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Discussion Starter · #1 ·
Hello,

Has anyone here had experiences with auto loans in France? My bank seems hesitant to provide me with a loan. I think the fact that I receive my salary in my US bank account (direct deposit) may have something to do with it. Would I be better served going to one of the other agencies, such as a Carrefour or Geant credit?

Thanks!
 

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Hello,

Has anyone here had experiences with auto loans in France? My bank seems hesitant to provide me with a loan. I think the fact that I receive my salary in my US bank account (direct deposit) may have something to do with it. Would I be better served going to one of the other agencies, such as a Carrefour or Geant credit?

Thanks!
I think you will find that all loan companies want to see your source of income going into a French account so they can debit automatically each month. We certainly had no trouble getting credit with a French bank account and regular deposits.

Cheers
 

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Discussion Starter · #3 ·
David,

Thank you for the quick reply. I have an account in France with a major int'l bank, so I have an account in the states with them also. I will see if I can change the DD into that US acct and maybe that will be acceptable to them...
 

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Given the different credit structure here in France, you're definitely going to need to show regular income being deposited into the French account from which you will be making the payments. Normally there is no choice about how to make the payments - they WILL be direct debited from your bank account and that applies to hypermarket loans as well as bank loans.
Cheers,
Bev
 

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David,

Thank you for the quick reply. I have an account in France with a major int'l bank, so I have an account in the states with them also. I will see if I can change the DD into that US acct and maybe that will be acceptable to them...
As Bev said - the Direct Debiting is not normally optional and is processed via information held on a document called an RIB (Releve Identite Bancaire) provided by your French bank. US banks don't use anything like the same system for identification (they use ABA routing numbers) so I'd be amazed if a loan company in France could even make sense of the US system.

You will probably be better off creating a French bank account and then figuring out a cheap way to transfer US funds - I have found Everbank (Islandia NY) to be very helpful and they don't charge for anything, they even pay credit interest. You can open a Euro account with them as well as a checking account so the exchange is done within their system at a timing chosen by you then do a wire transfer from the Euro account - all free until it hits the French bank where typically they charge €16 for each received wire.

Bon chance
 

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You may get a loan
- from the car dealer, below 3.5% for new cars is rare, second hand is outrageous
- for insurance firms
- from loan brokers (courtiers)
- from banks and loan companies (expensive)

Best deal found on new cars if you constantly survey the market.
watch out.
 

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Discussion Starter · #7 ·
Thanks for the quick responses! Plenty of good information and friendly folks on this forum, very nice!

I made a quick call to my primary banks in the states, and they do in fact finance cars here in Europe! This is nice, as the exchange rate is pretty good right now, and as my salary is in USD, this makes a difference in the long run.
 
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