Born abroad but now living in America? One thing is common for all immigrants: you cannot remain unaffected by the car culture of America. The car is the dominant mode of transportation in America. You need it to go places. And, a car loan is the only mode for obtaining an automobile.
Why is a Car Loan compulsory for buying a Car in America?
It is not compulsory for making a car purchase in the country. But, it has become a norm because of the following reasons:
>> High Cost of Automobiles
>> Lower Buying Capacity of Car Buyers
>> Easy Loan Approval by Lenders
>> Easy Way of Building Credit
Buying a car with the help of a car loan is very common in the country. People opt for a car loan even when they have the required amount of money because they do not want to part with their savings. Also, it helps them in building a credit score that is required to make a big purchase such as a home.
How to obtain a Car Loan when you are New to the Country?
If you are a new immigrant and want to obtain a car loan, you will have to provide valid proof of your identity. Lenders require your SSN (Social Security Number) for the purpose of identity verification. The SSN is issued to the following people:
>> Natural Born U.S. Citizens
>> Naturalized U.S. Citizens
>> Legal Permanent Residents
>> Temporary (Working) Residents under section 205(c)(2) of the Social Security Act
If you have a valid SSN, obtaining a loan will become effortless for you. Simply provide your SSN details along with the following information for obtaining loan approval:
>> Employment Information
>> Income Details
>> Residential Information
>> Information related to other Debts and Utility Bills
How to obtain a Car Loan without a Valid SSN?
If you are a new immigrant and have not received a valid SSN from the Social Security Administration, do not worry. You can obtain a car loan. Choose a lender who doesn’t demand SSN, instead accepts any of the following documents for the purpose of identity verification:
>> TIN (Taxpayer Identification Number) issued by Internal Revenue Service
>> Foreign Driver’s License
>> Foreign-Issued Passport
>> U.S. Government-Issued ID
Search for a lender who doesn’t require SSN and apply with him/her. You can make use of the internet and make your loan search comfortable.
While searching online, make sure that you choose a reliable and reputed website. It will save you from identity frauds.
Now that you know everything about obtaining a car loan in America, you should not be apprehensive. Remember that America is the Land of Dreams! If your dream is to buy a car, no one can stop you from becoming a proud owner of a car.