where do i find a auto loan? Please give me some advice

[harrywenhr]

Hi,

   im a graduate student with grduation date on May, 2014, afterwards im gonna move to sunnyvale, CA (my work place is in cupertino) for my full time job there starting at July 2014. I recently tried a auto loan with BOA and got denied, the deny letter stating the main reason to be im not a perminent resident here in US. So im just wondering what other options do a have to get a car loan?

my general conditions:

F-1 student (about to start on my fulltime job in July 2014)

expected annual income: 110000 (it's base salary on my offer letter)

credit score: 685 (I have a credit for almost a year, started from my 3 month summer internship last year, other than that, i dont have any other income, morgage, or other stuff to increase my credit score)

i'm currently still in Pennsylvania and plan on moving to CA in May.

[SamsungHDTV]

Its going to be hard to find that answer on these boards or any where. Not a very common question. I think the only thing you can do is call around to different lenders, speak to a loan officer and ask their policies about non-permanent residents. I think your best bet is small and local banks and/or credit unions. Are you sure you will need a vehicle in SF? How far will the commute be? If it isn't far, consider public transit or get into cycling.

[redshift1]

Just a heads up parking is at a premium in SF, unless you have assigned parking it can be costly and time consuming. 

I really liked SF lots of energy and quirkey people..

[aubie1kenobie2]

I wouldn't go to a big bank. What you could try would be a CU and try to limit the duration of your loan to the expiration date on your visa. If you have a visa that needs to get renewed yearly, you could try showing them a work contract so they know that you will not go back to your home country and leave the loan unpaid. If all else fails, you can try a co-signer on a loan. I had a coworker who had the same issue and in the end, she got a loan from a CU but her loan duration was only 24 months since her visa was only good for 2 years. Obviously she couldn't get a brand new car but got a used one that suited her needs for the time being. Good luck.

[harrywenhr]

thank you for your info. i did tried the penfedCU and still go denied, currenlty im not in bay area, i guess i have to find a local CU in SF and try again? Besides CU, what other lenders can i also give it a shot? my acutal work place is in cupertino, so i guess a car is a must have. 

[harrywenhr]

my actual workplace is in cupertino, sorry for the confusing, i have edited my post

[harrywenhr]

my visa expires less than a year, are those CUs have to be local? can you recommend any CU around sunnyvale, CA? many thanks

[Remember0]

Visa expiring is tough unless you want a loan with a term < 12 months.

Local credit unions and the dealership themselves are probably your best try. Since you live near Silicon Valley, the dealers should have experience for this and might be the best resource.