When you’re new to America then there’s not much chance of getting credit of any kind. So getting a loan for a car is hard work. Given that I want to build a credit score, getting a car loan is a must. Thankfully working for Apple appears to carry some weight with financial organisations (I don’t think this is though any formal relationship just that I work for a big successful company).

Having had several arrangements with different companies verbally agreed my social security number came through. At this point all the companies went away and started to sort out their rates. Suddenly the rates increased, some even refused. Amazing really, since they said “you have no credit rating”. That’s funny, I told them I didn’t have a social security number yet, was new to the country so how did they expect my new social security number to have credit? At this point I was advised to give them everything and any document. Even if they only asked for a few things I sent everything.
It all turned out fine in the end, there are a few ways to reduce the rate once you’ve got a figure from the financial company:

• Tell them you’ve got a better offer and who it’s from
• Pay by direct payment from a checking/savings account
• Put 20% or even 40% down for a deposit on the car
• Have your salary deposited with the same financial institution