Me and wife wish to take out a car loan.
My wife and I have no bad credit, it’s just that I am new resident to the US, so I am assuming my credit score is quite low and my wife who is a US born citizen has never taken out any credit other than a student loan for college.
Am I right in assuming that we will find it difficult to obtain a car loan based on these factors?
I might add that we have recently taken on a secured credit card to build our credit score and also joined a credit Union because we were told they are more likely to give us a loan.
We have some savings in an account at the credit union and pay our bills on time and in full.
Thank you and any help and information is greatly appreciated.
Yes, with no credit history, you will find it near impossible to find someone to finance you. Even the credit union. You will need to used that secured card about 18 mos to 2 years to really build a track record, and at that time, you may be able to approach the credit union for a car loan.
What I would do, is go talk to the credit union and explain your situation and ask them WHAT you need to do in order to be credit worthy enough to get a car loan through them. Then, do the steps the advise you of.
Yes, with no credit history, you will find it near impossible to find someone to finance you. Even the credit union. You will need to used that secured card about 18 mos to 2 years to really build a track record, and at that time, you may be able to approach the credit union for a car loan.
What I would do, is go talk to the credit union and explain your situation and ask them WHAT you need to do in order to be credit worthy enough to get a car loan through them. Then, do the steps the advise you of.
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