Owning a car can significantly enhance your study abroad experience by providing independence and convenience.
However, as an international student, securing financing for a car can be challenging.
Thankfully, several lenders specialize in offering auto loan for international students, catering to their unique needs.
Below, we provide a detailed guide to the 9 best auto loan for international students, including eligibility requirements, loan terms, and interest rates.
Best Auto Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Boro Auto Loans | Up to $50,000 | No | 6.50% – 14.99% | 1 – 5 years | Valid visa and enrollment in a U.S. university. |
| 2. Prodigy Finance Auto Loan | Up to $40,000 | No | 7.50% – 12% | 2 – 6 years | Partner school enrollment required. |
| 3. Bank of America Auto Loan | Up to $100,000 | Yes | 5.29% – 12.99% | 2 – 6 years | U.S.-based co-signer and valid visa required. |
| 4. Ascent Auto Loans | Up to $75,000 | Optional | 4.99% – 14.99% | 3 – 7 years | Valid visa and proof of income. |
| 5. MPOWER Financing Auto | Up to $35,000 | No | 7.99% – 14.99% | 2 – 5 years | Enrollment in eligible U.S. schools. |
| 6. College Ave Student Loans | Up to $50,000 | Yes | 5.99% – 13.99% | 3 – 6 years | U.S. co-signer and valid visa required. |
| 7. Wells Fargo Auto Loan | Up to $100,000 | Yes | 4.29% – 13.74% | 3 – 7 years | U.S.-based co-signer and credit history required. |
| 8. LightStream Auto Loans | $5,000 – $100,000 | No | 4.99% – 11.99% | 2 – 6 years | High creditworthiness required. |
| 9. CarFinance.com Auto Loan | Up to $75,000 | Optional | 5.49% – 16.99% | 3 – 7 years | Enrollment in a U.S. university and proof of income. |
1. Boro Auto Loans
Boro offers auto loans tailored for international students who may lack credit history or a U.S.-based co-signer.
- Loan Amount: Up to $50,000.
- Interest Rates: Fixed rates from 6.50% to 14.99%.
- Loan Terms: 1 to 5 years.
- Eligibility: Valid F1 or J1 visa, proof of enrollment in a U.S. university, and proof of income or financial support.
2. Prodigy Finance Auto Loan
Prodigy Finance specializes in providing financial services to international students, including auto loans.
- Loan Amount: Up to $40,000.
- Interest Rates: Fixed rates from 7.50% to 12%.
- Loan Terms: 2 to 6 years.
- Eligibility: Enrollment in one of Prodigy’s partner universities.
3. Bank of America Auto Loan
Bank of America is a leading provider of auto loans, offering competitive rates and flexible terms to international students with a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates from 5.29% to 12.99%.
- Loan Terms: 2 to 6 years.
- Eligibility: A U.S.-based co-signer, valid visa, and enrollment in a U.S. school.
4. Ascent Auto Loans
Ascent provides flexible auto loans for students, with or without a co-signer.
- Loan Amount: Up to $75,000.
- Interest Rates: Fixed rates from 4.99% to 14.99%.
- Loan Terms: 3 to 7 years.
- Eligibility: Students must have a valid visa, proof of income, and enrollment in a U.S. school.
5. MPOWER Financing Auto
MPOWER offers auto loans without requiring a U.S.-based co-signer, focusing on students’ future earning potential.
- Loan Amount: Up to $35,000.
- Interest Rates: Fixed rates from 7.99% to 14.99%.
- Loan Terms: 2 to 5 years.
- Eligibility: Enrollment in an MPOWER partner university in the U.S.
6. College Ave Student Loans
Although primarily known for student loans, College Ave also provides competitive auto loans for international students.
- Loan Amount: Up to $50,000.
- Interest Rates: Fixed rates from 5.99% to 13.99%.
- Loan Terms: 3 to 6 years.
- Eligibility: Requires a U.S.-based co-signer, valid visa, and enrollment in a U.S. university.
7. Wells Fargo Auto Loan
Wells Fargo offers one of the most trusted auto loan options in the U.S. for international students with a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates from 4.29% to 13.74%.
- Loan Terms: 3 to 7 years.
- Eligibility: A U.S.-based co-signer, valid visa, and established credit history.
8. LightStream Auto Loans
LightStream provides excellent options for international students with strong credit histories or co-signers.
- Loan Amount: $5,000 to $100,000.
- Interest Rates: Fixed rates from 4.99% to 11.99%.
- Loan Terms: 2 to 6 years.
- Eligibility: Requires strong creditworthiness or co-signer and proof of enrollment.
9. CarFinance.com Auto Loan
CarFinance.com specializes in auto loans for students, including flexible options for international students.
- Loan Amount: Up to $75,000.
- Interest Rates: Fixed rates from 5.49% to 16.99%.
- Loan Terms: 3 to 7 years.
- Eligibility: Proof of income, valid visa, and enrollment in a U.S. university.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can I get an auto loan as an international student without a co-signer?
Yes, some providers, such as MPOWER Financing and Boro, do not require a U.S.-based co-signer. These lenders assess your future earning potential or enrollment status.
What is the average interest rate for auto loans for international students?
Interest rates typically range from 4.99% to 16.99%, depending on the lender, loan amount, and whether a co-signer is involved.
Do I need a credit history to qualify for an auto loan in the U.S.?
Not always. Some lenders, like MPOWER Financing and Prodigy Finance, do not require a credit history and instead evaluate other factors such as enrollment and visa status.
Conclusion
Securing an auto loan as an international student is possible, thanks to lenders who understand the unique financial situations of international borrowers.
Consider options like Wells Fargo, Boro, and College Ave Student Loans based on your specific needs, co-signer availability, and interest rate preferences.
Always compare terms and eligibility requirements to make an informed decision that supports your financial and educational goals.
