Moved to US on L1 and need to buy a car

[kiw1]

Hi All,

Just moved to the US after having my L1 approved and wanted some advice on getting finance for a new car. I have applied for a SSN but that won't come for another week and I won't have a credit record to begin with. I'm sure this is pretty common for most of us moving over. My question is regarding the best finance option/approach? I'm assuming if go through a dealer even with a 30% deposit I'll get ripped off with super high interest?

[raghvi]

Hi All,

Just moved to the US after having my L1 approved and wanted some advice on getting finance for a new car. I have applied for a SSN but that won't come for another week and I won't have a credit record to begin with. I'm sure this is pretty common for most of us moving over. My question is regarding the best finance option/approach? I'm assuming if go through a dealer even with a 30% deposit I'll get ripped off with super high interest?

This situation is nothing specific to a L1 visa, rather should have been in the Miscellaneous section. Nonetheless, it is going to be difficult to get finance without a credit history and even if you do, the interest rates will be very high.Do you have a license? Without SSN/Driving history it would be difficult to get cheap car insurance too. I would suggest you go for a second hand car pay upfront, if possible, get used to driving conditions, build a credit history, before going for finance.Also, check with your employer if they have any tie up.

This is my opinion not legal advice.

[adam17VR]

Anyway, if there would be such a ridiculous requirement, I would definitely take a used car, for that purposes. You can always find a reliable resource where you would have a lot of options to compare one car with another, and check all the details, reading reviews and comments from real people. Usually it takes not so much time for that.

[Libra_14]

Hi All,

Just moved to the US after having my L1 approved and wanted some advice on getting finance for a new car. I have applied for a SSN but that won't come for another week and I won't have a credit record to begin with. I'm sure this is pretty common for most of us moving over. My question is regarding the best finance option/approach? I'm assuming if go through a dealer even with a 30% deposit I'll get ripped off with super high interest?

You can rent a car without SSN for a week & once you have your SSN, then apply for Car loan.