Getting Loans for new residents

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KJB17
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Getting Loans for new residents

Postby KJB17 » Sun May 01, 2016 5:16 pm

Does anyone know how difficult it is to get a car, home, or business loan when you first get into Peru? What types of requirements they may ask for? I'm sure proof of income is one requirement but do they use my SSN from the U.S.?


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craig
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Re: Getting Loans for new residents

Postby craig » Mon May 02, 2016 11:55 am

My experience is that no foreigner can get a loan from a Peruvian bank if he is not employed in Peru. No foreign income whatsoever will be considered.
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Alpineprince
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Re: Getting Loans for new residents

Postby Alpineprince » Mon May 02, 2016 12:38 pm

Do not know if it is still this way, but 15 years ago you could get a builders loan ( new apartment only) with 50% down payment and balance over 2 years at about 14.5% interest.
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craig
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Re: Getting Loans for new residents

Postby craig » Mon May 02, 2016 6:00 pm

Alpineprince wrote:Do not know if it is still this way, but 15 years ago you could get a builders loan ( new apartment only) with 50% down payment and balance over 2 years at about 14.5% interest.

I checked out a couple of apartments in new buildings last year. The builder had arrangements with the financing bank to provide loans to buyers. But when I talked to the banks they refused to even consider loaning to a foreigner. They didn't care about income or ability to pay if you were not employed in Peru.
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gringolandia
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Re: Getting Loans for new residents

Postby gringolandia » Tue May 03, 2016 12:25 pm

The only way I've heard of someone from the US getting a loan right away without a job is to use a home in the US as collateral, and I'm guessing only certain banks (those with a footprint in the US) do that. This is really just the same thing as getting a loan from a US bank for a second home (that happens to be outside of the US).

Other than that, I think it is pretty much impossible. Your credit in Peru is nonexistent.

If you have US credit cards with high credit limits you may be able to use those to buy a car and pay other expenses for a while. Perhaps write a balance transfer check to yourself so you only have a 2-3% charge until you pay balance back in full next year. When I came here I actually wrote myself a $30K balance transfer check and bought a one year old used car in the US which I then shipped here (but in my case I was able to get it in to Peru tax free since my wife was a Peruvian returning to Peru).
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Re: Getting Loans for new residents

Postby KJB17 » Tue May 03, 2016 12:42 pm

I am in the same situation, I am married to a Peruvian Citizen and we are relocating to Peru. My wife read about some programs assisting citizens who are returning by we haven't been able to find out too much about them. I already have work lined up as well with a Peruvian company. We will stay with family for now but I would like to work toward our own place and a car.
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Re: Getting Loans for new residents

Postby gringolandia » Tue May 03, 2016 3:54 pm

Definitely take advantage of the tax-free shipment available to your spouse! We easily saved over $30K in taxes ($15k in taxes from the car alone!). Heck, I'd pay to include some stuff in your shipment ;-) It cost me about $2k for the shipment + $2k for total loss insurance (unbelievable that the insurance cost as much as the shipping itself!). I loaded the container myself to save money, which I do NOT recommend (but I did manage to pack in way more than a professional company would have done). If you load it yourself you can not get damage insurance, only total loss.

However, you NEED to make sure you come to Peru and get the tax-free approval papers BEFORE the shipment leaves the US. If the container arrives in port Callao (the ships move faster than you might think!) and you do not have the approval you can end up paying HUGE storage fees which can ultimately be more than what you saved on taxes. So be careful with this one super important detail. I've heard of people abandoning their shipments over this.

As I remember it, the car you bring must be used, not more than 5 years old, and have a maximum of a 2.0L engine and cost less than $30K delivered to Peru. I went with a Ford Escape because it is an AWD SUV with a 2.0L turbo charged engine, and the cost + private sale sales tax + shipping to Peru came to less than the $30K maximum. I'm not sure what the best option would be at this point. Don't bother with a built-in Navi for the car as almost none of them work here, and Waze works better anyway.
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Re: Getting Loans for new residents

Postby cariboso » Tue May 03, 2016 7:53 pm

You are looking for the Returning Citizens Law and it can be found on the Ministry of Exterior website

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