Hi Folks,
I'm in the process of buying a car at the moment and, having now been in Switzerland for over 6 months, am able to apply for a loan to pay for the vehicle.
I submitted an application to gemoneybank which has resulted in an offer, however, the best interest rate they're able to offer is 13.95%!!
This seems way too high and is more than I'd ordinarily be willing to pay. I figure that the reasons for it being so high are because we do not currently have any relevant credit rating in Switzerland (does a credit rating system exist here?) and also because we are new customers to the bank. Both of which will deem me to be a high risk client, regardless of the circumstances and how much I earn.
I have considered a loan from the UK, but that's tricky as a) we don't live there anymore and b) it'll only prolong the inevitable; having to build up a reputation with Swiss banks.
Given that my wife and I have been here only 6 months, are there any lower rate of interest alternatives? We've made a deposit against the cost of the car and I don't want to lose our deposit or this particular vehicle.