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Sunday, April 2, 2023

How can international students get a car loan in the United States?

International students in the United States may be able to get a car loan by meeting certain requirements and providing documentation to the lender. Here are a few steps that may be helpful:

Establish credit:

International students may need to establish a credit history in the United States before applying for a car loan. This can be done by obtaining a credit card and making timely payments, or by becoming an authorized user on a credit card held by a parent or other relative.

Show proof of income:

International students will need to provide proof of income, such as a letter from their school or employer to the lender.

Provide proof of residency:

International students will need to provide proof of residency, such as a lease or utility bill, to the lender.

Provide a co-signer:

Some lenders may require an international student to have a co-signer, such as a parent or relative, to guarantee the loan.

Provide proof of student status:

International students will need to provide proof of student status, such as a student ID or letter from the school, to the lender

It’s worth noting that getting a car loan as an international student may be harder than for a citizen or permanent resident. It also depends on the lender, some may be more willing to work with international students than others.

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