Auto Loans

[odl455]

Hello folks

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?

Regards 

Message Edited by odl455 on 08-06-2009 10:41 AM

[AskLew]

To odl455

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. 

[odl455]

I used wrong wording I think, sorry. I has been here for a year and I am going to stay for at least 4 more years. If I am in need to leave the country in case of emergency (during next 3 years) I think I would prefer to sell it since it would became gold one to move into my motherland. After 4 years it would be possible to take it, since the taxes would not be so huge for 3y old car.

[AskLew]

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.

Good luck!

lew

[odl455]

Thanks