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-   -   Car loan from home country (https://www.expatforum.com/expats/usa-expat-forum-expats-living-usa/1493944-car-loan-home-country.html)

UK2NH 5th January 2020 09:00 PM

Car loan from home country
 
Like many people, I have been looking at International Autosource for car financing when I arrive in the US, but I am wondering if I can just take out a personal loan in my home country (UK) before I leave to take advantage of my home credit history. I can get a good interest rate, I am just wondering if there is likely to be any problem with then moving abroad? Has anyone done it this way?

I'm also curious to know what kind of interest rates people get with International Autosource for used cars.

Moulard 6th January 2020 05:13 AM

Establishing a credit rating in the US and all the related issues when moving takes a little bit of planning. Here are some strategies that worked for me a very long time ago when I moved back to the US.. after having been outside the US since a child.

1. Select a small local bank or credit union to start off with. The smaller scale makes it easier for someone to get permission to break their internal rules.. (or alternatively a larger bank that is affiliated with your foreign bank.)

2) provide reasonable offers to them to help them break those rules... the first response you will always get is..."we can't offer you a credit card/loan because you don't have a credit rating"

.. offer to provide copies of statements that show your foreign credit limit and regular repayments or evidence of a loan that has been paid off in full.. for example a prior car loan or other secured mortgage.
.. offer a security equal to the the credit limit/loan that you are requesting. (that foreign loan might be the basis of that security, or your savings )
.. start small and suggest a lower limit as an interim if they are balking at it first up.

Bevdeforges 6th January 2020 06:52 AM

You may also want to check the loan terms from your bank in the UK. It's not uncommon for banks to not want to make loans that are secured with assets located "overseas" - so you'd be looking at an "unsecured" loan in that case.

And, of course, read through the loan contract carefully if you go with a loan from "back home." Some loan contracts require you to pay back the remaining balance on the loan if you move residence outside the country.


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