For international students in the USA, owning a car can significantly enhance mobility, especially in areas with limited public transport.
However, purchasing a car is a significant financial commitment, and many international students turn to car loans to make this investment more manageable.
This article highlights the 9 best car loan for international students in USA, considering co-signer requirements, interest rates, loan terms, and eligibility criteria.
Best Car Loans for International Students in USA
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| LightStream | $5,000 – $100,000 | Not required (optional) | 7.99% – 16.99% | 24 – 84 months | Good credit history |
| Bank of America | $7,500 – $100,000 | Required | 5.49% – 13.99% | 12 – 72 months | U.S. address and valid visa |
| Wells Fargo Auto Loans | $5,000 – $300,000 | Required | 6.49% – 12.99% | 12 – 72 months | U.S.-based co-signer with good credit |
| International AutoSource (IAS) | No maximum limit | Not required | Custom rates | Flexible terms | Enrollment at a U.S. university; valid visa |
| PNC Bank | $3,000 – $75,000 | Required | 7.54% – 15.04% | 12 – 72 months | U.S. co-signer required |
| College Ave Student Loans | Up to $100,000 | Required | 5.99% – 14.99% | 36 – 84 months | Enrollment at an eligible institution |
| AutoPay | $2,500 – $100,000 | Not required | 4.99% – 9.99% | 24 – 84 months | Based on creditworthiness |
| CarFinance.com | $5,000 – $50,000 | Required | 6.95% – 17.99% | 36 – 72 months | U.S.-based co-signer or established credit |
| Chase Auto Loans | $4,000 – $250,000 | Required | 6.49% – 11.99% | 12 – 72 months | Valid U.S. co-signer or credit history |
1. LightStream
- Loan Amount: $5,000 to $100,000.
- Interest Rates: Fixed rates ranging from 7.99% to 16.99% based on credit.
- Loan Terms: 24 to 84 months.
- Eligibility: Ideal for students with good credit. Co-signers are optional but can improve loan terms. Offers fast online approval and no fees.
2. Bank of America
- Loan Amount: $7,500 to $100,000.
- Interest Rates: Fixed rates between 5.49% and 13.99%.
- Loan Terms: 12 to 72 months.
- Eligibility: Requires a co-signer with strong credit if the borrower lacks a U.S. credit history. Applicants need a valid visa and U.S. address.
3. Wells Fargo Auto Loans
- Loan Amount: $5,000 to $300,000.
- Interest Rates: 6.49% to 12.99%.
- Loan Terms: 12 to 72 months.
- Eligibility: Requires a U.S.-based co-signer. Offers competitive rates for new, used, and refinancing loans.
4. International AutoSource (IAS)
- Loan Amount: No maximum limit.
- Interest Rates: Custom rates based on eligibility.
- Loan Terms: Flexible.
- Eligibility: Specifically designed for international students and professionals in the U.S. No co-signer is needed, and approvals are based on enrollment and visa status.
5. PNC Bank
- Loan Amount: $3,000 to $75,000.
- Interest Rates: 7.54% to 15.04%.
- Loan Terms: 12 to 72 months.
- Eligibility: Requires a U.S. co-signer. Offers auto financing for new and used vehicles with competitive terms.
6. College Ave Student Loans
- Loan Amount: Up to $100,000.
- Interest Rates: 5.99% to 14.99%.
- Loan Terms: 36 to 84 months.
- Eligibility: Available to international students enrolled at eligible U.S. universities. Requires a co-signer with good credit.
7. AutoPay
- Loan Amount: $2,500 to $100,000.
- Interest Rates: 4.99% to 9.99%.
- Loan Terms: 24 to 84 months.
- Eligibility: Loans are based on creditworthiness. Co-signers are not mandatory but can improve approval chances.
8. CarFinance.com
- Loan Amount: $5,000 to $50,000.
- Interest Rates: 6.95% to 17.99%.
- Loan Terms: 36 to 72 months.
- Eligibility: Requires a U.S.-based co-signer or established credit. Provides loans for new and used cars as well as refinancing.
9. Chase Auto Loans
- Loan Amount: $4,000 to $250,000.
- Interest Rates: 6.49% to 11.99%.
- Loan Terms: 12 to 72 months.
- Eligibility: Requires a valid U.S. co-signer or strong credit history. Offers discounts for Chase Private Client members.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in the USA get a car loan without a co-signer?
Yes, some lenders like International AutoSource (IAS) and AutoPay offer car loans without requiring a co-signer. However, the interest rates may be higher, and eligibility is based on enrollment or visa status.
What documents are needed to apply for a car loan as an international student?
Typically, you need proof of enrollment, a valid visa, a Social Security Number (if available), a U.S. address, and proof of income. For loans with a co-signer, their credit and financial details will also be required.
How can I improve my chances of getting approved for a car loan?
Having a co-signer with good credit, providing proof of stable income, and opting for a loan amount within your repayment capacity can increase approval chances. Additionally, maintaining a good relationship with a bank or lender can help.
Conclusion
Securing a car loan as an international student in the USA may seem challenging, but with the right lender, it becomes a manageable process.
Options like International AutoSource (IAS) and LightStream cater to students without co-signers, while traditional lenders like Bank of America and College Ave Student Loans offer competitive rates for those with co-signers.
By comparing loan terms, interest rates, and eligibility requirements, you can find the best loan to meet your needs and enjoy the freedom of owning a car in the USA.
