Can I get an Auto Loan with an ITIN Number?
When living in the United States, transportation can be very important. If you don’t have an SSN, you might be wondering if it’s possible to get approved for a car loan. In most cases, you will need a Social Security Number (SSN) to secure an auto loan. That being said, there are some instances where individuals have been able to finance a car loan while using an Individual Taxpayer Identification Number (ITIN). These lenders are rare, and you’ll still likely need to establish a solid credit history.
How to Get Approved
It’s important to note that the IRS has stated that ITINs are not intended to serve purposes other than federal tax reporting. So, obtaining an auto loan with an ITIN is not a guarantee. However, consumers have realized that having an ITIN can be a starting point for creating a credit history. Here are some possible ways to do this: Secured Credit Cards Unsecured Credit Cards.
While Credit Card companies can’t deny you just because you have an ITIN, they can deny you if you don’t have a credit history. Since secured credit cards don’t require a credit history and can be obtained with a cash deposit, you can start to create a history of credit under this method. If you build a solid enough history, you might then be able to get approved for an unsecured card. From there you may be able to secure a personal loan, and then, if you find the right lender, you might be able to qualify for an auto loan.
Contact Us Today!
Whether or not you are able to secure an auto loan, it’s still important to obtain an ITIN. At ITIN W-7 Application, we make it extremely simple to fill form W-7 online, among many other things. If you need help understanding ITIN exceptions or are simply wondering what you need to get an ITIN number, look no further than ITIN W-7 Application. We specialize in the preparation of all documents required for ITIN and will break down the filing process step-by-step so you know exactly what you need to do. Contact us today to find out how convenient ITIN online application can be!