the proceeds to the US to pay for the car. He then had to transfer money back to the UK every month to make the loan payments.

Not that I'm recommending that method, but there's always a way!!

tamms_1965

When we went to buy DHs truck 2 years ago he didn't have his GC yet and could not be put on the loan as a co-borrower (I'm a USC) at the very low rate I was getting (and I wasn't going to sacrifice the interest rate for his name being on the loan). However, my bank (Huntington), said that they would add him to it once he got his GC. We never added him because I bought a new car 2 months later after he had his GC and he was put on the loan no probs.

anotherlimey

If that was a car showroom - run away!

They always say that just to get you in. I believe their moto is "never say no", unless the question is "can we negotiate on price, color or options?".

You're better off either getting a loan approved via Lending Tree, in which case the loan will almost certainly come from Capital One; or visit someone like CarMax (like I did) who have their own loan programs for buyers with no credit history, e.g. teenagers and immigrants (you will get a high APR though).

fatbrit

You need to read, understand, read again and at all times follow the instructions given at www.carbuyingtips.com. Ignore the fact it looks like an old Geocities page and all the adverts in boxes to pay for the server. The written word between is pure gold. If you're not used to their ways and walk in to a dealer fresh off the boat, you will be fleeced.

another bloody yank

He said he was my friend, and just wanted to help me get the car I deserved ('05 Escalade) for payments I could afford.

dottypotty

We managed to get one four years ago, with a high interest rate though. It does help start your credit rating.

md95065

In a week or two I suspect that there will be some very good deals to be had on Toyotas ...

Lazzza

Our relo company has put us in touch with a company which provides finance for people in our situation. We have ordered a new vehicle already and have had the finance approved. We are still presently in the UK.

The finance is at quite a good interest rate (probably a wee bit higher than usual).

The car/truck prices are very competative - checked against US prices and VERY competative when compared against UK prices.

I can dig around my desk and message you the company details if you like.

The only bad thing? The cost of insurance! Not cheap! But hey ho you just have to get on with it.