100weight

Hi all,
I've run out of ideas and was wondering if you had any suggestions.
We need to buy a car but no-one is willing to finance us.
We tried dealer1 and they said we had insufficient credit history.
We tried dealer2 and their bank said we needed a co-signer with income (which ruled me out as co-signer).
Our bank, flat out refused.
Intl Autosource said we're already stateside and they couldn't help.

Our situation is as follows:
Own our house, no mortgage.
Mrs been here since 9/1/09 on "assignment". 2/1/10 became US employee on good wage. Visa is L1. GC is 6-8 months away (according to lawyer)
Had a credit score of 700 odd (before we started looking for a car). Only have 1 credit card.
We don't have much in spare cash (put it all into the house)

Any suggestions or ideas on where we could potentially get finance?

Dispondently yours
CWT

Squirrel

Is there a high enough limit on your credit card to buy a second hand car with? Or can you ask for an increase on the limit? And pay the card off so much a month?

100weight

Sadly no. Skank of America only gave us 1K limit. (TBH they are the worst people I have ever had the mispleasure of dealing with). We are looking into other banks/credit unions. If there was one where we knew they would consider us for a loan, I would move right now.

N1cky

Try VW, they do a program for internationals, we were offered a loan with them at 4.9% 4 months after we arrived. Problem is they will only finance it over the term of your visa, so only having 6-8 months left could be a problem.

http://www.vw.com/en/financial-servi...-programs.html

We ended up going with a Ford dealer around 30 miles from where we lived as they would take our international credit score into account. In desperation one day I emailed a bunch of big dealers and said we had only been in the country 4 months, had good jobs but no credit score would they take our Experian UK report into consideration.

bilbos92

Another vote for VW here. We were able to get a VW leased 5 months after arrival on an L1B visa and all DH had to use as support of our application was a letter from his company saying that although he was on an L1B, the intent was to apply for a green card before his visa expired and that his contract was ongoing with no end date. (This was in dealer in Wayne Pa. no endorsement offered).
We actually only got a lease as we were told that it was a "quick" way of establing credit. Until we did this and paid a few months we had no credit card...a few months later the offers were rolling in. We applied for and got a credit card with a nice limit ( can't recall exact amount).

dave2702

Carmax used to have a "Newly arrived in the country" program which would lend you the money at a pretty high rate but you could always get rid of it once you have a better credit history

However that was before the crash so I don't know if it still exists

Bob

Get a banger for a grand...should see you through for a year or so, enough time to get some credit history.

TimNiceBut

Another vote for a cheap transport appliance for a year or two. That's how I "survived" in the UK after moving there from Germany with no credit history, too.

cranston

try a few local credit unions. Take your payslips along to show them.

FredCDobbs

Since you own your home free and clear of any mortgage you might be able to take out a home equity line of credit.

Sheepdip

Had the same issue with BoA but got 7 times their limit with Chase! Try another card issuer.

100weight

Thanks all for the suggestions. We are going to a credit union at lunch and the VW dealership this evening. Hopefully this will all be sorted in the next few days.

N1cky

Good luck

100weight

RESULT!! The credit union has agreed to give us a loan with 20% down. Now at least the Mrs can get the car she wants.

Thanks again for the tips, suggestions and wishes.

HarryTheSpider

Hooray!!

Nice one - enjoy!

Cheers

HTS