Okay, so I know a lot of you guys are ballers who'd probably buy everything in cash (cough cough *church* cough *barry*) but I was wondering about obtaining financing for a US car. I've heard differing things from different people. Some say you can't do traditional financing, others say there' 'supply bridge' financing or that some canadian banks offer US loans etc etc, so I was wondering what you guys knew about it. I want to buy a car from the states in the future. Thanks

 

good thread! I need answers too ! Looking to buying a car in the us for my next car

 

Have you thought about going to your bank to get a line of credit - interest rates are quite low.

 

^^ That's how.

 

yeah, that's how I bought my current car. but, your FICO/Beacon score takes a ****-kicking because you essentially max out a revolving line of credit in a couple days. On top of that, your debt-to-income ratio that banks use to calculate whether or not they can give you a credit card, mortgage, etc etc, shoots up so you're a less favourable customer. A closed-end loan, such as financing, makes you appear like a much healthier borrower. Finally, you can finance a more expensive car than you can get a LOC for (although this is a good thing for wannabe ballers who buy a car that's worth more than half their salary...the states is really bad for that)

 

LOC is the best way to do it, depending on how much you can get. I was looking to buy a 997 in the states this way.

You may be able to get a personal loan or even a secured loan if you know which specific car you want.