Daca-friendly banks for auto loan?
 

My credit is in the high 600's and I'm giving 2000 as down payment. I went to Wells Fargo and they approved me but they said it would be 13% interest rate. I asked around and many banks said they dont accept non-residents.

Re: Daca-friendly banks for auto loan?
 

Try PenFed.

Re: Daca-friendly banks for auto loan?
 

Try Hertz Auto Sales, they sell their used rental cars. They accept daca

Re: Daca-friendly banks for auto loan?
 

That's ridiculous. As long as you have a social they can't say anything.

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I got a 3% loan from Harris Bank. I never mention anything, never show my social. I have a decent credit score though almost 800.

Re: Daca-friendly banks for auto loan?
 

I went to Tyndall and they asked why my driver's license said temporary and told me to "come back when you become a resident". He was such an a-hole

Re: Daca-friendly banks for auto loan?
 

Look for credit unions. Even my own bank denied me with someone being a co-signer.

If in Washington state WSECU should offer you a loan. I too got a 3% APR loan with just DACA but I had a good credit history at the time.

Whatever you do, don't go through the dealership because they'll take at least a 2% on top of whoever they find to finance you the car.

Re: Daca-friendly banks for auto loan?
 

I'm sorry that happened. Best thing to do is to try somewhere else. Try capital one, I have a loan with them. Their process is all online

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Do not buy used cars from a rental place. I repeat do not buy from there.

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Credit unions offer great deals on auto loans and are not as judgemental if have good to great credit.

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Also, don't buy new...

You are getting ripped off if you buy new cars.

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+1 for the Credit Union route.

I had been banking with BoA for years, but they turned me down for a car loan because of a lack of installment loans on my credit report, even though I had 2 CCs for years by then. So did SunTrust and a few other places that other people had luck with.
Then I randomly walked in to a local CU, gave them my license, proofs of income, and got approved on the spot at 3.99% for a used car. They didn't even ask to see my social, just asked for the number, then asked when it was issued because it gave a red flag because of the non-standard number. Told them it was 2012, after the 2011 number randomization, and that was it.

Re: Daca-friendly banks for auto loan?
 

Suntrust 4% . Originally I got approved through Honda bank but they needed a I-9 which I don't have

Re: Daca-friendly banks for auto loan?
 

I see,

Maybe they did not suspect me because my license does not say temporary and my pay salary was around 65k at the time.

Re: Daca-friendly banks for auto loan?
 

Update: I was turned down but every bank and credit union I applied to except Wells Fargo. I applied for financing through the dealership (even though everyone told me not to) and they approved me with 6% interest which is much better than WF

Re: Daca-friendly banks for auto loan?
 

Some dealerships will help you. Congrats, I hope you did not buy an expensive car.

Pay in time and next time you should get a better rate :)

Re: Daca-friendly banks for auto loan?
 

Third the motion for a Credit union. I can get a 1.99% loan for up to 65 months. My credit score is in the upper 700's though.

My recommendation is to wait a bit more to get your credit score at least in the 720's so you can get a better interest rate. In the meantime, save more for a bigger downpayment. You will not be getting good rates if you have scores less than 700.

Re: Daca-friendly banks for auto loan?
 

Just save some money and get a used car. There are decent cars for $6000

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This ^^^^^

I have a 2006 VW jetta. I paid 5000 dollars for it.

No interest, no payments, no issues. Only 52k miles

Re: Daca-friendly banks for auto loan?
 

I only work part-time since I go to school full-time and it would take me forever to save enough to buy a decent car. I found a 2014 hyundai sonata for $220 a month..

Re: Daca-friendly banks for auto loan?
 

I see, 220 a month seems like a lot for a dreamer. I mean ultimately you decision. But you should think it through. Debt is no fun.

I make 90k and I won't buy a car if I cannot pay cash for it.

I understand your situation but try to get a car that is no more than 8000k sticker price.

You will thank yourself in the end.

Re: Daca-friendly banks for auto loan?
 

I guess you're right. I told them I would think about it and give them a response on Monday. Thanks for the advice:)

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Yeah it's a struggle . I pay 450 a month plus 300 for insurance

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I do agree with the pay cash part, though if you want to build your credit file, getting a loan and paying whatever interest on it might pay off in the long run when you get lower rates on mortgage/loans later in life. Pretty much the only reason I ended up getting a loan
(trying to be positive that we'll still be here)

Re: Daca-friendly banks for auto loan?
 

No problem :)


If you want to build credit then do it buying a cheaper car, going through a credit union but do not buy from a dealership! Do private.


