Can I get an Auto Loan with an ITIN Number

June 1st, 2023 by

Purchasing a vehicle is not always an easy process, and it can be made even more difficult if you don’t have a Social Security Number.  Traditional lenders for car loans require an SSN, making it seem impossible to invest in a vehicle without one.  However, some lenders are now willing to use your Individual Taxpayer Identification Number or ITIN.  If you’re looking to buy a previously owned car and only have an ITIN, Yonkers Automall is here to help you understand everything you need to know about the process.  preowned cars for sale bronx

ITINs are obtained the first time you file your taxes if you are working in the United States but aren’t eligible for a Social Security Number.  Similar to your SSN, your ITIN will be 9 digits and remains active for as many years as you file your taxes.  While most people think they can only apply for auto loans with their SSN, you can actually use your ITIN as identification.

The first step in the process is to make sure you get a Consular Identification Card.  They are not always required but will help to verify your identity.  If you haven’t filed a tax return yet, you can apply for your ITIN through the IRS website.  They will provide you with step-by-step directions to complete the process.

Once you have your CID and ITIN, it’s time to start building your credit score!  It’s pretty difficult to get a loan if you don’t have a credit score or if it isn’t considered an acceptable number to the lender.  Credit scores vouch for your ability to repay loans you’ve been given.  The stronger your credit score, the cheaper your loan offer will be.  Lower interest rates mean lower monthly payments and more bang for your buck.

When you feel like your credit has reached a good number, you can begin your search for lenders.  Unfortunately, traditional banks and lenders may not be open to lending to you without a social security number.  Non-traditional lenders are more likely to help.  Online lenders may even be willing to give you a loan without a credit score if they are able to determine creditworthiness with things like your income and bank statements to show that you earn enough to make your monthly loan payments.  Once you find a lender you feel comfortable with, you can apply for your loan!

Yonkers Automall is a great place to invest in a previously owned vehicle once you’ve been approved for your loan.  We can help you find a quality vehicle at a price that works for you! We are conveniently located at 1716 Central Park Avenue in Yonkers, New York.  If you have any questions, please feel free to give us a call at (855) 700-9198.

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