Are you working in Colorado and looking to buy a car without a Social Security Number (SSN)? Is that even possible? You can get an auto loan with an ITIN number. Here you’ll find out the most important things you need to know.
What’s an ITIN Number?
Anyone earning income in the USA must declare that money to the IRS (Internal Revenue Service). US citizens use their SSNs to file taxes. Foreigners working in America must use a different form of identification. The IRS gives them a unique number to identify them for tax purposes. This is an Individual Taxpayer Identification Number (ITIN) consisting of nine digits.
You apply for an ITIN when you must file your taxes for the first time. That number remains your ITIN as long as it remains active. An ITIN without a tax return for three consecutive years will expire.
Auto Loans with ITIN Numbers
You can get the loan needed to purchase your vehicle with your ITIN to serve as identification. Traditional lenders and banks usually require an SSN before they help you. But some can help you even if you only have an ITIN.
Find a financing service that will help you. Apply with them for an auto loan with your ITIN number. But remember, an ITIN isn’t enough to be approved for a loan. You have to convince a lender about your capacity to repay the loan.
Who Accepts an ITIN?
A few banks accept ITIN numbers instead of SSNs. Ford Motor Credit, West Lake Financial, Credit Acceptance, Aventa Credit Union, and PNC Bank to name a few.
Online lenders such as Colorado Credit Approval and Camino Financial also accept ITIN numbers.
Steps to Obtain Financing With an ITIN Number
1. Consular Identification Card
A US Consular Identification Card (CID) is only sometimes required, but it helps verify your identity when purchasing a car. Visit the nearest US consulate to ask how to get your CID.
2. Get Your ITIN
The IRS explains on its website how to apply for one. Follow their instructions. You will need an ITIN number if you live and work in the US to file taxes.
3. Building a Credit Score
Hopefully, you have built a credit score that helps you access the car loan. Lenders finance people without credit scores. Checking the customer’s credit scores to determine whether they can repay the loans they apply for.
A more robust credit score allows you to get cheaper loan offers. Better scores are offered at lower interest rates. Lower interest rates mean more affordable monthly payments.
4. No-Credit Systems
You have a unique situation. You must find a car dealership or lender willing to help you. Traditional institutions may not be as helpful to someone in this situation.
You can find non-traditional financing online that can help you if you don’t have a credit score. They often use different ways to determine your creditworthiness. Some online lenders consider factors like your bank statements and income to assess your ability to repay your loan.
5. Get an Auto Loan with ITIN Number
Car loans are great financial tools. You can also use a personal loan to buy a car or whatever you want. Personal loans are unsecured. This means the car itself you buy doesn’t have to serve as collateral in the loan agreement. The lender can’t take your vehicle if you default on the loan. If you’re lucky, you may find a personal loan offer that is as cheap as an auto loan.
Apply online for the loan you need. Submit your best possible application. Stronger applications get better loan offers.
You will receive feedback within 72 hours. Supply any additional information if required. Soon you’ll get your loan offer and a promissory note. Sign and return the note if you want to accept it.
The loan amount will be disbursed into your American bank account within 2-3 business days. Set up your repayment method online. Autopay options will help you pay on time every month.
6. Potential Items You Will Need To Compile For Approval:
- Proof of Income – Year to Date Pay Stubs, 3 Months of Bank Statements
- Proof of Residence – Utility Bill, Pay Stub
- ITIN Paperwork
Get Your Car from Glenwood Springs Ford, CO
Ready to pick your new car? Visit our site and enter your contact information. A representative will get in touch with you to work out the details.
You’re welcome to stop by Glenwood Springs Ford, Colorado, or call us at (970) 989-9852 if you have any questions. Start the search for your vehicle here.
It’s that easy! Now you can go and buy the car you need. Schedule an appointment with us, and bring in your ID and proof of income so we can get your financing approved
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