You could do this:

This is how I buy cars:

Look for a private seller

If you do not have cash, use a credit union, the credit union will give you a loan even if you are buying from a private seller. Just find a car with low miles that is affordable and well taken care of through a private seller. You can ask for the carfax to see the maintenance history and also to make sure that it has not been crashed.

Dealerships are just there to rip you off.


I can guarantee you that you will feel very happy with your purchase. The fact that you will drive a car you can afford is a piece of mind.

Re: Daca-friendly banks for auto loan?
 

Will definitely keep this in mind, thanks! :)

Re: Daca-friendly banks for auto loan?
 

You are getting shafted. Why pay the BANK for something that you can just save and pay NO interest on? If you save the money and wait, you won't have to give YOUR money to the bank at all. Plus the car will be yours, not the bank's.

Research better ways to afford a car, they are out there even for those with less than decent credit. My opinion, along with others on this thread, is that you should pay cash for a car that you can actually afford.

If you really want a nicer car, wait until you can afford it by saving every month and paying most of it (or all) up front. Peace of mind. But i get it this is not the mindset of most people.

Re: Daca-friendly banks for auto loan?
 

The interest Igor through Suntrust is between 3-4% which I understand is something but I plan to buy a house soon so the good credit will help plus I like having the piece of mind knowing my car won't break down anytime soon

Re: Daca-friendly banks for auto loan?
 

After reading multiple success stories, surprisingly SunTrust declined my application back in June. Credit score was 750, 2 open CC accounts in good standing. That's how I ended up at a local CU

Re: Daca-friendly banks for auto loan?
 

Go to a credit union. You'll def get it. That's how I got my first loan for my main ride, Nissan Maxima 2004 (Gangster car still goin strong) at a 4.9% rate. I put down like $3K for down payment (i was able to at the time but you don't really have to. I'd suggest you do just to strengthen your case).

Re: Daca-friendly banks for auto loan?
 

You can get the same advantages by getting a credit builder loan.

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I have a problem with this logic... Let's say I save for the car I want/need (Will probably take years for poverty status dreamers), what if I need a car now? Buy a crappy honda civic you must say? Well, I am pretty sure you will have to pay for maintenance, repair, and etc for that car costing you an additional couple of grand right off the bat. Rarely a private seller would take care of those prior to selling their pos car.

Why not just use it as down payment, get a decent car and have a peace of mind?

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A dilemma as old as time. Buying from a private seller is always a wager, just need to do your due diligence before purchase - carfax, per-purchase check ups (Pepboys, Goodyear, your own mechanic etc).

7 times out of 10, a "pos" civic will still be a better wager then a loan (and full coverage) you can barely afford in the first instance, at lest to my mind. Of course, its ultimately your decision either way.



But credits unions will always be the better option to banks. Bought a new civic at 2.4APR, for 30 months from dealer financed though PNC. No issues, but then I put down more than half the out of door price. Only owe less then 3k now, but staggering out for 16 months more to build credit.

If I could do it again, Id get a 13,000 cash car (15' corolla or mazda3) or cash car in general instead of a new one. Its just a depreciating commodity. Besides, the new 2017 mazda3 is better than the 17 civic, so buyer remorse.

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As the other guy said.. a very old dilemma for a lot of people.

Before DACA i had a $25k car under my dad's name. I paid for it. Since my parents moved back to my birth country 6 months before DACA and i had no credit in the beginning of DACA to get a loan with a good interest rate, my decision was to sell the $25k car and with the leftover buy a 2001 Corolla with 90k miles on it. Paid for it cash for about $4500. There's no monthly payments, insurance is $70/month and the biggest maintenance i had to do was the wheel bearings which cost $300-$400 at the time i believe. Now think about making monthly payments of $150-$400 and figure what that amounts to in a year compared to usual maintenance costs (oil/fluids/suspension) on an older vehicle? With research you can buy a very good car very cheap that will not bring maintenance costs too high.

I've always liked good cars but from 2012 to now i still have the same damn car. Can i buy a much nicer one now that i have good credit? Yes. But the damn Corolla that i thought wouldn't last to this day still goes strong and it serves me good for everything i need.

So the point is, yes you can get a nicer car if you have the means for it, just make sure you do your due diligence by getting a good rate and a good down payment so it doesn't affect the rest of your life.

Re: Daca-friendly banks for auto loan?
 

The first car I bought, I was approved with CapitalOne Bank, then the 2nd car I bought, I was approved with StateFarm Bank but I think it was because I've had their insurance for 4 years now

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Wells Fargo is The worst Bank for DACA. I got denied also because I'm not a resident. I tried TD bank and I got the loan.