[Taylor's Dad]

Do NZ banks consider your previous (country) credit ratings should you want to apply for finance? or is it decided on your current position only?:confused:

[JoanneG]

If you open a bank account from your own country before you leave they can assess you on your current credit rating. Credit cards etc. will be waiting for your when you arrive.

[Angelonthemove]

there is NO credit rating system here only negative rating so it does not matter who or what you have.

We bought a car from Toyota on finance $18k the first week. Small deposit. Our bank ASB said they could not get anywhere near the small rate we paid. So go to the dealers first. If you do not have residency they will only do it over the length of your work permit. Ours 12 months but least its all paid off next month now.

Banks will do similiar deasl but shop around.

[mgbridges]

Are the dealers OK on giving finance to someone on a Work Visa (ie. not a resident)? I'm thinking of going car shopping at the weekend.

Cheers,

Martin

[IanW99]

As a rule, they will only lend for the period that the visa is valid for e.g. if you have a two year work visa and you have already been in NZ for 6 months then they will only lend up to 18 months.

Ian

[mgbridges]

Well, I had no problem setting up the finance for my car over the phone. I went in to the dealership on Saturday and test drove several cars. I got a rough quote on finance while I was there and then spoke to the finance manager on the phone today. She put the application through and it was approved pretty much straight away. Just waiting to hear when my car will be ready now.

Any ideas on a good insurance company?

Cheers,

Martin

[ortiz34]

As a rule, they will only lend for the period that the visa is valid for e.g. if you have a two year work visa and you have already been in NZ for 6 months then they will only lend up to 18 months.

Ian

Hi Ian. I am in this situation where I'd like to arrange a loan for a short period of time due to my work visa. What companies will give you this type of loan? Is it only dealers or can you get the loan if you want to buy a car from a private seller?

[IanW99]

Ortiz34, the information I stated wasn't actually directly related to Car dealers just a general fact about loans in general. For example, when we decided to purchase a new leather sofa we thought it would be a good idea to buy it on credit (it was interest free). There was no problem at all as long as the term of the credit was not more than the length of our visa.

I haven't tried to arrange a private loan for e.g. buying a car but I do know that they are available. I assume that there will be lenders out there who would be happy to help you out following the same rules?

Sure someone else will be able to confirm lenders?

Ian