Funstuie

Hey all,

We are looking to lease one car and buy another. I will hopefully have the money to buy the car outright but I was thinking to start up building credit we should put the money in a bank account and get a loan and just pay it out. I figure we might end up paying a little more for the car over the loan but it seems a good fit to build up credit.

So would I be able to get a loan with little or no credit?

I am not talking about $4k, it would be more in the $15/$20k mark (depending on what our cars in the UK sell for).

hungryhorace

Easiest thing to do is let the dealership sort you out with a loan, but ensure that there is no penalty for early payment.

Your exact scenario is covered here on the wiki: http://britishexpats.com/wiki/Fatbri...stallment_Loan
Read the 'installment loan' part.

S Folinsky

If a person is eligible to join a credit union, they may very well have loans available. Some CU's can be more flexible about such things compared to banks.

Funstuie

I have been advised to join DCU when I arrive.

hungryhorace

Ooh, can I refer you?

Bob

In MA....they're shit.

That said, they will loan to and then sell on anyone a loan it would seem.

Plenty of local CU's worth a look and AAA usually have a good deal.

hungryhorace

DCU don't charge to receive an incoming wire, plus they provide a free Equifax FICO score each month.

Those are my sole two reasons for having an account with them.

Bob

Oh they have their plus points...you just don't want to know about the dodgy stuff

Chapmandan

Such as?

Bob

They are one of the easier places to get a loan from, for a reason.

Some of the compliance practices have been as not compliant as BoA.

Fun hidden charges.

Put another way, they are also popular when one doesn't have status or necessarily very good documentation. Which means the inevitable consequences that brings.

Saying that, the DCU Centre in Worcester is a pretty nice venue...and not all branches are dodgy, obviously but when blind eyes are allowed to be turned.

I would look at St Mary's, Middlesex or Rockland first.

I would also not look at Avidia or Sovereign, the Brazilian jobby rather than the Santander buyout, but I wouldn't look there either.

Chapmandan

I see... all makes sense now. US equivalent of Wonga etc, preys on the poor to give out money easily and then shafts them from that point on.

hungryhorace

Let's not overstate it. DCU is not even remotely in the same league as Wonga.

Bob

True. Wonga are proper bad business. DCU is only slightly iffy in comparison...but they are iffy, especially to the small/medium sized customer.

Funstuie

Wow. Banking in the US really is different if they take your weight into consideration.