International student seeking help!

[Anonymous]

I am an international student who just finished his Masters in Biology! I moved to US in June 2007 and got my social security number in January 2008. I have 3 credit cards from national banks that I have had for an year and the total combined CL is $3500. I have taken up a job which gets me $50K p.a.

I am trying to get a car but cannot seem to get financing. The offered interest rates are 20% or higher. I am willing to put $5K as a down payment for a $12k-$15K car.

Any suggestions? I think I earn enough to afford a descent car!!!

My FICO score is 711 

[Anonymous]

Am I in such a tough situation that no one can help? Is it that difficult to work in the system???

[codedoctor]

I agree that it seems you would earn enough money to buy a car in that price range. But whatever you do, I would not sign for loan in that interest rate range! Keep shopping around for a loan.

[Takunda1]

Well I would recommend you join a credit union, if you have signifact savings there is a good chance they may give you a better rate than the offers you are getting. Also, what kind of car are you looking for. It matters becasue so auto makers are hurting with this economy and are doing anything and everything to gt peoplr to buy cars.

 If you have 5k to put down, you probably won't be upside down by 6 months time, if all else fails, take the deal and after 6 months refi the loan for a better rate.

[Anonymous]

Have you actually gone into a dealership and spoken to a Finance managerr?

They will probably be able to help you structure a deal.

Your credit file is less then 2 years old.