Getting a car loan - without a credit history (Wells Fargo, pay, rate)

[paul_dinsdale]

Hi all

I moved to MSP on Thursday last week from outside the country, I managed to open a check account and credit card at Wells Fargo, but they wont give me a car loan as I don't have a credit history. I have a full time job here and have been working for this company - from outside the country - for over 2 years. Does anyone know of any legitimate organisations I can use to get a car loan - and preferably without getting a ridiculous interest rate?

Thanks

[MnMomma]

A friend of mine had a similar situation. She ended up getting an unsecured personal loan from the bank in her original country.

[paul_dinsdale]

Originally Posted by BarbaraMN

A friend of mine had a similar situation. She ended up getting an unsecured personal loan from the bank in her original country.

Thanks for the info, hopefully I can organise something here as back home interests rates are about 10% higher than here.

[DowntownVentura]

This may sound crazy but ask your employer if they would give you a loan.

[Grandpa Pipes]

Offer the bank a substantial down payment to indicate your ability to pay a loan off.

[melinuxfool]

Well, it's no surprise they won't give you a loan, you haven't been here long. They want to see a stable source of income and that you are good at meeting other financial obligations you have.

I would say, find out how much you can afford for a monthly payment, and set that amount aside each month. Maybe you can find a cheap beater car to use temporarily. You can find working cars for under $1,000 if you look around.

[texdav]

If you have a loal empoyer and a savings account that looks good;check with moving to a local bank.

[chet everett]

Car dealer car dealer car dealer car dealer!

Rates will be higher than otherwise but I think MN has relatively low limits on what the maximum rate can be (? 8%) and therefore this almost certainly your best bet.