Car loans without credit history  

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Kevin
(@kpmccahill)
New Member
Joined: 9 months  ago
Posts: 4
05/10/2018 3:01 am  

Hello, 

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.

Thanks.

Kevin


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Liam
 Liam
(@moveclubadmin)
Prominent Member Admin
Joined: 4 years  ago
Posts: 539
08/10/2018 4:16 am  

Hi Kevin!

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.

 

Liam 

This post was modified 6 days  ago by Liam

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