[v1kram]

Originally Posted by hema4saran

I am now in the market for crossover segment.

Did you try the CX-5? May not be spacious as CR-V but handling and fuel economy numbers are decent.
Just do some research on Honda 1.5 Turbo engines, in case if you plan to buy the CR-V.

[hema4saran]

Originally Posted by v1kram

Did you try the CX-5? May not be spacious as CR-V but handling and fuel economy numbers are decent.
Just do some research on Honda 1.5 Turbo engines, in case if you plan to buy the CR-V.

I do know that oil-gas dilution issue in 1.5 Turbo engines. But it is reported in only few of the cars and that too in cold weather conditions. CX5 is really good car but the pricing is on the higher side and also space behind myself is not so good.

[pratyush6]

Need some suggestions guys:

My search for a family car, finally ended at the 2018 VW Tiguan. So, dutifully, went to a highly rated dealership in North York Area (VW Villa). The sales guys were really good. Struck a fairly good deal. The total cost came up to be 50k. I however, got stuck with VW financing and I do not have a 'lengthy' credit history. I landed here in April. I can very well afford the payments.

On top, the dealership did credit checks at 3 different banks, further hurting my score. Scotia Bank offered me financing at 6% with a 4k down. Essentially, an interest of 8k over a period of 6 years. Does not sound a great deal.So, probably get a certified car now, build a bit of credit and buy the new car a year down the line.

The VW deal was good because they offered a 0% interest, and you could keep the cash for saving for a home down payment.

FYI - When I check my credit score at one place it shows 717 and the other shows 600. I don't know what to do. And as they say, Winter's almost at our doorstep, I absolutely need a car.

[naman07]

Originally Posted by pratyush6

Need some suggestions guys:.........

Try DCU credit union for the car loan. They usually give good rates to people like us who have short credit history.

[v1kram]

Originally Posted by hema4saran

I do know that oil-gas dilution issue in 1.5 Turbo engines. But it is reported in only few of the cars and that too in cold weather conditions. CX5 is really good car but the pricing is on the higher side and also space behind myself is not so good.

Yes, it's more prominent in cold weather conditions. Shouldn't be a problem in Texas weather.

Originally Posted by pratyush6

Need some suggestions guys:

And as they say, Winter's almost at our doorstep, I absolutely need a car.

Any specific reason you are looking at the Tiguan?
There are some very good deals on 2018 RAV-4, Sorento, Tucson, CX-5 and CR-V with most of them on 0% OAC. OTR should be around 30K.
Even more options if you are looking at FWD cars.

Otherwise, it's wise to go for a used car / SUV based on your needs until you build the credit.

[pratyush6]

Originally Posted by naman07

Try DCU credit union for the car loan. They usually give good rates to people like us who have short credit history.

Checked out DCU website, the interest rate is very close to what I am being offered.

Originally Posted by v1kram

Any specific reason you are looking at the Tiguan?
There are some very good deals on 2018 RAV-4, Sorento, Tucson, CX-5 and CR-V with most of them on 0% OAC. OTR should be around 30K.
Even more options if you are looking at FWD cars.

Otherwise, it's wise to go for a used car / SUV based on your needs until you build the credit.

I initially was looking for a family sedan (~Passat), later moved to buying a car with a possible 3rd row and what might be slightly bigger.
The only other real consideration has been the Nissan Rouge & RAV-4. I really like the way Tiguan looks - it's understated and has clean lines. If you want to be driving something everyday, might as well look to buy something that you like to see
I know it isn't the most fuel efficient or value for money, but it just appeals to me a lot more. Other than that I like the X1 as the other crossover.

[aah78]

Originally Posted by pratyush6

I however, got stuck with VW financing and I do not have a 'lengthy' credit history. I landed here in April. I can very well afford the payments.

What do you mean by got stuck - did they refuse to finance?
If you can afford the payments, do you think you can put down a larger down-payment, so your financed amount is reduced?

How about a lease - is that an option for you? You can also do a lease-to-buy in most cases.

How about a Jetta, or a Golf SportWagen for starters? Starting price is lower than the Tiguan.

If you lease any of these, you can switch to the Tiguan at the end of the lease (2/3 year lease) by which time you will have built up sufficient credit history.

Originally Posted by pratyush6

Checked out DCU website, the interest rate is very close to what I am being offered.

I initially was looking for a family sedan (~Passat), later moved to buying a car with a possible 3rd row and what might be slightly bigger.

Try calling DCU. They might give you a lower rate that way.

Don't get suckered into cross-over 3rd row seating.
It's usually meant for little kids and early teens. Also, your cargo space is majorly cut down with the 3rd row seats up.

For any sort-of practical 3rd row seating you have to go mid-to-full-size SUV, or a mini-van.

[pratyush6]

Originally Posted by aah78

If you can afford the payments, do you think you can put down a larger down-payment, so your financed amount is reduced?

Already offered them a higher down payment. It not the score but 'apparently' the length they consider

Originally Posted by aah78

Try calling DCU. They might give you a lower rate that way.

