Hello friends,

I was just curious to know if the banks in US provide auto loan to F1 visa holding students like me. I have not talked to any banks yet and I wanted to know if that could be possible. If possible could you also let me know which would be the best bank to get the loan from? Any expereinced friends on this matter??  All comments highly appreciated. Thank you.


Sparrow

if you can get credit card then why not auto loan. go ahead.

I got my own reasons for not using CC. Thnx though.


Sparrow

Sparrow,

 

As long as you have your SSN and good credit records, then you should be able to get an auto loan. I did that when I was a student. But, try to negotiate the interet rate.

Raja ji,

I do have a SSN and a good credit history. Do you have any ideas regarding which banks offer lower interest rates?

Sparrow

Try capitalone.com.. auto loan.

If you still get rejected, try straight from car dealer, their interest rate is bit higher but you are guaranteed to be approved..

but keep one thing in mind, you do NOT have to mention them that you are on F1 visa... If asked, just tell them you are a permanent resident, they will not ask for proof...

I went through dealer. You will get auto loan on the spot, they will find one for you.  You do not need to mention your visa status at all.   I had to spend about 2 hrs to negotiate the interest rate. First I was told that would be 14% and finally I was able to bring them down to 5%. So, be aware  of the interest rate.

Here is my story. I tried capitalone.com and they approved me 36K for 10.45 APR. Then with their blank check, I went to the car dealer. The dealer offered me a lower interest rate through a local bank, and I finally got a car for 7.45 APR, 63 months terms, a total of 28K value with interest inclusive.

They dont even ask you about your status. But, I was already working on CPT, so I could show them my job.

If you are going for a new car, it's worth taking the GAP insurance that dealer offer. For old cars, although good idea to have one, you can deny their GAP insurance offer.

Lamo jasto, manchhe le padhchhu bhanda student load pako chhaina........auto loan?

ganesh G lai bhana, get a musa 4 free.

Thank you so much for all of your responses. I appreciate it.

Sparrow

why do u wnt loan man get ait on the installment man..... it would be better 4 u........ nd yep u can afford it tooo

Jacsparrow,
It is really easy to get Auto Loan if you've a good credit history but i'd recomment you getting Financial Service from the Car Dealer (if you are buying a new car)which would be more easier. I was approved for the lowest interest rate from the Honda Dealer and it was 0.9% APR. Most banks have about 5-6% APR. For used cars APR is slightly higher.
Good Luck.

The problem is I got an excellent deal at a local car dealer at my place but the dealer does not provide financing and I need to pay in full to the dealer to get the car. That is the sole reason I am looking for a loan. ANyways, all helpful comments appreciated.

Sparrow