hey guys whats the deal with getting credit there ? I can afford to buy what I want cash but i would like to get a credit rating for my future wife or me maybe buy her a new scooter or multicab to try to teach her about budgeting and finance .. Also I have no credit in the west because i have always been a firm believer if I can,t afford it cash I can,t afford it at all . So i have no credit rating which is worse than bad credit here.. thanks guys
Credit is easy, deposit your money with the Bank, they will pay you 1% interest, then borrow the same amount back and pay 8% or more interest, voila, you get a credit rating for next time you want to borrow. I am very serious, been through this .. My bank manager in Australia wished he could get away with that .. Fro smaller items like bikes, most places will not give Expats credit, figuring they are likely to leave with the bike, etc. A filipino is likely to get credit, but work out the interest rates and what you actually pay, most times it comes to almost double what you would pay cash Cash is king here for Expats ..
Ok excellent thanks for the heads up on the bank .. I know you pay tons more for a bike but its all part of what I,m trying to teach my girl lol Cash is king every where IMO Ok so your saying if she deposits cash will they give her a loan against it ? Nice deal no way they would do that in Canada thanks again
there isn't credit rating as such your thinking. FICO scores and etc are not heard of. It's just money down and extortionate interest rates for anything. and the interest is due in full even if you pay off early. Borrow once and pay on time? Go back for another loan...it's the same rate again. There isn't a rating...
Lee, a belated welcome to d' forum. I might have been here too long but please explain a couple of things. Like in your first post, you say you're going to teach your Wife about budgeting her finances by showing her how to borrow money? Huh? That don't sound right. And then, you say in your second post, that in Canada, if you deposit money in the bank, you can't take a loan out against it?
Yep she thinks it a good idea to borrow money so I want to show her the cost by doing it i don,t mind losing a little cash to show her the down side and yes i went to the bank to get a loan in Canada there was way more in my account than I was asking for a I was turned down flat because I have no credit rating .. The manager told me bad credit was better than no credit lol ..It was a nightmare trying to buy a car on credit although i had enough cash to buy it . Applied for credit card nope only prepaid ..Sounds crazy but true the bank manager admitted i made more than him and was sorry he couldn,t help me because of my credit score he told me go get credit at a furniture store and build my credit that way lol(24%) I do have a plan to teach my sweet heart about money and finance but most people have to live it to learn it .. I could tell her a 1000 times its bad but until she pays it out of her money she probably will not learn and scooters are cheap so I don,t mind
Lee, welcome. Beware of buying a new bike on credit. My wife's bike would have cost on credit and downpayment over 100,000 vs 59,500 cash, bad way to go. You may be able to get a car loan from BDO for around 20% interest, if you are what they consider a good customer. You can also put money in their bank and they will give you a debit card. Your 'cash' only principle is good.
Ouch 40,000p for credit yep cash it is .. i made it this far in life without credit guess I will come up with another way to get threw to my sweety about the value of money LOL
Imho Welcome Lee, hope you have a good Time here, For me, The best way to teach your Sweetie the value of money, is Good Budgeting and staying well away from credit. The value of money has been well rotted with Credit. just my opinion my Friend. Jack P.
