Can you finance a car you plan on importing?
Theres a car that I want to buy from Japan that wasnt ever sold here in the U.S., and I plan on using it strictly for track racing purposes. It's my dream car, which is an Nissan Skyline R34 GT-R. I know it already has legal issues, and I work for a car hauling company that I can import it through. So importing it wouldn't be an issue at all, and I know I can afford it. I have the capital to buy it outright if I wanted to, but I'd rather not spend it all at once. So my question for you guys is, is there a way I can finance the car on a 2-3 year loan? Because if I can do that, then I'll have no issues at all getting it. I have a 740 FICO score with no debt at all, and I have $3400 a month going into the bank after all expenses are paid including my home loan. My current car is paid off already as well.
- InLv 75 months ago
"Godzilla" is not welcome in the US. But seriously just take out a home equity loan and avoid any title issues with the bank.
- TheRealLv 55 months ago
A Hunch is absolutely correct, so there's your best answer. One other thing to consider: You must wait 25 years from the date of production to import this vehicle. That means that if you imported it the day is became legal, it would be 25 years old. No legitimate lender in the US will finance a vehicle that old, especially one with the issues you're already going to have importing it (VIN number, use, etc). They won't even consider the loan application, regardless of credit. At 24, you're NOT getting a personal loan. Sorry man, but it's cash only for this car.Source(s): 20 years retail auto sales experience.
- Anonymous5 months ago
You talk to a finance company on this side of the pond. See what they say. You will be owning this finance company the money, as they have to do full payment of the vehicle in Japan. Because it is basically impossible for one country to seek out payment should you decide to not pay. So "they" will not agree to it. Pay for it in full and you get it. K.I.S.S. That is the way they work.
I am concerned "it already has Legal issues" Maybe specify?
- Anonymous5 months ago
Financing a car that can't be licensed or insured for road use is going to be next to impossible.
Personal loan maybe?
Buy your toys with cash.Source(s): Simple as that. Or wait until 2024 when you can legally import one.
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- JetDocLv 75 months ago
No, little Snowflake. You CANNOT finance a car that's not legal to own and drive in the United States.
- GabeLv 65 months ago
You can do whatever you want. It's a free country.
- A HunchLv 75 months ago
It is unlikely that you will be able to find anyone to finance the car from -- even if it was a street ready car.
A US bank can't finance it as a car loan because it's not in the USA.
- i.e. a car loan is a secured loan. Since the car isn't in the USA, there is no way to "secure" the car. Your promise of bringing it to the US doesn't make it secure.
Thus, you will have to look at personal loans or Japanese bank loans.
Japanese bank loans probably won't happen because you have no connection to Japan.
The best option if you don't want to do a personal loan, is to find a Japanese bank with a US presence.
Bank of Tokyo
- there may be others.
I don't think this will work. In fact, I don't think they will talk to you because you aren't a high roller investor, but it's the closest thing to an option.
- NeverLv 75 months ago
What about re-financing your current car? Cant imagine many lenders are going to be keen on financing a race car with legal issues.