With the ever-changing immigration landscape impacting life in America, many immigrants and refugees have found themselves faced with the challenge of seeking new employment opportunities — and, for some, buying a car may be part of that journey. Fortunately, car financing options for immigrants can be accessible, depending on a number of factors. In this article, we’ll explore some of the options available to immigrants looking to purchase a car.
Introduction to Car Financing Options for Immigrants
Finding a reliable and secure car financing option can be tough for non-citizens living and working in the U.S., especially immigrants. Often, they are required to present information that US citizens take for granted, such as social security numbers, credit history, and a legal residence in the country. Thankfully, options are now available for immigrants and non-citizens that make the process of acquiring a car comparatively easier. Here is a review of different car financing options available for immigrants.
Dealership-arranged financing is a popular car financing option, in which immigrants can trade in their existing car or buy a new or pre-owned car with the help of a dealer. Most dealerships today are willing to provide financing for successful applicants. However, the terms and rates of interest offered to immigrants may vary from dealership to dealership or depending on the creditworthiness. Generally, those with poor or no credit history may find it difficult to get approved. In addition, the immigrants may need to provide other types of collateral, such as a co-signer or a security deposit, to get approved.
Banks or Credit Unions
Another option for car financing for immigrants is to take out a loan from a bank or credit union. These institutions may lend to applicants who meet their requirements for car financing. However, they may demand a good credit history, adequate income, a legal driver’s license, and/or a valid residence permit. Approval of loan applications may also take longer than at a dealership.
Also, there are fewer bank and credit union options available to immigrants than there are for US citizens. The bank or credit union may also require additional documents such as proof of employment, tax returns, and other proofs of residence or income.
Stilt’s Personal Loans
Stilt is an online lender focusing on immigrants and non-citizens by considering their entire financial profile such as their education, experience and steady paychecks when evaluating loan applications. The lenders also offer competitive interest rates and flexible repayment terms making them an ideal choice for non-U.S. citizens who may find it difficult to get approved through traditional lending sources. The applicants only need to present valid documents such as a passport or driver’s licence, and proof of a steady income. The loan can be used for any purpose, including purchasing a car.
Toyota’s Dealership Financing
Toyota is one of the few manufacturers that offers special deals for immigrants when it comes to car financing. These deals can help immigrants obtain cars and financing with less effort and better terms. Immigration status is not a major point of consideration when dealing with Toyota and the applicant may simply need to show proof of their residency. In addition, Toyota also has flexible financing options that are aimed at helping immigrants acquire cars and auto loans quickly.
In conclusion, there are several car financing options available for immigrants. When financing a car, immigrants should consider all of the options available and do their research to find the best terms and rates possible. Dealerships, banks and credit unions, Stilt’s personal loans, and Toyota’s dealership financing are just some of the reliable options available for immigrants looking to acquire car financing.