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Old 17.04.2016, 21:42
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Car loans?

hi folks:

i'm in seattle and planning the big move to zurich in july. curious about buying a used car. is getting a car loan similar to the US (i'm guessing not)?

curious if there are any gotchyas i should be aware of like whether my US credit score will be recognized, if i need to be prepared to put a big down payment, etc.

thanks!
tom
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Old 17.04.2016, 21:45
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Re: Car loans?

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hi folks:

i'm in seattle and planning the big move to zurich in july. curious about buying a used car. is getting a car loan similar to the US (i'm guessing not)?

curious if there are any gotchyas i should be aware of like whether my US credit score will be recognized, if i need to be prepared to put a big down payment, etc.

thanks!
tom
Swiss are not big on Credit, your US credit score won't be recognised. It's expected to clear credit card bills in full each month.

After living here a year you should be able get a car loan or leasing.
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Old 17.04.2016, 22:02
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Re: Car loans?

no car loans, but you can get a leasing as soon as you get your permit
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Old 17.04.2016, 22:15
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Re: Car loans?

Pay cash, used cars are cheap here.

Tom
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Old 17.04.2016, 22:52
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Re: Car loans?

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Pay cash, used cars are cheap here.

Tom
And if you're moving to Zurich, why get a car. A half tax card, a bike and mobility membership is a hell of a lot cheaper.
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Old 17.04.2016, 22:58
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Re: Car loans?

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And if you're moving to Zurich, why get a car. A half tax card, a bike and mobility membership is a hell of a lot cheaper.
True, I only had a motorcycle when I lived in ZH.

Ticino, on the other hand, requires a fleet.

Tom
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Old 17.04.2016, 23:34
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Re: Car loans?

Cars are expensive here vs. the US. I paid for a two year old car what a brand new one costs in the states. If you have a newer car you might want to look into bringing it over. Once here I am not sure a US car would have much resale value. I'd drive it till it dies.

On the car loan I had no issues and was able to get a "loan" once I received my residence card. Technically I don't have a loan but a lease agreement and low purchase price at end that it would be foolish not to buy the car. The "lease" was set up pretty much like a purchase price of $500 at the end to buy the car and was prepaid in the deposit.

Best of luck with your move.
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Old 18.04.2016, 00:56
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Re: Car loans?

tomfromseattle,

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i'm in seattle and planning the big move to zurich in july. curious about buying a used car. is getting a car loan similar to the US (i'm guessing not)?
Normally you can get a leasing after a couple of months of living in the country. A college of mine was able to get a leasing after 2 months (in canton Vaud).
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Old 18.04.2016, 14:53
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Re: Car loans?

I think after living here for 4 years a car is overated there are lots of options like europe car or mobility these options are way cheaper then getting a car and parking for it
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Old 18.04.2016, 15:04
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Re: Car loans?

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no car loans, but you can get a leasing as soon as you get your permit
You can get a loan from a bank if you choose to buy a car rather than lease one. Migros bank offers one of the best rates I believe but haven't actually used them for a personal loan. ( or any other bank for that matter)
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Old 18.04.2016, 15:40
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Re: Car loans?

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And if you're moving to Zurich, why get a car. A half tax card, a bike and mobility membership is a hell of a lot cheaper.
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I think after living here for 4 years a car is overated there are lots of options like europe car or mobility these options are way cheaper then getting a car and parking for it
C'me on, give it a rest already.

Rice is also cheaper than meat, but some people like steak.

The OP asked how to get a car, not if to get a car. Yet every time, someone feels the need to chime in about public transport, walking, hyperloop, or whatever.

The OP wants a car, not life advice.
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Old 18.04.2016, 16:18
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Re: Car loans?

All these seemingly contradictory replies are correct. You don't need a car in Zurich or the outskirts. If you want one, a nice big, not too new Audi Quattro, BMW V8, S6, etc, dealer serviced can be had for less than a shiny little car. Probably outright for a lot less than the downpayment you had in mind. And if you don't NEED a car, get what you want.
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Old 18.04.2016, 19:56
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Re: Car loans?

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hi folks:

i'm in seattle and planning the big move to zurich in july. curious about buying a used car. is getting a car loan similar to the US (i'm guessing not)?

curious if there are any gotchyas i should be aware of like whether my US credit score will be recognized, if i need to be prepared to put a big down payment, etc.

thanks!
tom
You can come, save some money, buy a decent used car in cash, then when you have more you can get a better one... No interests paid, less money lost in depreciation
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Old 20.04.2016, 10:06
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Re: Car loans?

