dbr84

Howdy!

I'm in the process of relocating from UK to CA :-)

In the UK I have an excellent credit score, and I'm wondering the following. If I go to finance a car for example in the US, are there any loan providers which would take into account my UK credit rating? I guess I'm essentially starting again.

Would I be better off getting a loan in the UK and then transferring the money to my US bank account?


Thanks for any advice! And thanks for providing a great resource, some great info here.

SpoogleDrummer

A few people here have used International Autosource and had good results. Personally I just bought beaters for cash until I had a good enough credit history to get a loan over here but then I'd already moved before I'd even heard of International Autosource.

Olly_

If you can, get a UK American Express card before you leave because you can take advantage of their global transfer service to get your credit building started here.

They'll open a US account based on your UK history this way, which means you can get a decent card without resorting to rubbish secured cards.

For cars, as SpoogleDrummer has mentioned International Autosource are worth a look.

Pulaski

You have to have had the card for three months, which is good news because it used to be 12 months.

I used International Autosource, and have recommended them frequently. Buying through IA has three benefits: (i) you get finance on a car you might not otherwise be able to finance, (ii) as soon as you start making repayments you have an installment loan on your credit profile helping build your credit history, and (iii) when you arrive in the US and are running around like a headless chicken trying to get a home and/or settled, arranging utilities, getting sorted with commuting and your job, getting your driving license (required within as little as ten days, and certainly within 90 days), you already have your car sorted.

BTW your UK credit history is worthless in the US under almost all circumstances. You can thank the European/UK Data Protection Act.

Getting a loan in the UK would be a PITA because you'd have to send the repayments back, at uncertain future exchange rates, and would do nothing towards building your US credit history.

Olly_

Actually it's three months now.

From here:

markcst

Use International Autosource for a car.


Use Advancial for a bank account (and if they see evidence of salary within 3 months into your account you'll get car loans and credit cards, I did). International Autosource introduced me.


Use AIG for insurance as they will allow you to pay on credit terms again building your rating. International Autosource will introduce you for "free".

USA_Guy

IA is the way to go. Why blow through cash unnecessarily? If you contact IA before you relocate, you can get an auto factory-direct. US citizens with US credit can't even do that.

IA sees across about 8 or 9 manufacturers, all models, and helps you pick what is the best fit. They can see factory current rebates and incentives. It would take 6 months of weekends doing that yourself.

and they assist with all the messy paperwork. Why reinvent the wheel? The company has been around for 50 years. Can't go wrong.

dbr84

Thanks all, some good tips here

Do you work for IA, USA_guy? :P

Interestingly, I just found out that HSBC can also transfer my credit rating. Will be having a chat to them as that could be an easy way to handle things.

Olly_

By this they mean transferring your internal HSBC rating, not your UK credit file. It may mean that they give you a credit card here off the back of your UK credit file but not much else.

On a side note, HSBC aren't very good in the US - fine to get you started but they have a very limited branch network and mediocre products.

Pulaski

You forgot the bit about their primary business being sales to US military personnel, so they are entirely legit and above board.

USA_Guy

I have expat neighbors at my kid's school that had a big blue Ford F150 in the driveway when they moved to town, and so I heard the WHOLE story. They were all excited about it

Next thing you know I find out that the company is actually the same company that I bought a car from when I was stationed in Germany when I was in the US Army. That's how I know all sides of it.

I'm actually quite surprised how many people in this thread already knew of IA.

Pulaski

Ah, so you did know.
I've been recommending them for years, so much so that some people thought I worked for them, or was at least getting commission, and at one point I had recommended so many people that someone at IA asked to speak to me!

USA_Guy

In my work I deal with a lot of banking people all over the US. Folks who came from Canary Wharf. They didn't realize. The car is probably the most critical glue that holds together an international relocation. In most US places, without one (or two for a family) everything else grinds to a halt.

And if with kids - in the US the school is a function of the municipality, so the school, the home (in the appropriate school district), and the workplace all have to be considered to triangulate your daily goings-on (ie. the commute) and it is all held together with the ability to move around.

If you wait to consider a car once you get to CA, every day will cost you in decision-making pain, and rental car fees.

petitefrancaise

IAS is good, but it's not the only option for expats. Recent arrivals that I know of have used Expatride. Also Mazda and VW have expat programs once you have arrived - although you are limited to their cars.

Advancial will give you an (unsecured) credit card whether or not you bank with them, you just need your social security number and income proof.

I would avoid getting a UK loan just because transferring money back is a PITA. If you have some cash to put down as a deposit then you should be able to work something out with one of the above options.

cautiousjon

OP, are you coming over on a visa, and if so, do you like VW or Mazda cars? Whilst International AutoSource is a great option, another option might be to buy or lease a car from one of those manufacturers via their foreign resident program. I qualified for Mazda's foreign resident program and was able to use it to get a $30K, 0% APR loan to buy a brand new CX5. It kickstarted my credit record and a little over a year later, I am now scoring high enough to prequalify for some of the best credit cards on the market.