Car financing question non-resident - Chicagoland Sportbikes
Chicagoland Sportbikes
 
Open Forum This forum is for all off-topic discussion.

 
LinkBack Thread Tools Display Modes
post #1 of 9 (permalink) Old 11-29-2007, 05:51 PM Thread Starter
Registered User
 
leavundst's Avatar
 
Join Date: Jul 2002
Location: Mundelein, IL
Posts: 980
Location: Mundelein, IL
Sportbike: 2005 busa; Husky 610E
Years Riding: 9
How you found us: Jesus
           
Car financing question non-resident

Ok who here is a finacing guru? I have a friend, they are here in college, they are from a foreign country here on a student visa. They will obviously try to remain here once school is completed by getting a work visa. Do they have any options as far as getting finacing on new or used car? They do have a credit card so they must have some sort of credit.

You know the Germans, if you donīt join the party they come and get you.
leavundst is offline  
Sponsored Links
Advertisement
 
post #2 of 9 (permalink) Old 11-29-2007, 06:12 PM
Ninja Kick!
 
Insomniac's Avatar
 
Join Date: May 2007
Location: Schaumburg
Posts: 1,648
Location: Schaumburg
Sportbike: 09 R6 09, RS125
Years Riding: Not enough
How you found us: Spongebob
           
If your friend is going to be in the states for six months he is considered to be a resident (at least for tax purposes) and as such can fill out forms like that. It is possible to get a credit card in that situation, or even a mortgage but much else is a problem without a kick ass credit score or a large deposit.

Just me 2c as someone on a work visa.
Insomniac is offline  
post #3 of 9 (permalink) Old 11-29-2007, 06:26 PM
[Online]
 
Fracker's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 3,698
Location: Chicago
Sportbike: Multistrada 1100S; CBR600RR
Years Riding: Since 2004
How you found us: CRR
           
Not a guru, but I had a similar experience. As long as they have a US address, job and some credit history (credit card doesn't necessarily mean you have history, the CC company may submit it later), it will be possible.

But it is still possible without actual credit history even. When I got financing on my A4, I had some credit history records stating name and address, but no accounts. Yet, the Baxter Credit Union gave me a loan. The car was 14K (KBB was like 16 or 17K), I offered to pay 3K down, they refused. But they finally agreed for 6K down and 8K financed. Like they say "no credit history is better than bad credit history".

Another surefire option - somebody can cosign for them. But if you are going to cosign, you better know full well that they won't screw you over.

- Stas

Thou shalt not disfigure the soul.
Fracker is offline  
post #4 of 9 (permalink) Old 11-29-2007, 06:32 PM
Ninja Kick!
 
Insomniac's Avatar
 
Join Date: May 2007
Location: Schaumburg
Posts: 1,648
Location: Schaumburg
Sportbike: 09 R6 09, RS125
Years Riding: Not enough
How you found us: Spongebob
           
No credit history still sucks. Verizon made me put down $800 deposit to get my phone (still hasn't been returned to me near a year later), and the first CC I could get was a mere $500. It also took me three months just to get a SSN so I could get my license.
Insomniac is offline  
post #5 of 9 (permalink) Old 11-29-2007, 06:34 PM
Armed law abiding citizen
 
Dave13's Avatar
 
Join Date: Aug 2006
Location: Middleburg, Florida
Posts: 19,055
Location: Middleburg, Florida
Sportbike: '74 Yamaha RD350
Years Riding: idk
How you found us: Google
           
I had no credit ( I always pay for stuff in cash). Then I bought my home thru a FHA loan, and now I get 5 cc pre approvals a day. Ironic.
Dave13 is offline  
post #6 of 9 (permalink) Old 11-29-2007, 06:44 PM
[Online]
 
Fracker's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 3,698
Location: Chicago
Sportbike: Multistrada 1100S; CBR600RR
Years Riding: Since 2004
How you found us: CRR
           
Quote:
Originally Posted by Insomniac View Post
No credit history still sucks. Verizon made me put down $800 deposit to get my phone (still hasn't been returned to me near a year later), and the first CC I could get was a mere $500. It also took me three months just to get a SSN so I could get my license.
I'm sorry, but it seems like they fucked you, man. I put $100 deposit with Sprint and they promptly returned it in 1 year. It was 5 years ago, though.

- Stas

Thou shalt not disfigure the soul.
Fracker is offline  
post #7 of 9 (permalink) Old 11-29-2007, 07:27 PM
pfft.
 
ill_ag's Avatar
 
Join Date: Nov 2003
Location: Houston
Posts: 11,644
Location: Houston
Sportbike: 01 F4i (Well, I HAD one, anyway)
Years Riding: 7
How you found us: I google myself regularly
           
A Scottish friend of ours came over there as a student, also had a PT job while he was here. He got credit cards, used car financing, etc. Then, he went back to Scotland, defaulted on everything, and he now refers to America as "The Land of Free Money and Easy College Women"
ill_ag is offline  
post #8 of 9 (permalink) Old 11-29-2007, 07:38 PM
CUBS fan, not a SOX hater
 
JackPot's Avatar
 
Join Date: Apr 2007
Location: Montgomery, IL
Posts: 2,275
Location: Montgomery, IL
Sportbike: F3
Years Riding: Not long enough
How you found us: AJCrowley/NESBA
           
Send a message via Yahoo to JackPot
A friend of mine from Israel is attending graduate school at Northwestern. He wasn't able to get any kind of auto financing without 1/2 down and a co signer who was an American citizen. Same went for his student loans..he wasn't able to get any financing in the states. He either had to come up with cash, get financing in Israel, or secure financing in the states by getting a US citizen to co sign incase he defaults. He came up with the cash...

Nicole
JackPot is offline  
post #9 of 9 (permalink) Old 11-29-2007, 07:57 PM
Registered User
 
Dnepr's Avatar
 
Join Date: Jul 2006
Location: Deerfield
Posts: 123
Location: Deerfield
Sportbike: '02 RC51 (street) '03 RC51 (track)
Years Riding: 30 seconds or 30 feet, something along those lines
How you found us: friend
    
if your friend does not have SS# he wont get an auto loan.
Dnepr is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Chicagoland Sportbikes forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome