Buying a new car

[Ste&Velma 3]

Hi everyone.

It's been one month since I received my conditional GC and I am about to receive a permanent contract in my job (hopefully by Thursday). I have been visiting some car dealers in the last few months as I quite desperately need a car to get to my job and everything, and what I have been repeatedly told is that I might get an approval once I shown a permanent job and a proof of residence (that is GC). Now, when I had my driver's license exam passed, the guys at the transportation authority could just award me a license that expires in two years, as it is conditioned and tied to the residence valid dates. Given that, I was now wondering if the same story would apply to a car's loan (in which case I would be just ****ed, 'cause the duration of a bank financing is way longer than two years); basically I thought that if they believe I do not offer a sufficient guarantee in terms of residence for the payments, they will just shred my application once again.

So the only way for me to erase the doubt is by asking this amazing forum. If anyone has personal experiences with such a case, I would be SO glad to read your stories.

Thanks in advance for any help you may bring me. Take care everybody.

Stefano

[ryna 132]

I'm really not sure about how the bank would handle that but is there any way that you could make it a joint financing deal, with you and your wife both being on the loan? If possible, that would certainly settle any concerns about duration of residency.

I don't know, it's just the first thought that comes to mind.

Good luck!

[Cortr 3]

I know people who are here on H1B visas and student visas who have had car loans/leases with no problem. I don't see why you should have any difficulty. The bank will want to know that you have the income (and income history) to support the size of loan you're applying for. I've never heard of duration of residence being a factor at all. After all, if you skip town and head back to Italy, they can always repossess your car.

[Brother Hesekiel 2,236]

At age 52, I am almost a millionaire now. I have never owned a new car, never in my lifetime, not even as a young lad, bought a car I could not pay cash for. That maybe one of the reasons why I will be able to retire comfortably. Yet I own quite a few cars, a pickup, and a couple of motorcycles, all of which I will keep until I'm too old to drive. I do not plan to replace any of my vehicles with another one.

Instead of buying a new car, buy the book "The Millionaire Next Door" (ISBN 0-671-77530-8), a bestseller first published in 1996 by university professors Stanley and Danko. Then buy a reliable $2-S3K car (Volvo 240 series, Mercedes 240D, Honda Civic/Accord, Toyota, etc.) and drive it until the wheels fall off.

You can thank me in 20 or 30 years for not falling into the trap they've set out for you.

[Saddle Bronc 124]

At age 52, I am almost a millionaire now. I have never owned a new car, never in my lifetime, not even as a young lad, bought a car I could not pay cash for. That maybe one of the reasons why I will be able to retire comfortably. Yet I own quite a few cars, a pickup, and a couple of motorcycles, all of which I will keep until I'm too old to drive. I do not plan to replace any of my vehicles with another one.

Instead of buying a new car, buy the book "The Millionaire Next Door" (ISBN 0-671-77530-8), a bestseller first published in 1996 by university professors Stanley and Danko. Then buy a reliable $2-S3K car (Volvo 240 series, Mercedes 240D, Honda Civic/Accord, Toyota, etc.) and drive it until the wheels fall off.

You can thank me in 20 or 30 years for not falling into the trap they've set out for you.

[Hugglebuggles 60]

I recently bought a new car. I have a 2 year conditional GC, and a full time job. The dealership definitely didn't ask to see prof of legal residency from me. They asked for my SSN to run a credit check, and my drivers license showing I live in the state, but as far as my status here in the US, it didn't come up. I wasn't about to volunteer my GC if they didn't ask for it, or didn't need it. My USC husband and I bought the car together, so I'm not sure if that makes a difference or not.

[Kathryn41 3,205]

When I arrived my husband and I took out a car loan for a slightly used (1 year old) car for me. I could not do it on my own as my Canadian credit didn't transfer and I had no credit history in the US, but there was no problem with a joint loan. The car is titled in both our names (of which both the loan and title were good evidence for Removal of Conditions) and the loan has long since been paid off. I would certainly check into the possibility of doing a joint loan with your husband if you are not able to get a loan on your own.

[NigeriaorBust 4,087]

New cars are just bad deals because of the amount of value the lose simply because you drive them causing them to be used cars. Unless you get a super deal ( employee discount ) by working for the company don't even look at new look at used to get the best deal for your money.

[ryna 132]

I have bought a couple of new cars but I tend to maintain them well and drive them until the wheels fall off so that mitigates some of the loss in value because I don't replace them often. But, I agree that the best deal, if I can be certain that the car hasn't been abused mechanically, is a newer used car that comes at a significant discount (to the new car price) and can be maintained well from (nearly) the beginning.

That's what I'll be looking for when we go to buy a "new" car for my financee when she arrives..