Owning a car in the USA can significantly enhance the convenience and quality of life for international students.
However, financing a car can be challenging, especially without a robust credit history or a U.S.-based co-signer.
Fortunately, several lenders cater specifically to international students, providing auto loans with flexible terms and competitive interest rates.
This article outlines the 9 best auto loan for international students in USA, helping you find the right lender to meet your financial and mobility needs.
Auto Loan for International Students in USA
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Bank of America | $7,500 – $100,000 | Required | 4.49% – 6.99% | 12 – 60 months | U.S. credit history or co-signer needed |
| LightStream | $5,000 – $100,000 | Not required | 6.49% – 11.89% | 24 – 84 months | Good credit score required |
| LendingClub | $1,000 – $50,000 | Not required | 6.34% – 35.89% | 36 – 60 months | Enrolled international students |
| CarFinance.com | $5,000 – $50,000 | Not required | 6.99% – 17.99% | 24 – 72 months | Residency in the USA |
| Santander Consumer USA | $5,000 – $75,000 | Required | 5.89% – 14.89% | 24 – 72 months | Valid U.S. visa and SSN required |
| College Ave Student Loans | $5,000 – $50,000 | Required | 5.49% – 14.99% | 24 – 72 months | Enrollment at a U.S. school |
| AutoPay | $2,500 – $100,000 | Required | 3.99% – 16.99% | 24 – 84 months | U.S.-based co-signer or valid visa |
| Capital One Auto Finance | $4,000 – $50,000 | Required | 5.99% – 14.99% | 36 – 72 months | U.S.-based co-signer or strong credit history |
| Wells Fargo Auto Loans | $5,000 – $100,000 | Required | 5.49% – 12.99% | 12 – 60 months | Valid U.S. visa and SSN required |
1. Bank of America
- Loan Amount: $7,500 to $100,000.
- Interest Rates: 4.49% to 6.99%.
- Loan Terms: 12 to 60 months.
- Co-signer Requirement: Required for international students without a U.S. credit history.
- Features: Offers a streamlined application process and discounts for existing customers. Supports both new and used car purchases.
2. LightStream
- Loan Amount: $5,000 to $100,000.
- Interest Rates: 6.49% to 11.89%.
- Loan Terms: 24 to 84 months.
- Co-signer Requirement: Not required.
- Features: Ideal for students with strong credit histories. LightStream offers no fees, same-day funding, and competitive interest rates.
3. LendingClub
- Loan Amount: $1,000 to $50,000.
- Interest Rates: 6.34% to 35.89%.
- Loan Terms: 36 to 60 months.
- Co-signer Requirement: Not required.
- Features: A peer-to-peer lending platform that provides flexibility for borrowers with limited credit. Best suited for smaller loan amounts.
4. CarFinance.com
- Loan Amount: $5,000 to $50,000.
- Interest Rates: 6.99% to 17.99%.
- Loan Terms: 24 to 72 months.
- Co-signer Requirement: Not required.
- Features: Specializes in auto loans for used cars and offers refinancing options. Great for international students who may not have a strong credit profile.
5. Santander Consumer USA
- Loan Amount: $5,000 to $75,000.
- Interest Rates: 5.89% to 14.89%.
- Loan Terms: 24 to 72 months.
- Co-signer Requirement: Required.
- Features: Offers flexible repayment options and works with a wide network of dealerships. Requires a valid visa and SSN.
6. College Ave Student Loans
- Loan Amount: $5,000 to $50,000.
- Interest Rates: 5.49% to 14.99%.
- Loan Terms: 24 to 72 months.
- Co-signer Requirement: Required.
- Features: Tailored for international students with an easy application process and co-signer release options after consistent payments.
7. AutoPay
- Loan Amount: $2,500 to $100,000.
- Interest Rates: 3.99% to 16.99%.
- Loan Terms: 24 to 84 months.
- Co-signer Requirement: Required.
- Features: Known for its network of competitive lenders and low starting interest rates. Offers refinancing options for better loan terms.
8. Capital One Auto Finance
- Loan Amount: $4,000 to $50,000.
- Interest Rates: 5.99% to 14.99%.
- Loan Terms: 36 to 72 months.
- Co-signer Requirement: Required for international students.
- Features: Offers an Auto Navigator tool for pre-approval and dealer inventory browsing. Available for both new and used vehicles.
9. Wells Fargo Auto Loans
- Loan Amount: $5,000 to $100,000.
- Interest Rates: 5.49% to 12.99%.
- Loan Terms: 12 to 60 months.
- Co-signer Requirement: Required.
- Features: Provides competitive interest rates and easy repayment terms. Available for international students with valid documentation.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get car loans without a co-signer in the USA?
Yes, lenders like LightStream, CarFinance.com, and LendingClub provide car loans without requiring a co-signer, although a strong credit profile is usually needed.
What are the typical eligibility requirements for international students seeking auto loans?
Most lenders require a valid visa, Social Security Number (SSN), proof of enrollment, and proof of income or co-signer details for approval.
Can I refinance my auto loan as an international student?
Yes, refinancing is possible with lenders like AutoPay and CarFinance.com, which can help secure better interest rates or lower monthly payments.
Conclusion
Securing a car loan as an international student in the USA can seem challenging, but with the right loan provider, you can achieve affordable financing.
Whether you’re looking for no co-signer options like LightStream or prefer traditional lenders like Bank of America or College Ave, it’s essential to compare interest rates, loan terms, and eligibility requirements to find the best fit.
Owning a car can significantly improve your U.S. experience, so make an informed decision and enjoy your new wheels responsibly!
