Securing Bad Credit Car Loan - Immigrant's First Step To Establishing Good Credit |
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Lenny Dalembert
March 11, 2013
Many migrant workers are enticed to live and work in other places because of the numerous opportunities that are opened to them. Often, these workers have to contend with poor socio-economic conditions and limited availability of quality jobs in their home countries, prompting them to pack their bags and seek greener pastures elsewhere.
But if you have just moved to another land, you will realize that in some aspects, you will have to start from scratch. Some immigrant workers with good credit histories in their home countries often find themselves having a difficult time securing loans when they arrive. This is the reason why many of them secure a bad credit car loan. Immigrants can do well with securing a bad credit car loan as this can prove to be a good stepping stone in establishing a good credit history in their new homeland.
Traditional lenders are often wary of giving loans to immigrants. And for immigrants, there lies the irony as they ask how they can build a solid credit history if they are denied the opportunity to start building one. The best option for immigrants is to turn to bad credit lenders who are often more lenient in their requirements. If you are an immigrant, note that while it may be easier to secure a loan from a bad credit lender, down payments and interest rates can be considerably higher.
But aside from securing a loan from a bad credit lender, there are other steps an immigrant worker can take to build a credit history. First, it is a good idea to secure a copy of your credit history from your home country. With this document on hand, you can leave a better impression on lenders especially if you have a good credit history in your home country. Additionally, some lenders have devised special lending programs that are geared particularly toward immigrants. It is also a good idea to talk to your employer about helping you in this aspect. With the number of immigrant workers, this concern may not be completely new to most employers and they may help you acquire credit.
Many immigrants who are thrilled with the notion of finding better opportunities once they arrive another country are thwarted with the reality that they have to start again from scratch, particularly in their credit history. While this may be a temporary setback, they can build a good credit history with patience and by finding a bad credit lender.