Everyone tells me I should take out a car loan to build up credit in the US. They didn't tell me it's hard to get a car loan without credit history first. I already agreed with the ridiculously high interest rate of 22%, but still the financial specialist of the car dealer couldn't find a banker for me.
My wife and I didn't like the specialist in Mossy Nissan because of her high pressure style of selling, so we went out and try ourselves. Since Bank of America didn't even want to issue a credit card to me, we skipped that one. We walked into a big local banking institution named San Diego County Credit Union. The specialists there were very nice to us and they said the interest rate should be much lower than 15% even for first buyers like us. However, they said they could not even start the application process without a formal Driver License. Since the nearest date I could book for the road test was Feb 3rd, there was no hope I could get the car loan from them in time.
In the end, I just went to the car dealer and wrote a check to pay it off. I hope I don't have to buy anything from Mossy Nissan ever again.
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