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Car buying - recessive
#1
any tips on how to buy a car or lease one as a new resident with no credit score etc pls??

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#2
A very good questions.
hope there was a residents forum. Where we could ask all these questions.
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#3
You don't necessarily need good credit to buy a car.
All you need is proof of stable income & no derogatory remarks on your credit report. Most dealerships will sell to you on credit despite low score But your interest rate will be much higher compared to someone that has good credit.

Don't lease...buy one & it will help in building your credit
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#4
Buy from craiglist.. Best option for people with no/bad credit history/score. You will deal the purchase in person and will save you bucks compared to buying it from a third party..
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#5
do not lease, it is waste of money. If you have 3-4 year residency and you want to use same car till end of residency, buy a used car of 3-4K that will take care of your residency with occasional repair of few hundred dollars per year - may be less if you are lucky. Try to buy Japanese cars Honda, Toyota or Nissan. They are reliable and about 10 year old car for that price can take you till of residency. Try to buy from single owner and avoid from car dealer (they make the car look shiny from outside only). Start looking for newspaper, craigslist ad or friends or even look bulletin boards at university posted by students
good luck
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#6
i see yr point but i am coming from overseas i dont want headache of old car that may fail plus lack of warranty etc etc

would rather stick with new or nearly new car where i dont have to deal with issues of repair etc

there is enough to think about it as it is!!
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#7
recessive. if you want to buy a new car, bring a large amount of money as a down payment, and if you have any relatives or friends that are US citizens you will need them as a co-signer.

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#8
i think leasing car is not a bad option really. you have peace of mind that you have a new reliable car with no issues at all. and if you are living close to the hospital you will not be driving much, so 10-12.000 miles per year is more than enough. if you plan on driving around a lot (you probably wont have time to) then you can buy a car. they say it makes more financial sense to buy of course but i think for 3 years with lower resident salary it might be better to lease. you can lease something like brand new civic for $200 a month with no down payment. thats $7200 over 3 years and after that you will have attending salary and you can put a bigger downpayment and buy a new car.
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#9
be careful with used cars especially in winter time guys. last thing you want is finishing a long shift going out in parking lot completely exhausted then your car doesnt start...
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#10
@nayapakistan, it won't really make a difference if they lease or buy. Those payments on a brand new civic are based on a top tier credit for which the OP will not qualify and can expect to pay much more on a monthly basis

You still pay interest on a lease or new car, however leases are much harder to negotiate and understand ie residual value, Money Factor (=basically interest rate), GAP insurance, state taxes differ (ie not adventurous in texas and similar states) etc etc etc.

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