How to get a loan for an imported car
03-06-18, 03:26 PM
#1
Driver School Candidate
Thread Starter
How to get a loan for an imported car
Hey i just wanted to make this post for people who are considering buying a car that was imported from another country and the importation process is already been done.
I just went through most of this today it does take a little bit of doing it's not something you can do immediately.
my bank is USAA (military) who I'm going through for insurance and for Lending
the first thing you need to determine is if the car you're purchasing has a JDM Vin or a 17 digit us Vin this makes a difference because when they go to run that VIN they won't be able to find a value for the car if it is a JDM vin.
if the car your purchasing has a usdm VIN your process is probably going to go very simply and I can't help you with that because I have no experience with it.
if you have a JDM Vin you have to have the car appraised. it usually cost around $200 and your Bank is also going to need a declaration from the dealer stating the car is exempt from the 17 digit Vin because it is over 25 years old. EPA FORM 3520-1 and HS-7 from the NHTSA
I would do all of this and talk to them and make sure they can even give you a loan for that vehicle before you get approved for the loan because getting approved for loans hits your credit.
I will update as i finish the process.
update 1: added the form numbers
I just went through most of this today it does take a little bit of doing it's not something you can do immediately.
my bank is USAA (military) who I'm going through for insurance and for Lending
the first thing you need to determine is if the car you're purchasing has a JDM Vin or a 17 digit us Vin this makes a difference because when they go to run that VIN they won't be able to find a value for the car if it is a JDM vin.
if the car your purchasing has a usdm VIN your process is probably going to go very simply and I can't help you with that because I have no experience with it.
if you have a JDM Vin you have to have the car appraised. it usually cost around $200 and your Bank is also going to need a declaration from the dealer stating the car is exempt from the 17 digit Vin because it is over 25 years old. EPA FORM 3520-1 and HS-7 from the NHTSA
I would do all of this and talk to them and make sure they can even give you a loan for that vehicle before you get approved for the loan because getting approved for loans hits your credit.
I will update as i finish the process.
update 1: added the form numbers
Last edited by mattro2; 03-07-18 at 05:44 AM.
03-09-18, 09:22 PM
#3
A few thoughts come to mind. I am in Canada so it may be different.
I am assuming if the car is being imported, the vehicle is probably right hand drive. In Canada it is near impossible to find an insurance company that will offer you full coverage ( Collision and comprehensive coverage) on this vehicle. They are however required by law to offer you PLPD due to the all comers rule. Of course, this would be the the legal minimum to be on the road, and no physical damage coverage will be on the car.
It is also worth while to mention that if there is a loan on a vehicle your lender will require full coverage on the vehicle at all times. This clearly will not work on a right hand drive vehicle. As far as the VIN goes, you will probably have to provide a photo of the VIN plate for the insurance company to confirm the digits, and if its under 17 digits ( Very possible, I have never seen a non- north american car with a 17 digit VIN plate) then they will require you to get the car appraised, and they will insure the unit up to that value.
Please let us know what you find. Good luck.
I am assuming if the car is being imported, the vehicle is probably right hand drive. In Canada it is near impossible to find an insurance company that will offer you full coverage ( Collision and comprehensive coverage) on this vehicle. They are however required by law to offer you PLPD due to the all comers rule. Of course, this would be the the legal minimum to be on the road, and no physical damage coverage will be on the car.
It is also worth while to mention that if there is a loan on a vehicle your lender will require full coverage on the vehicle at all times. This clearly will not work on a right hand drive vehicle. As far as the VIN goes, you will probably have to provide a photo of the VIN plate for the insurance company to confirm the digits, and if its under 17 digits ( Very possible, I have never seen a non- north american car with a 17 digit VIN plate) then they will require you to get the car appraised, and they will insure the unit up to that value.
Please let us know what you find. Good luck.
03-10-18, 10:13 AM
#4
SCs and 240s are beat up.
