100weight

Got our licenses in 2010, just after we arrived in Michigan. Company was paying for a rental car for a year, so only needed to get insurance in 2011 and therefore had over a years worth of credit history.

CWT

watchcamFloridabound

hmm - I wonder if I can get car rental for a year first. I thought you had to get a US licence after 30 days. Assume you had a rental with a new US licence?

On the credit history - what sort of thing can you do to get credit history? I am confused how you get credit with no credit history if you know what I mean?
Would the fact that I start paying my bills help? (water etc)

My wife checked her credit history as she is American and its blank as she left so long ago

Bob

Read the wiki. A lot of your questions are covered in there, up top.

And no, paying utilities don't help, only late payments are reported for dings.

watchcamFloridabound

Couldnt see anything up there on how to build a credit history but will have a proper look later. Thanks!

Sue

You might find this useful: http://britishexpats.com/wiki/Fatbri...it_and_Finance

Wibblypig

You have to get your FL license WITHIN 30 days, not AFTER. Every state has it's own timeline. You will pay more to rent a car that what car insurance costs, also for the best rental deals you will have to change car every 4 weeks.

watchcamFloridabound

Thats what I meant, should have put day 29.
By cheaper I am thinking including the cost of a car as I will be paying cash for a car to buy so renting (or leasing if can find an inc insurance deal?) taking depreciation into account also might work if the insurance costs don't come out high that way also.

A quick google found a large family sized car to rent is £110 per week including insurance. If insurance is going to cost $2k per year that means I can drive a rental car for £300 per month and hang on to my cash. Would be boring though and wouldnt get me on the insurance ladder of course.

That same rental car to buy new from a dealer would cost me the best part of £300 and I would need a deposit so in some ways makes sense. At least I could change it a lot! Food for thought...

Bob

If you've got the cash, still get car finance. Can pay most of it straight off and keep minimal amount going for 12 months. Good wy to build credit history.

watchcamFloridabound

Superb, thanks for that. It's enough to put you off going!?

watchcamFloridabound

Sounds like a good way to go. Was just reading the finance link posted by Sue. Seems like I need to wait though to even get car finance.

It's incredible to think if I has a SSN and went to a car dealer to buy a $20k car and put down $15k deposit (to establish credit history instead of paying the whole amount) I wouldn't get finance?!

I do wonder how the country ended up such a mess with such strict finance rules?

Will have to work with it though so accept it is the way it is.

Bob

Car finance is the easiest to get. Finance the whole thing, pay most of it off straight away leaving nominal amount for 12 months. Just check there isn't a early pay out penalty first.

watchcamFloridabound

In your experience is that something that could be done pretty much as i arrive?
Keen to get the credit score built asap. The link suggests it might be 6 months weight.

The other thing that surprises me if i were to put down a 60% deposit from day one (with no credit history) a bank would refuse to give a mortgage?

Bob

Depends how much of a deposit you put down. Car finance is easy to get. You just won't get a great rate, which is why you want to make sure there isn't a penalty for over payments and pay most of it off as soon as, to minimise interest.

As for mortgage, all depends on local market. Some places it might not be a problem, in others it probably would be.

Anyway, you wouldn't want to buy a house for at least a year anyway, so by then you'd have some credit history, so moot point.

watchcamFloridabound

Thanks for the info - sounds fair enough. happy to pay high rates if needed to get ball rolling.

I am not personally in a rush to buy somewhere but my wife on the other hand seems to be on a mission to have our own place asap.
I like the flexibility of living in a rental as we will keep our house in the UK so still 'on the ladder' as far as I am concerned.