Building Your U.S. Credit History through Car Leasing and Financing
Obtaining a vehicle is often overshadowed during the relocation planning process by more immediately obvious needs, such as visas, schools, and housing. In fact, a study showed that transportation ranked number 51 on an Expat’s priority list prior to moving, but after relocating it quickly jumps to the top of the list. This is likely due to the lack of reliable public transportation provided in much of the country. In the United States, 45 percent of the population has no access to public transportation, and the average adult spends an hour and a half in the car each day.
Many Expats don’t consider transportation a priority prior to the move because they believe that once in the U.S. they will be able to easily purchase a vehicle from the local dealership. Unfortunately, they are unaware of the one major obstacle they face, a lack of credit history. Since credit does not transfer from country to country, most expats have a credit score of 0 when they first arrive in the United States. A lack of local credit makes it virtually impossible to lease or finance a car from a local car dealership. This leaves many Expats settling for paying cash out-of-pocket for used vehicles. While this may appear to be the quick fix for their transportation needs, Expats who buy a used car with cash miss out on a major benefit of financing or leasing a vehicle – building that much needed credit history.
So if you can’t go to a traditional dealership, and you shouldn’t pay cash, what’s the solution? Expat car leasing and financing services. Using one of these services allows Expats to lease or finance a new or used car at the same competitive rates locals would find at the dealership. By leasing or financing your vehicle you establish your first line of credit in the country and build the foundation of your credit history. Even better, through select programs you receive maximum savings if you purchase your vehicle before you relocate. This means that when you’re ready to make your move you have a vehicle waiting for you, and you have started to establish a local credit foundation.
For more information on Expat car leasing and financing download the free guide “HOW TO BUY A CAR IN A FOREIGN COUNTRY WITHOUT LOCAL CREDIT”