How to Finance a Car with No Credit History or SSN
Many international students believe they can’t finance a car unless they have a positive credit history or a Social Security Number. In fact, certain types of car dealerships may exploit this rumor by offering high-cost loans to international students who believe they don’t have any other choice.
While it’s true that most major financial institutions like banks and loan companies require a solid credit history and Social Security number before they offer to finance a vehicle, international students don’t have to settle for high fees and interest rates.
Here are two things an international student should take care of before they can get financed for an auto loan.
U.S. Driver’s License
It’s important for international students to get a U.S. driver’s license. The local Department of Motor Vehicles (DMV) handles applications. The Student Exchange Visitor Program (SEVP) fact sheet is a reliable and up-to-date source of information about how to get a U.S. driver’s license. Certain lenders also offer to finance international students who have a U.S. learner’s permit.
Auto Insurance
Lenders require applicants to have auto insurance. Each state has its own minimum auto insurance requirements. It’s important to get multiple quotes, as rates vary widely from one insurance company to the next.
Get a Loan Without Credit History
International students who don’t have a credit history can get a car loan if they work with a company that has experience in this area of financing. It’s natural to feel concerned about the potentially high cost of financing a vehicle without a Social Security number or credit history.
Boro uses personal information like educational background and overall financial status to determine loan eligibility. After approval, Boro begins reporting account activity to the credit bureaus, so international students can start building a positive credit history right away.
The application process takes about 10 minutes and the company provides applicants with a decision within two business days. With Boro, international students don’t need a co-signer to apply for financing. Flexible terms and payment plans based on estimated graduation dates and customized to meet the needs of the individual student make managing payments easy.
Getting a car loan as an international student without a Social Security number and credit history doesn’t have to be a frustrating experience.
About Boro
Boro is the leading platform for college students to get the auto loans, leases, and personal loans they deserve — all while helping to build credit. We are committed to providing affordable and convenient financing solutions to those who are denied credit by traditional lenders. By leveraging alternative data and machine learning techniques, we are revolutionizing the consumer financing industry.
We started our journey as an auto lending platform for international students in 2015. After talking with our customers, we realized that domestic students, young professionals, and new immigrants could all benefit from our products. So, we evolved into a data-driven consumer lending platform providing auto loans, personal loans, and auto leases for anyone without enough credit history to borrow from traditional lenders.