Most Supras and NSX will never see a rain storm in the US and are the definition of garage queens/collectible cars/ and extremely overpriced due to popularity and rarity.
If anything at all is appealing about a RHD NSX or Supra would be the lower selling price.
03-10-18, 11:03 AM
#5
Supras and NSX are beat up? What planet are you living on?
SCs and 240s are beat up.
Most Supras and NSX will never see a rain storm in the US and are the definition of garage queens/collectible cars/ and extremely overpriced due to popularity and rarity.
If anything at all is appealing about a RHD NSX or Supra would be the lower selling price.
SCs and 240s are beat up.
Most Supras and NSX will never see a rain storm in the US and are the definition of garage queens/collectible cars/ and extremely overpriced due to popularity and rarity.
If anything at all is appealing about a RHD NSX or Supra would be the lower selling price.
Unless I were to spend $35,000 or more for either. Then usually they're in better shape. It's more of an issue with Supras than the NSX.
You are correct on the RHD cars being more appealing due to price. I've heard RHD NSX's are still pretty pricey but MKIV Supras were much cheaper a few years ago. The RHD Supras were typically in better shape for the price.
03-10-18, 12:00 PM
#6
The lower priced ones are pretty bad. I've seen a few locally and in neighboring cities that were pretty beat up or had been wrecked going for $30,000+. I've seen a few Supras with seven to ten owners and people still want $28,000 for an NA car.
Unless I were to spend $35,000 or more for either. Then usually they're in better shape. It's more of an issue with Supras than the NSX.
You are correct on the RHD cars being more appealing due to price. I've heard RHD NSX's are still pretty pricey but MKIV Supras were much cheaper a few years ago. The RHD Supras were typically in better shape for the price.
Unless I were to spend $35,000 or more for either. Then usually they're in better shape. It's more of an issue with Supras than the NSX.
You are correct on the RHD cars being more appealing due to price. I've heard RHD NSX's are still pretty pricey but MKIV Supras were much cheaper a few years ago. The RHD Supras were typically in better shape for the price.
Now go to an SC meet or a 240sx meet and the difference is night and day.
04-18-18, 05:12 AM
#7
Driver School Candidate
Thread Starter
A few thoughts come to mind. I am in Canada so it may be different.
I am assuming if the car is being imported, the vehicle is probably right hand drive. In Canada it is near impossible to find an insurance company that will offer you full coverage ( Collision and comprehensive coverage) on this vehicle. They are however required by law to offer you PLPD due to the all comers rule. Of course, this would be the the legal minimum to be on the road, and no physical damage coverage will be on the car.
It is also worth while to mention that if there is a loan on a vehicle your lender will require full coverage on the vehicle at all times. This clearly will not work on a right hand drive vehicle. As far as the VIN goes, you will probably have to provide a photo of the VIN plate for the insurance company to confirm the digits, and if its under 17 digits ( Very possible, I have never seen a non- north american car with a 17 digit VIN plate) then they will require you to get the car appraised, and they will insure the unit up to that value.
Please let us know what you find. Good luck.
I am assuming if the car is being imported, the vehicle is probably right hand drive. In Canada it is near impossible to find an insurance company that will offer you full coverage ( Collision and comprehensive coverage) on this vehicle. They are however required by law to offer you PLPD due to the all comers rule. Of course, this would be the the legal minimum to be on the road, and no physical damage coverage will be on the car.
It is also worth while to mention that if there is a loan on a vehicle your lender will require full coverage on the vehicle at all times. This clearly will not work on a right hand drive vehicle. As far as the VIN goes, you will probably have to provide a photo of the VIN plate for the insurance company to confirm the digits, and if its under 17 digits ( Very possible, I have never seen a non- north american car with a 17 digit VIN plate) then they will require you to get the car appraised, and they will insure the unit up to that value.
Please let us know what you find. Good luck.
Ive already said you would need to get it appraised.
Update, car is on the road and all is well in the world.
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