08-06-2009 10:35 AM - edited 08-06-2009 10:41 AM
I am here in America for a year. I've recently (3m ago) started to establish my credit history, I have one secured credit card from my bank and one low-limit credit card from Capital One.
I'd like to take an auto loan for a new car.
Is there any chance to get approved in my situation?
08-06-2009 12:13 PM
My story is old, but is the same....go to a bank or credit union and ask them.
My question to you is...if you are only here for a year, what are your plans for the car? If you are going to ship it home, besure to include those costs into the total cost of the vehicle. If you plan to leave the car here when you leave, you probably will not get a loan.
08-06-2009 12:36 PM
08-06-2009 02:21 PM
That's OK on the wording, I use the wrong wording all the time.
Still, if you can join a credit union thru your work, join one...then apply for a loan. To save the big hit in depreciation, (depreciation = throwing money out the window and never being able to recover it...ever) think about getting a nice used can maybe 2 - 4 years old. Never go to a car lot without a pre-approved loan in your pocket. Never!
Rule number 2. Never extend the terms of the loan beyond what was approved for you or you will learn what being upside down means.
The loan term should not exceed the time you are here in the US. You may want to back the loan term up 12 to 18 months from your estimated departure.
Remember all cars will be worth $0 some day.
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