Finance suggestions
#1
Forum Regular
Thread Starter
Joined: Aug 2011
Location: Jacksonville, FL
Posts: 98
Finance suggestions
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
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
#2
Account Closed
Joined: Feb 2004
Posts: 928
Re: Finance suggestions
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?
#3
Forum Regular
Thread Starter
Joined: Aug 2011
Location: Jacksonville, FL
Posts: 98
Re: Finance suggestions
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.
#4
Re: Finance suggestions
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
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
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.
#5
Forum Regular
Joined: Apr 2009
Location: West of philly - not quite Lancaster
Posts: 113
Re: Finance suggestions
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).
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).
#6
BE Enthusiast
Joined: Oct 2004
Location: The People's Republic of Evanstion, IL
Posts: 332
Re: Finance suggestions
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
However that was before the crash so I don't know if it still exists
#7
Re: Finance suggestions
Get a banger for a grand...should see you through for a year or so, enough time to get some credit history.
#8
BE Enthusiast
Joined: Nov 2007
Location: Carson City, NV
Posts: 789
Re: Finance suggestions
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.
#9
BE Enthusiast
Joined: Nov 2007
Posts: 906
Re: Finance suggestions
try a few local credit unions. Take your payslips along to show them.
#10
Just Joined
Joined: Jun 2011
Posts: 19
Re: Finance suggestions
Since you own your home free and clear of any mortgage you might be able to take out a home equity line of credit.
#11
Re: Finance suggestions
Had the same issue with BoA but got 7 times their limit with Chase! Try another card issuer.
#12
Forum Regular
Thread Starter
Joined: Aug 2011
Location: Jacksonville, FL
Posts: 98
Re: Finance suggestions
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.
#14
Forum Regular
Thread Starter
Joined: Aug 2011
Location: Jacksonville, FL
Posts: 98
Re: Finance suggestions
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.
Thanks again for the tips, suggestions and wishes.
#15
BE Forum Addict
Joined: Jun 2010
Posts: 2,847
Re: Finance suggestions
Hooray!!
Nice one - enjoy!
Cheers
HTS
Nice one - enjoy!
Cheers
HTS