lilbrit

Hi all.
I have moved to CA from London end of Nov. Opened bank account end October with Bank of America. Have been looking at getting a car loan- but have been cut off from every angle, like - need US proof of ID in one; 5 year credit history in an other place, etc.

I feel very stuck and frustrated... I have a job contract that i have not started yet, as cant drive there. But its a very solid salary long term contract. I have great credit history in the UK.

Is there are really no place/bank/lender i can apply in my position???
Is there any world banks here apart from HSBC, that have branches in UK and US??
I mean in 21st century, and we cant get a loan between UK and US?!!
Any advise at is greatly appreciated.
Thanks for your time!

fatbrit

How much cash have you got to put down?
What is the price range you're looking at?

lilbrit

looking to get a loan for about 11k, can only put down 2k. Well, i can put down more, but it will be money i need to pay back in to UK, and with currency jumping up and down, would rather not do it if can avoid it

fatbrit

You've not got enough down for a loan with no credit history in today's credit market. Options: find a co-sponsor, buy a clunker (from a private party -- not one of those awful dealers) or take public transport.

Credit history is not generally transferable -- you start with a blank slate in the US.

Steerpike

Times may have changed, but when I arrived in CA (1983), I rented a car for 2 weeks, and in that time managed to open an account at a credit union and get a used car loan from them. Credit unions tend to be much easier for some reason.

I bought a used Honda Accord (private sale) with 77k miles for about $4k, maybe even less - can't remember exactly. I took it up to 170k miles and only got rid of it because I wanted something a little nicer! I got another used Honda Accord, but this time with only 50k miles

If not having a car is costing you gainful employment, why not rent a car? A weekly, local rate should be reasonable, and even though it's a cost, it should be more than offset by having a full-time job!

lilbrit

yeah, i know i can get any cheaper car, or use public transport, and there are other options as well.
My question was - how or where someone in my position can apply for a loan? or can try to apply... And if there are any banks apart from HSBC that we have here and back in UK?
But thanks for your advises so far, i appreciate your time

fatbrit

I think they might have done.

fatbrit

It's pretty irrelevant once you're in America. If it didn't happen in America, it didn't happen! There are exceptions (you can xfer an Amex and a non-conforming mortgage was a possibility) but for a car loan with < 20% down, no credit history and no work history in today's climate -- it simply ain't gonna happen. Even at the strip mall dealers or--gawd forbid--the awful Drive Time, I think you'd be lucky to get a "buy here, pay here" loan. And you'd be a lot better getting something from a private seller anyway since these folks usually demand a deposit equal to what they actually paid for the car.

notacrime

Car dealers are desperate to sell right now, so you should try a few more. You might need to suck it up and transfer some more money from the UK to get the down payment they require. But once you have a car loan you will be well on your way to building a good credit history.

In other advice - do your driving test as soon as possible. You are not a true citizen of the California Republic unless you have a drivers license. It's such an easy test, and you can do it in a rental car. (Hertz allow this - see http://www.yelp.com/topic/san-franci...v-driving-test)

Renting for a while is also a good idea. Check out hotwire.com - you can almost certainly get a car for $12 or less. Then once you have a few pay checks you'll have a bigger deposit.

Good luck!

Steerpike

I strongly endorse the idea of renting a car for a while. Buying a car from a dealer, especially a used car, is often an invitation to get ripped off. Buying a car privately is usually a better deal but - takes a lot of leg-work (and requires a car to go visit the individual sellers). I remember spending many hours traveling around the bay area when I first got here, looking at used cars - without GPS, without google driving directions - was a good intro to the area!

Once you are working, you'll come in contact with a lot of people, some of whom may know someone who is selling a car - always better to follow a personal referral.

Also - it will give you some time to research makes and models, etc. Cars that are reliable and perform well in UK may be different here (different safety standards, different emissions standards, and different 'tastes' make US models different, even if they have the same name).

Folinskyinla

Hi:

See if you can join a credit union.

dbj1000

I don't believe you. I think this is just a scam to try and get us to all send you money for your "car".

Post a scan of your feet, to prove that you don't have a car. Include your SSN, visa and passport.

EDIT: My sincere apologies. Wrong thread.

Bob

what's a foreign brit bank going to do for you? It's be a separate entity over here anyway, and they'd only really be willing to help out if you had a UK account with them, which you couldn't open.

There is a wiki on credit that'll help get your head around the basics...but basically, you can't afford a car, simple as that, you'll have to get a beater for the $2K you've got now and live with it for 6 months...hell you can get a decent, but high milage honda or toyota for that which will last long enough for you to get some history and save some more money for a bigger down.

Manc

buy a car for $2k while you build up credit.

lilbrit

Thanks a lot for that!!
how long can you drive on UK licence that have US international extension on it?? And would you have to do both theory and practical again?
Great piece of info, thank you.