Jase2022's questions about car finance for new immigrant
#16
Forum Regular
Joined: May 2018
Posts: 233
Re: Jase2022's questions about car finance for new immigrant
I was in a Ford dealership in Thousand Oaks a few weeks ago looking to tee up a new Ford Explorer for my wife. We're in the fortunate position that we could purchase one outright but i explained to the manager that ideally i wanted to put down 75-80% and finance the rest to try and build some credit. He did say that my interest rate would be high though, despite the fact that the deposit was quite healthy but it would be a sure fire thing, even if i pulled it down to 50%.
With regards to inventory, they had about 20 Explorers sitting on the lot, with the manager basically saying that in California the stock levels on most new Ford vehicles were back to pre covid levels.
With regards to inventory, they had about 20 Explorers sitting on the lot, with the manager basically saying that in California the stock levels on most new Ford vehicles were back to pre covid levels.
#17
Banned
Joined: Jul 2014
Location: Hawley
Posts: 958
Re: Jase2022's questions about car finance for new immigrant
I cannot tell you whom to finance a vehicle with but stay away from lenders like Drive Financial Services (aka Santander Bank USA) they finance anyone just about or they did a few years ago ) and they will hound dog you every month when the payment is due even if you have made all payments on time as agreed. My brother purchased a used car financed through them because his credit was not perfect and before the first payment was even due they called him to remind him. And then every month afterward. After he made 12 payments on time he refinaced with a credit union at a much lower interest rate and never had any issues paying. A lot of dealers will have lenders like them so do your homework before accepting a "bad credit lender" the dealer will get a cut of the money if they steer you towards some of them . Some will steer you towards one of them even if you qualify for a regular bank.
#18
Forum Regular
Joined: May 2018
Posts: 233
Re: Jase2022's questions about car finance for new immigrant
I cannot tell you whom to finance a vehicle with but stay away from lenders like Drive Financial Services (aka Santander Bank USA) they finance anyone just about or they did a few years ago ) and they will hound dog you every month when the payment is due even if you have made all payments on time as agreed. My brother purchased a used car financed through them because his credit was not perfect and before the first payment was even due they called him to remind him. And then every month afterward. After he made 12 payments on time he refinaced with a credit union at a much lower interest rate and never had any issues paying. A lot of dealers will have lenders like them so do your homework before accepting a "bad credit lender" the dealer will get a cut of the money if they steer you towards some of them . Some will steer you towards one of them even if you qualify for a regular bank.