Just get a new car on 0% leasing, should be possible after a couple of months here and used cars are expensive so this is often the cheapest way. If you want something flash then that isn't an option, but a new Nissan/Renault/Ford/whatever on zero percent is probably cheaper than paying interest for credit on a used car.
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Old 20.04.2016, 12:52
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Re: Car loans?

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You can get a loan from a bank if you choose to buy a car rather than lease one. Migros bank offers one of the best rates I believe but haven't actually used them for a personal loan. ( or any other bank for that matter)
About five years ago the US government launched an attack on Swiss banks and, in the process, American citizens living in Switzerland became persona non grata with local Swiss banks. Most banks tossed out their customers who had any connection to the US. Although there are 270 banks in Switzerland, there are now very few banks that will work with US citizens. Ordinary bank accounts for Americans residing in Switzerland are reportedly available at UBS, Credit Suisse and PostFinance although PostFinance does not make loans to US citizens here.

Migros Bank wrote in a September 2015 press release that it would continue to offer services to US Persons insofar as they could prove that they were in compliance with US tax law and renounced their rights under Swiss bank account privacy laws:

"Als national tätige Bank betreut die Migros Bank traditionell auch US-Personen, die einen Bezug zur Schweiz aufweisen. Ihr Anteil am Gesamtkundenbestand ist marginal. Trotzdem ist es eine substanzielle Zahl aufgrund der Marktposition der Migros Bank als eine der führenden Schweizer Inlandbanken. Bei diesen Personen handelt es sich überwiegend um Retail-Kunden – Schweizer mit temporärem Wohnsitz in den USA, schweizerisch-amerikanische Doppelbürger und amerikanische Staatsbürger, die in der Schweiz arbeiten. Die Migros Bank will weiterhin für solche Kundinnen und Kunden offenstehen, sofern sie nachweislich ihre Pflichten zur US-Steuerdeklaration vollumfänglich erfüllen und gegenüber den US-Behörden auf das Bankkundengeheimnis verzichten. "

It might be possible to possible to open a bank account and maybe even obtain a loan from Migros Bank.

https://www.migrosbank.ch/de/ueber-uns/medien.html
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Old 20.04.2016, 14:03
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Re: Car loans?

I was not able to get a car loan here in CH given that I am on annual 'L' permit. Make sure you have a more permanent residence status that 'L' in order to get financing.
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Old 20.04.2016, 14:04
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Car loans?

I looked into this while buying my current car.
I looked at Leasing and a Car Loan.
Turns out that the car loan rates are crazy here. I had offers of 15-18% Interest. And this is when banks give you 0-1% interest. Made no sense.
Migros had the best offer. It was a personal loan. One of the cheapest.
I decided to finally buy the car instead of leasing it or taking a loan. Made more sense.
If you are willing to stay for 4 years and then buy the car, go for leasing.
Else go for a loan or own purchase.
All the best with the move.
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Old 20.04.2016, 14:37
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Re: Car loans?

I'm an American with a B permit, and have a car loan with Banque Migros; interest rate is at 4.00%.


Migros is one of the few Swiss banks that will still deal with Americans - opening private banking, savings, and current accounts. Their car loan rates are very competitive.
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Old 20.04.2016, 23:40
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Re: Car loans?

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Just get a new car on 0% leasing, should be possible after a couple of months here and used cars are expensive so this is often the cheapest way. If you want something flash then that isn't an option, but a new Nissan/Renault/Ford/whatever on zero percent is probably cheaper than paying interest for credit on a used car.
0% leasing? There is no free lunch.
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Old 21.04.2016, 10:50
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Re: Car loans?

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The OP asked how to get a car, not if to get a car. Yet every time, someone feels the need to chime in about public transport, walking, hyperloop, or whatever.

The OP wants a car, not life advice.
OP says he'll be working at Google, who are super easy to reach by public transport if his workplace will be in Europaallee. So he may not even be aware that he perhaps would be much better off without a car, or that perhaps he should ask a different question ("what are the options to get there easily, quickly and reliably"), especially as he and his family intend to be here for 1-2 years only.
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