Thursday, June 27, 2013

Buying a car overseas

I have a friend who went overseas recently. It was only meant to be for a few weeks, but now it looks like it will be a permanent move. Since it was unexpected they are now trying to work out how to set up there as well as get rid of everything here.

Their family is stepping in to help out with sorting their stuff, selling what they can such as the car, a few collections, clothes and things so the money can be sent over to the UK for my friend to buy what they need there.

It is amazing all the little things that you need when setting up again. The biggest thing on their mind though is a car. Since they did not sell their car here yet but they really need one for what they do over there it looks like their only option is a car loan.

I am normally pretty dead set against a car loan. I have had one myself in the past as we had not saved and there was no other way for us to get a car.  My first car loan was actually just through my parents. You’d think I would have planned ahead and knowing I would need to replace that car eventually, I should have saved. Nope. The car replacement came sooner than expected as we gave it to my now ex mother in law because she had no car and we bought a newer one. I don’t regret doing that. The interest on car loans over the years for my ex and I was a few thousand dollars. If you can pay cash for a car it is so much better.

My friend asked for my help. They are originally from the UK, so had a bank account and everything already. I did a bit of a search and one of the companies that came up was a Clydesdale Bank car loan which I liked as there was an early repayment option, no set up fee and you knew pretty much instantly if you got the loan or not.

Getting a loan in another country is not easy. Thankfully my friend was already set up and will be having cash come through from the sale of their things to cover what they need to set up there, but the car is needed now.

Have you ever had to set up completely elsewhere? Did you pay cash for a car or try to get a loan there?

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