Expat Community > Colombia

BarryAbroad
Joined 2021
Posts: 19

Best way to purchase Car?

1 year ago

I am buying a NEW car soon in Santa Marta, currently focused on a New Renault Orich 2023 or 2024 from the dealer there in Santa Marta. Love the looks but still need to test drive, but have heard great things on this car and it fits my lifestyle perfectly.

My question is on the best way to purchase...IE bringing money in from US to cover the cost of car approx $26,000 USD.

Possible solutions:
1) Credit card - I have read some comments in this forum and others that it "might" be possible that the dealer will let me pay for the car in say 3 installments using my foreign credit card-my card has no foreign transaction fees so I am ok with any other fees as they would be less than wiring the money. My current cards have high credit limits of 10-15K so I would pay 10K up front, clear the balance in a few days then pay another 10K, clear that, then pay the remaining due with credit card. So should be able to pay in full within 30days. Has anyone tried this and would the dealers be ok with something like this as long as I pay any credit card fees?
2) Set up brokerage account - this takes too long for me and too much paperwork but might look into it if they don't charge me monthly fees to keep the account open as I could use it to purchase other property down the road...I've already bought by house in Santa Marta so no immediate need for a brokerage account unless I need it for car purchase.
3) Bancolombia account - I plan to open an account soon for paying monthly bills and will only keep a small amount to pay expenses in this account; I will also pay bills using ATM from Schwab and Capital One...but using this for my car purchase is probably the worse way for a number of reasons: too expensive to wire direct due to horrible conversion rates so would have to use Wise or Remitly and can only transfer approx 5-10K monthly at level 2 or 3 since I would be capped at amount I can transfer in certain periods...other problem is I believe Bancolombia would restrict me for 6 months from account opening of using the funds in a large amount so they will accept the influx of cash but i could not take a lot of it back out for 6 months.
4) My fiancee is a Colombian citizen...maybe she could set up financing through dealer for 12 monthly installments?...she has solid job with Colombian Government...I don't care if her name is on auto purchase with mine, so that's a non issue.

Just looking for what might be the best possible option...I would prefer to use the credit card regardless of any fees as they are cheaper than conversion rates for bank wire. I know I can talk to the dealer and confirm all options but I'd rather get an idea of options before I Travel there in May to test drive and purchase the car. Thx!

Cigna Global Health

Get a quote in 2 minutes from our partner, Cigna Global Health.
Get Quote

Cigna Global Health

Get a quote in 2 minutes from our partner, Cigna Global Health.
Get Quote

Living in Colombia Guide

Expats in Colombia discuss the pros and cons of living in Colombia. From the Colombian people to driving to taxes and more. As challenging as it can be, expats in Colombia clearly find that there is a lot to love about a country that is a surprising expat hot spot.

Colombia Forum
Join our Colombia forum to meet other expats and talk about living in Colombia.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Colombia.

Best Places to Live in Colombia

If you're considering a move to Colombia, here are the 15 Best Places to Live in Colombia in 2023.

Healthcare in Colombia

Our guide to healthcare in Colombia covers public and private healthcare in Colombia, hospitals, vaccinations, prescription medications and more.

Cost of Living in Colombia

Expats offer insight into the cost of living in Colombia.

Moving to Colombia Guide

With its bustling cities, beautiful beaches and friendly Colombians, Colombia is an increasingly popular destination for expats of all ages. Expats in Colombia offer insightful tips for those moving to Colombia.