mikec81

Well I have been in the US for nearly 6 months now, and I have looked at the credit information here, but I just wanted to double check that I have the situation correct.
Basically, there is no way I should even apply for car finance/car loan, until I have been using my secured credit card for a reasonable amount of time. Is this right?
This is starting to get really frustrating because I need to get some transport sorted, although I can only afford to buy outright an older car which is likely to be unreliable and not really what I was looking for.
On another forum I checked out, one guy suggested that some companies are willing to offer finance to expats with no credit, although at a higher rate of interest. Has anyone ever heard of anything like this? It does not sound right to me.....

scrubbedexpat099

The will finance anybody, at a cost.

If you are buying a banger even more so, the deposit basically covers their investment so their risk is limited to the profit margin.

mikec81

So I should just basically go along and see which company are willing to do me the best deal? I know this is a tricky question, but what kind of rate should I be expecting, having no credit history?

BritGuyTN

take some vaseline and don't bother wearing underwear

mikec81

I had a feeling that would be the case. I seem to get screwed on everything else here, so why should car finance be any different!
I need a car though, so looks like I will just have to smile inanely while I sign a completely extortionate agreement.....again.

BritGuyTN

whats your credit score?

mikec81

No idea, keep meaning to check, although I am certain that it will be incredibly low, based on the time that I have been here and the amount that I have used the limited secured cc.
I have only recently startng working as well, one of the reasons that I was sceptical whether I would receive any type of finance at all...

TRPardoe

Run your own credit bureau. Your bank can help if you don't know how.

If you like you can PM me during working hours, Eastern time, today and I'll help you out on the phone.

mikec81

Thanks for the offer, although I spoke to my bank and they are sorting something out for me.
Thanks for the help

dukeynorton

Hey there Mike, what do you mean by this?

I am in a similar situation although I do have a banger running around but Im not sure how long its gonna last . What bank are you with? I really would like a newer car, possibly a leased car, but the problems are the same.

mikec81

Since I last posted, I went to the dealership nearby and discussed all the options with them. They are willing to offer a reasonable deal on finance, based on a three year finance. The repayments are quite low, but only need to borrow a small(ish) amount. They suggested that the offer was based on the down payment (about a third of the cost of the car) and the type of vehicle I was looking at. They did not seem interested in how long I was planning to be in the US, just as long as I had a social security number.
I think I can get a better deal on the prices in other dealers, but they suggested that most dealers offer the same finance, as they are all funded through the same banks. The rates a quite high but I was expecting that anyway.
The bank I have my checking and savings account with do not offer car loans.
Pretty good news overall and now just deciding what car I want.
Hope this helps

dukeynorton

Can you be specific with numbers and make/model of car? I'll understand if not. Did you ever consider leasing? I think your credit needs to be even better for that.

AZ_751

Why don't get used Japanese car (toyota/honda/nissan) for $4,000 ish. These cars are pretty reliable and runs for forever. You may find plenty of these on autotrader.com, cars.com or craigslist.com (be extra careful).

Any dealer/bank is going to screw you over this as you don't have enough credit history, and you will end up paying much more.

dukeynorton

Well that is basically what i did - but got a US car not a Japanese one (bit cheaper).

krizzy

The interest can also be higher if the car is old...we just got a 9 year old SUV with 15.000 miles on the clock it looks brand new....its been living on an Island at a second home all this time so only used a few times a year.....our interest rate for the car was not our normal good one.... we will move the loan soon...but at the time we needed a car yesterday....

we got a new car warranty on it bumper to bumper... tyre replacment...Ins in case its a right off or hubby dies... oil changes stuff like that..for about $20 a month...through the loan company...which turned out to be our own bank...who were sorry the rate could not be lower...