Daca-friendly banks for auto loan? - Page 4

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

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?

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.

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.

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

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.