How can international students get a car loan?

If you are an international student who holds an F-1/OPT visa and lives in the country, you may have considered getting yourself a car on several occasions. Although the process of owning a car is a bit lengthier, it is definitely possible for foreign nationals living in the country. If you are an international student who resides in the country, there are three main requirements you have to meet in order to be eligible to own a car.

How can international students get a car loan?

You will need a valid driver’s license
If you have the required documentation and are staying in the country for a considerable amount of time, you will be eligible to apply for a driver’s license at a local DMV office. International students can avail the detailed fact sheet and related resources through the Student Exchange Visitor Program to get help in this process of obtaining a driver’s license. The following documents, apart from any other related documents as required by the particular state DMV, are required for availing a driver’s license:

  • Form I-94
  • Form DS 2019
  • Form SSA-L676 or a Social Security Number
  • Proof of residence or legal presence in the country. In this case, it is a valid passport with Visa like F-1, H-1B, L-1, J-1, O-1, or TN with appropriate stamp.

You will need to have auto insurance
Having auto insurance is a legal requirement for all drivers. It is also required to be eligible to apply for an auto loan. Then there are some states that disallow the application for a driver’s license without auto insurance. However, there are some exceptions for international students who are needed to find auto insurance in the country.

You will need to apply for an auto loan
While some students may have the required funds to out-rightly purchase a car, many do not. Finding a financial institution which will offer an auto loan for international students, isn’t easy in the country since the non-residents will not have a credit score to show. While most of the banks may not give a car loan, international students can use services of companies like Stilt. Such companies help non-citizens to get loans at very low rates of interest and enable an easy process by automating much of the loan refinance process or the loan itself without the requirement of an SSN. They also help immigrant students to manage currency conversions and fluctuations making things seem a lot easier.

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