How international students can get a car loan?
While Americans love the American way
of living, not everyone realises how vital
vehicles are to that way of life. Cars are
an integral part of American society and
heavily institutionalised. There are more
than 272 cars on the roads. There's a
good chance that you are one of the
1,095,299 foreign students who have an
F-1/OPT visa and need a car.
Is there an international student auto loan in the U.S.?
There are auto loans available for international students in the United States.
You can also take an Infinity Loan for it. The Infinity Loan is a short-term loan
that comes with a high interest rate. Loans are intended to be used for
specific purposes, such as the purchase of a car or the payment of debt.The
theory is that international students and visa holders can qualify for most
loans in America, except for federal student aid. Problem is, most lenders
won't work with non-U.S citizens as they see immigrants as high-risk
borrowers.
However, this does not mean you cannot get an international student loan for
auto purposes in the U.S. International students needing a car in America can
apply for personal loans, which are affordable and easy to obtain.
How do I get a personal loan to pay for an international
student car loan?
Stilt provides loans specifically-designed for the immigrant community in the U.S., especially F1
visa holders and international students. All you need to do to become a borrower at Stilt is:
Apply - Fill out our online application to get an F1 student loan. You don't need a cosigner,
social security number or U.S. credit history to apply. Within 24 hours of submitting your
application, you will receive a decision.
You will be sent an email with a loan offer if your application has been approved. You will then
be asked for the necessary documents. These will depend on which loan type you choose, but
will typically include proof of income and your visa. After your documents are uploaded, they
will be reviewed. Your funds will be disbursed if your loan application is approved. Usually, this
happens within 48 hours.
Make Monthly Payments - After you have received your funds, it is time to start making
monthly payments towards your loan.