How difficult it is to get a car loan?

angelito_g
New Member



Joined: 17 Jul 2008
Posts: 8
Location: BC

Posted: Mon Jul 28, 2008 11:19 am

 

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I am a first timer as a TN visa holder and will be working in California. I am from BC by the way.

This site has been so helpful for people like me as I now have a good grasp on ways on how I can get a Credit card in the US.

I am moving in two weeks, so there is no time left for me to open an Amex here in Canada and have it switched to Amex US. I bank with Scotia Bank all my life which I think does not have any affiliations with any US financial institutions. I am down on getting a Secured Credit Card from Bank of America (where I intend to open my account).

My work requires travelling (70%) and I need to be driving from day 1. I know that it not going to be easy to get a car loan right away, but base on your experiences.

Did any of you manage to get a credit card and also apply for a car loan right away?

Any recommendations you can give?

Many Thanks.

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luisland
New Member



Joined: 26 Jul 2008
Posts: 3
Location: California

Posted: Mon Jul 28, 2008 1:33 pm

 

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Hi,
I came to California 3 yrs ago on a TN visa after having worked in Canada for a while. I didnt have any credit history in the US but I still managed to get credit cars and a car loan approximately 2 months after I moved here.

My recommendation for you is to look into small community banks for the car loan, rather than in large banks such as Wells Fargo, Bank of America, etc. In my case, I got a loan with a really good rate in San Diego County Credit Union. They took into my application my credit reports from Canada. I'm not sure if that influenced in me getting the loan, but I suggest you to give it a try.

As for credit cards, try applying online and you may get authorized for a small credit limit, like 600 dls max. or so. That was my case but if you keep using it and paying it, you can request limit increments pretty quickly. If you're getting a cellphone plan, they will probably request you to put a deposit. It may be a good idea to do it since that will help your credit history.

Good luck,
L

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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 1589
Location: Calgary

Posted: Tue Jul 29, 2008 11:42 am

 

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You can't apply on-line, thanks to the Patriot Act. You've got to go into the bank.
_________________
Steve.

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texasJay
New Member



Joined: 16 Aug 2008
Posts: 1
Location: Houston

Posted: Sat Aug 16, 2008 4:30 pm

 

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I'm a Canadian TN visa first timer too and I've also been having a hell of a time getting a car loan. I setup a bank account with Chase bank no problem but they have a company policy (apparently) that only permits them to loan money to new residents after they have lived in the US for 2 years. Oddly enough, they were eager to give me a mortgage instead of a car loan! I have also tried Mercedes Benz financial and they would only give me a 36 month (max) term loan or lease (better than nothing I suppose). Anyway, I'm still searching for a loan so if anyone knows a Canadian-friendly bank in Texas please let me know. I called all of the Canadian banks that have setup offices in the US but I can't seem to find any that operate here in Texas.

J

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