Car loans without credit history
Preparing for our moving to Ireland in February. Just set up an Irish bank account, and they mentioned we need to start building credit history, and that getting a car loan right away wasn't likely. More like we'd need to build credit for a year or so before a car loan or mortgage would be possible.
Anyone else have experience with that? Is it true? I'm wondering if my US credit history does any good, or if a car dealer will be willing to help you out if you give a good size downpayment.
Yes, a mortgage will be tricky within the first year, but a car loan should not be. Most community credit unions look very favourably on small loan seekers. Establish a rapport with one asap upon arrival.
US credit history can help. I remember printing out details of my own, and using it for a variety of financial transactions. It's not going to be as cut and dry as a piece of financial history, but most Irish institutions are familiar with it, and it can be useful.
Lastly, getting a loan from a non-bank type organization isn't as commonplace as it is in the US. Banks and credit unions are the norm for money lending.
I hope this helps! Let us know how it goes.