Perfect finances but cannot get a car loan!

nm1213

That is a very valid point. I did not look at it from a claiming back angle, especially because this is not a car loan. This is a lease payment on a car, something I could never take back to Canada with me.

The weird thing is that the banks are perfectly willing to give me a loan after 3 years in the country, which means according to my work permit, I only have 2 years left on it. This increases the chances of me going back at the end of it does it not?

The .gov goes through great lenghts to ensure that I have a proper full time job at a certain income level, and that I am able to support myself financially for the duration of my work permit. Yet the banks would rather give me a lease towards the end of the work permit rather than at the beginning when there is less chance of me going back to Canada. After all, moving continents is not exactly an impulse decision. It requires a lot of planning, and certainly costs a lot financially.

N.

Hermione54

I don't know about Canada, but when I went to live in the USA I had to wait three years to be even considered for a car loan - sounds like an international 'standard'.

dejongj

Don't forget that a spotless credit history is not good when you want to get a loan...You have not proven that you are capable of making regular payments....I migrated 11 years ago to the UK, and despite bank references etc I couldn't even open up a current account....Had all this money and no where to pay it into (my employers were laughing at the time! and giving me cash advances!)...Then I got friendly with a local bank-manager, he lived in the house next door, joined his bank, he approved a small £2k personal loan and suggested to pay it off over its 12 month lifecycle...From there on I have a very good credit rating! Daft but true in my case....

For car leasing, there are many different companies, the cheapest might not work...But do you realise that a few bank do car leasing as well? Or alternatively which is what I had to do, is make arrangements for a long-term normal hire contract....Slightly more expensive but it gets you going....Now 11 years later I have my nice cars, be patient

nm1213

Agreed on the bank account thing. It was painful to get a current account. All my walk in attempts failed because I was living in the company house at the time and didn't have 3 months worth of bills or a letting agreement to show. It is hard to get a let agreement or have bills if you don't have a bank account.

Eventually, one of my co-workers was friends with a bank manager, and agreed to open an account for me based on my co-worker signing a reference letter.

Getting credit cards was slightly more straightforward. I applied through my bank about 6 months after opening an account, but was declined. I applied online for one at 14 months and got it. However, it had a relatively small limit.

I then approached my bank manager (home branch, not co-workers branch) and asked them to review my account and consider giving me a credit card. I was instantly given a card and a limit enough to buy several new cars... ironically the same ones which I cannot get a lease for right now.

This same bank does do car leases and loans. I gave the call center a call for my initial query and got turned down based on my lack of 3 years in the UK.

Can I go to my magical bank manager again and ask if they can do anything again for me, or are the car leasing companies just associated to the bank by name?

mummytofour

Can you not just buy a car on your credit card? or is that a really silly thing to say?