Don't get suckered into cross-over 3rd row seating.
It's usually meant for little kids and early teens. Also, your cargo space is majorly cut down with the 3rd row seats up.

For any sort-of practical 3rd row seating you have to go mid-to-full-size SUV, or a mini-van.

DCU has a similar interest rate to what has been offered for the tenure.

Completely understand the 3rd row is mostly useless, even in this car, it would primarily not be used and you can fold it down flat and that one odd time in a couple of months when you need to lug someone extra from Point A to Point B.

[aah78]

How about buy a cheaper used car now - maybe one that you finance with a small loan, just to build history?


Do you have any co-signor or guarantor? Maybe, a relative who can do that for you?


Also, a way to build-up good credit history quickly is to pay for whatever you can with a credit-card & pay the bill in-full (or as close to) every month, & don't default on payments.
Even small stuff that costs a few CAD at a pharmacy, or coffee at Tim Hortons, etc.

[pratyush6]

Originally Posted by aah78

How about buy a cheaper used car now - maybe one that you finance with a small loan, just to build history?

Do you have any co-signor or guarantor? Maybe, a relative who can do that for you?

Also, a way to build-up good credit history quickly is to pay for whatever you can with a credit-card & pay the bill in-full (or as close to) every month, & don't default on payments.
Even small stuff that costs a few CAD at a pharmacy, or coffee at Tim Hortons, etc.

1. Probably going the cheaper route and cash now.
2. Co-signer is more like a co-applicant, I do not have anyone else really, neither I want to ask anyone for the same.
3. I always have paid my bill in full, even back in India.
4. I have now started to use my debit card more often; because I also know that you should not be using your CC more than 30% of your limit something I wasn't doing before.
5. Credit Score & Report actually weighs in the time factor, there is no getting around that. Every one has a different scoring model, but in general its has anywhere between 15% to 25% weight, if I am not mistaken.

[AccordSport]

Originally Posted by pratyush6

4. I have now started to use my debit card more often; because I also know that you should not be using your CC more than 30% of your limit something I wasn't doing before.

That is not correct. 30% limit is what you carry forward at the end of the billing cycle. Not the usage in the month.

I would suggest use the Credit card and not the debit card if you want to build history and pay off the Credit card balance before the end of the billing cycle so that you have 0% balance.

Also the good thing about going with DCU is you can refinance with minimal fee and interest will be reduced.

I bought my car when I had just 3 months of credit history on 8.25% interest with DCU. After 6 months I refinanced and DCU reduced it to <2%

[fusionbang]

Originally Posted by pratyush6

1. Probably going the cheaper route and cash now.

I believe 2 months is a good time for you to get a car. If you have a direct deposit to your bank and a credit card in your name, the score should be good enough for you to buy a car. Also you can check in your bank, where they might have some pre approved loan offers.

And DCU is the way to go for a car loan (I am not sure if DCU operates in Canada), with a higher interest and then refinancing it for lesser interest rates.

One more option is going for a lease. Within 2 months of landing to US, I was able to lease a BMW 330i worth 51k$ without any hassles. So you have multiple options in your hand now. Good luck

[greenhorn]

Not sure if DCU will let you take a 50K loan. They typically pre approve for 20K. from what i understand, multiple credit hits within a short time period are counted as one, so call around, get yourself pre approved somewhere and close a deal while that window is still open

ideally you should have done this planning before, but here you are.
Also, you might want to ask for an insurance quote before planning your car finances. I was hit with a 320$ monthly premium by geico for a civic. That was bigger than my monthly EMI!

Also, Holy Moly! 50K for a tiguan? thats almost twice the base price, and for something that will depreciate by up to 50% the day you buy it.
Assuming that you are looking for the top end (SEL PRemium) there are CPO options going from 27 to 33k in the New england area
https://www.cars.com/for-sale/search...Vehicles=false

[pratyush6]

Originally Posted by greenhorn

Not sure if DCU will let you take a 50K loan. They typically pre approve for 20K. from what i understand, multiple credit hits within a short time period are counted as one, so call around, get yourself pre approved somewhere and close a deal while that window is still open

Someone should have told me this. Now its 7 days past the 3 credit checks. What do you reckon?

Originally Posted by greenhorn

Also, Holy Moly! 50K for a tiguan? thats almost twice the base price, and for something that will depreciate by up to 50% the day you buy it.

The prices are CAD they include an extra 6yr/120k warranty (around CAD 2.6k). The base is around 29k (MSRP), with the Highline (as they are called here) around 40k.
The insurance quotes for the same are around 255 to 275 per month, but then I am in Toronto, which is crazy expensive, thankfully not more than the EMI

[greenhorn]

Originally Posted by pratyush6

The prices are CAD they include an extra 6yr/120k warranty (around CAD 2.6k). The base is around 29k (MSRP), with the Highline (as they are called here) around 40k.
The insurance quotes for the same are around 255 to 275 per month, but then I am in Toronto, which is crazy expensive, thankfully not more than the EMI

I was/am confused about the bit about buying from new york. How can you get a car with a CAD Price and warranty from a US dealer?