Dear friends, I wanted to write a very short article on the topic of getting a car loan for people who have just come to the country and have no documents or SSN yet! There is a lot of info about this on the Internet and in particular in our Russian-speaking groups!
I want to dispel all the misunderstandings of this article! Who will benefit – put likes and save for yourself or fast in groups!
Credit for the car can be taken on a foreign passport – without an SSN, credit history, guarantors and documents! And the interest rate can be less than on a credit card …
The car can be purchased new or used, and it depends not on the dealer, but on the banks with which the dealers work!
It’s very important to not pay attention to the huge interest rate and to not count how much you will overpay for the car for the entire term of the loan – of course its a lot … If you decide to stay in the USA, then in about six months you will receive your SSN and add it to your loan. In another six months you will have a great credit history: a year as you pay the loan for the car, you are no longer a “FIRST TIME BUYER” and in a year you can quietly refinance this car at a good percentage (from 3% to 8%), if it suits you or other way- you can take a new car for leasing!
You can argue a lot and for a long time about the advisability of financing a car at such a high interest rate, and in general may not be worth taking on credit … But, if you are in a situation where there is no money, and a car is very necessary, leasing is much better than disposing your money on a rental company for $700-900 per month!
Contact me if you need a help
78660707777 Alex
P.S. As an example: today a car was sold to customers who arrived 1.5 months ago! No documents, no SSN, a Russian passport and a tourist visa! The 2017 car, after leasing, has mileage of 36,000 miles, in perfect condition, with an official dealer warrantee of 10 years or 100,000 miles! $2500 down payment, including the first month, new number, taxes and fees! Monthly payment $360!
In a year we will easily get rid of the car and take a new car for leasing, as there will already be an SSN and annual credit history with car financing! Or just refinance at a good percentage (from 3%) Credit Union or a service bank.
