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Old 08-25-2015, 01:34 AM
 
16 posts, read 13,517 times
Reputation: 10

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Hello ,

In the midst of relocating to US. I'm aware without credit history getting a car loan is not possible.
I'm new to US and thinking how to secure a new car loan with credit unions/banks/ other financial institution. Is there a way of getting without any hassle or do i need to wait for an year to build a good history before applying for loan?

Any pointers on the interest rate , average rate?

PS - I'm ready to deposit around 50K $ to my checking/savings account that will be opened for my paycheck credit. Will this increase my credibility to get a loan?



Regards
S
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Old 08-25-2015, 06:45 AM
 
Location: Shady Drifter
2,444 posts, read 2,752,511 times
Reputation: 4118
You'll be able to get a loan with no credit history if you can make a substantial down payment.
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Old 08-25-2015, 07:25 AM
 
1,190 posts, read 2,627,841 times
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With $50k, why not buy a car outright?
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Old 08-25-2015, 07:36 AM
 
Location: Austin
7,244 posts, read 21,755,019 times
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The easiest way to establish credit is to open a Secured Credit Card with your bank. Most people do $500 or $1000. It's your own money, so they're not lending you credit. Your own money secures the amount, but it still counts on your credit. Buy a lunch or groceries or dinner every so often. Pay it off in full each month. Don't let a balance hangover to the next month.

Last edited by FalconheadWest; 08-25-2015 at 07:48 AM..
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Old 08-25-2015, 07:38 AM
 
Location: Funky town
953 posts, read 1,825,677 times
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^^^ This. Myself and many others I know did this.
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Old 08-25-2015, 08:16 AM
 
19,613 posts, read 17,907,428 times
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Quote:
Originally Posted by jennifw View Post
With $50k, why not buy a car outright?
Conservation of capital.
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Old 08-25-2015, 09:07 AM
 
631 posts, read 879,605 times
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Quote:
Originally Posted by EDS_ View Post
Conservation of capital.
Not worth it if you end up having to pay 15% interest on a car. Why not set ~$10,000 aside as an emergency fund and pay cash for a reasonably priced car like a civic or corolla?
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Old 08-25-2015, 09:40 AM
 
19,613 posts, read 17,907,428 times
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Quote:
Originally Posted by aggie972 View Post
Not worth it if you end up having to pay 15% interest on a car. Why not set ~$10,000 aside as an emergency fund and pay cash for a reasonably priced car like a civic or corolla?
Cash is king.
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Old 08-25-2015, 10:15 AM
 
Location: Dallas, TX
2,825 posts, read 4,448,454 times
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Quote:
Originally Posted by EDS_ View Post
Cash is king.
This!
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Old 08-25-2015, 10:17 AM
 
Location: Austin
7,244 posts, read 21,755,019 times
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Paying cash doesn't help him establish credit in this country. If he's wanting to finance a car to help build his credit so maybe he can buy a house in the future or anything else, financing the car is a good way to do that.
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