How International Students Can Get a Car Loan

By | June 24, 2022

The American lifestyle is attractive to many, yet not every person acknowledges how significant vehicles are to this lifestyle. With more than 272 vehicles out and about, vehicles are a vigorously organized and vital piece of American culture. If you’re one of the 1,095,299 worldwide understudies on an F-1/OPT visa in the United States, there’s an undeniable opportunity you need a vehicle.

However, could worldwide understudies at any point get vehicles in the U.S.? Is there care funding for worldwide understudies? Are there vehicle credits for global understudies in the USA? The responses to these inquiries are beneath. Peruse to find out more!

Are The International Student Auto Loans In The USA?

The short response is “yes” there are car credits for global understudies in the U.S. In principle, beyond government understudy help, worldwide understudies and visa holders could meet all requirements for most credits in the United States. The issue is that most moneylenders would instead not work with non-U.S. residents since they view settlers as high-risk borrowers.

However, that doesn’t imply that you can’t get a worldwide understudy vehicle credit in the U.S. Individual credits (examined in more detail beneath) are a feasible and outsider accommodating advance choice for global understudies who need a vehicle in the U.S.

The 3 Requirements You Need for an International Student Car Loan

First things first: buying and driving a car in the United States. It’s definitely possible for foreign nationals, but the process of getting there is a bit lengthier. There are three things you need to get started:

1) A driver’s license
2) Auto insurance
3) An auto loan

You Need a Driver’s License – On the off chance that you’re remaining long haul, as on account of F1, H1B, and H4 visa holders, you might apply for a US driver’s permit. You should have the expected documentation to apply at a neighborhood Department of Motor Vehicles (DMV), including Form DS 2019, Form I-94, a visa with visa, confirmation of the legitimate presence or home, a Social Security Number or Form SSA-L676, and some other documentation expected by your specific state DMV. For global understudies, the Student Exchange Visitor Program (SEVP) has a definite truth sheet and set of assets to assist with supporting unfamiliar understudies get a driver’s permit.

You Need Auto Insurance – US regulation requires all drivers to have protection. You can not gain a vehicle advance without it. In certain states, you can not actually apply for a driver’s permit without collision protection. Fortunately, there are not many hindrances for worldwide understudies and expats who need to track down accident coverage in the US.

You Need an Auto Loan – While a few global understudies have the assets expected to buy a vehicle inside and out, most don’t. There are not much of monetary foundations in the US that will give a vehicle advance to global understudies or working experts. The precarious part isn’t simply assembling each of the necessary reports for the credit application. The expected reports will shift from one establishment to another and from one state to another, so gathering everything would be ideal.

Required Documents for Auto Loan as Foreign National

To get an international student car loan in the U.S. as a visa holder, you will need to provide some specific documentation:

1) Finance Qualification Form
2) A visa
3) A letter of employment
4) Payment Documents
5) Proof of Lawful Presence

Finance Qualification Form – provide information about your employment, living, and financial situation.

Visa – Acceptable visas include F-1, H-1B, L-1, J-1, O-1, and TN, among others.

Letter from Employer – This should confirm your employment, salary, benefits, and terms of employment.

Payment Documents – Bring copies of your utilities, rent, phone bill, cable, medical/life insurance, etc.

Proof of Lawful Presence – These documents include a green card, driver’s license, EAD card or your visa.

How to Get a Personal Loan to Use as an International Student Car Loan

Stilt provides loans specifically-designed for the immigrant community in the U.S., especially F1 visa holders and international students. To borrower with Stilt all you have to do is:

Apply – The first step in taking an F1 student car loan with Stilt is to fill out our application online. There’s no cosigner, no social security number, and no U.S. credit history required to apply. Once you’ve applied, you’ll receive a decision with 24 hours.

Receive a Loan Offer – If your application is approved, you will receive a loan offer via email. From there, you will be asked to provide the relevant documents (which will vary by loan type but typically include things like your visa and proof of income). Once your documents have been uploaded, they’ll be reviewed. If your loan is approved, your funds will be disbursed and will enter your bank account usually within 48 hours.

Start Making Payments – Once you’ve received your funds, the only thing to do is start making monthly payments toward your loan.

Can International Students Get Loans Down Payments
Yes, international students can get loans in the U.S. to help cover the cover of a car down payment. In fact, a sizable down payment can lead to reduced interest rates and monthly payments as well as significant savings. To learn more about loans for auto down payments, click here.

What if I am Unsure about Buying a Car in the U.S.?

Buying a car is a large, expensive undertaking and it doesn’t always make sense for every international student. If you’re unsure if buying a car is the right move for you, you can check our guide about renting, leasing, and buying a car in the U.S. as an F1 student.

Next Steps:
The next and most important step is acquiring financing to pay for your car. While many Americans simply apply for a loan while at a dealership, if you’re a foreign national, you may have some issues.

While some banks may offer you an auto loan, most will not. You could try your luck, or instead, you could use a service like Stilt. Companies like Stilt help non-US citizens acquire low-interest rate loans. The founders of the company recognized how difficult it is to get a loan without a credit score, which is the case for most non-US citizens.

Stilt can help automate much of the loan or loan refinance process for international students or working professionals. No SSN is required to apply for a loan, the interest rates on the loans Stilt offers are low, and the company can help immigrants deal with currency conversions and fluctuations instead of having them ask their parents for money. Many of the common issues non-US citizens face when applying for a loan can be avoided by using services like Stilt.

Need a Loan? Get One out of 3 Simple Steps

On the off chance that you are thinking about applying for an individual credit, follow these 3 basic advances.


Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.


If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.


The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.

Need a Loan? Get One out of Simple Steps

On the off chance that you are thinking about applying for an individual credit, follow these 3 basic advances.


Apply online for the advance sum you really want. Present the expected documentation and give your most ideal application. More grounded applications get better credit offers.


Assuming that your application meets the qualification rules, the moneylender will reach you concerning your application. Give any extra data whenever required. Before long you’ll have your credit offer. A few moneylenders send a promissory note with your credit offer. Sign and return that note assuming you wish to acknowledge the advance proposition.


The credit then gets dispensed into your U.S. ledger inside a sensible number of days (a few moneylenders will be basically as fast as 2-3 work days). Presently you want to set up your reimbursement technique. You can pick an autopay strategy online to assist you with paying on time consistently.


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