Any recent immigrants know if there is an issue getting a loan in your newly adopted country? I am (probably stupidly) thinking of selling the Bimmer and buying a 968. I know I have to have a clear title to bring the car into the country, but I wanted to finance the car once I got there to put the $ I paid for it back into savings. Anyone know how hard this would be to do? TIA!

 

I don't think the big 5 bank here will take car as a collateral, I mean car in general, no matter whether it is a Kia or Maybach. That's what I been told. I would love to hear the financial expert opinion as well.

 

So how do folks finance cars there? Or do you?

 

You can get car loans here or a regular consumer loan. I prefer to finance my cars with my secured line of credit which has a 2.5% interest rate right now...much better than any bank car loan. If you're buying a house and have a decent down payment or good equity built up, you should get them to set you up with a line of credit to pay for things like renos and cars...just structure the payments back to yourself in the same way as if it was a regular loan.

 

line of credit unsecured or secured ... is the best way to go.

 

I'll be renting for a year or so when I get there, so no property to collateralize a loan. Out of luck?

 

I can hook you up, but our interest rates start at 26%!

 

It will be tricky - but there are always lenders - just depends on how much you can afford to pay. If they offer to bring you "out to the woodshed", I'd pass.

Try the big Canadian Banks first, BMO, RBC, Bank of Nova Scotia, CIBC and TD. Demonstrating stable income will go a long way. Beacon scores and all that count these days.

Might be worth bringing along recent tax returns as well. ING Direct offer LOCs as well. They will likely have the cheapest rates. This a horrible time to get credit - simply because banks are charging so much for it. I had a six month mortgage commitment with a locked in rate of Prime - 65 bps. When the bank funded the mortgage - their cheapest rate was Prime + 120 bps. So I got a deal - but they aren't out there right now.

I think that coming from the US rather than some distant banana republic will help matters.

Good luck.

 

I have good credit, I just didn't know if Canada banks would look at US credit. I won't have a steady income for a while, but my partner Alicia will be a professor at York.

 

Get your partner to buy and finance the car since she has the income...she can supply a US credit report to a lender, so can you. Dealerships have DealerPlan financing with the major banks...they also have VFC for flaky credit deals.

Loans for cars (depreciating assets) are priced higher rate-wise. You will need to have a down payment as well.

Good luck!

 

My intention is to pay cash for the car, drive it across the border with a clear title, then finance it to "repay" myself. Although with the US economy the way it is, the car might be a better use of the cash!

 

well what I lost in the last 6 months I could own a brand new 997. I doubt your car would depreciate THAt fast

 

Yeah, I thought about that too! (If you don't laugh - you'll cry!)

 

I also didn't post that this would be a loan on a 968 - I don't believe the big 5 will loan on anything older than 7 yrs. Will anyone (for less than the previously quoted 26% )?

 

Well I know these two guys Vini and Gweedo .......