For international students in the U.S., having a car can be essential for managing daily life, from commuting to school to exploring new areas.
However, securing a car loan without an established U.S. credit history can be challenging.
Fortunately, some lenders offer car loans tailored for international students, providing competitive interest rates, flexible terms, and various options for co-signer requirements.
This article covers the nine best car loan options for international students, detailing the essential aspects like loan amounts, interest rates, loan terms, and eligibility requirements.
Best Car loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Stilt | Up to $35,000 | No | 7.99% – 15.99% | 1 – 3 years | Valid visa, U.S. bank account, employment history |
| 2. Boro | $1,000 – $25,000 | No | 15% | 1 – 5 years | Valid SSN, U.S. address, F-1 or J-1 visa |
| 3. MPower Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 1 – 10 years | Enrolled in a U.S.-based college, valid visa |
| 4. Prodigy Finance | Up to $100,000 | No | 7.00% – 12.50% | 1 – 20 years | Enrolled in an eligible U.S. university |
| 5. Ascent | Up to $20,000 | Yes (for certain loans) | 7.32% – 14.50% | 5 – 15 years | Must be attending an eligible U.S. school |
| 6. College Ave Student Loans | $1,000 – $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Enrolled in a U.S. university, co-signer required |
| 7. Bank of America | $5,000 – $100,000 | Yes | 3.39% – 6.99% | 1 – 5 years | Requires a U.S. co-signer, valid visa |
| 8. LightStream | $5,000 – $100,000 | No | 3.49% – 11.89% | 2 – 7 years | Good credit required, permanent U.S. address |
| 9. Sallie Mae | Up to 100% of vehicle cost | Yes | 4.25% – 13.62% | 5 – 20 years | Enrolled in a U.S. school, co-signer required |
1. Stilt
Stilt offers personal loans up to $35,000 for international students, which can be used to purchase a vehicle.
With no requirement for a co-signer, Stilt offers a great choice for students without an established U.S. credit history.
The interest rates range from 7.99% to 15.99%, and the loan term varies between 1 to 3 years. To qualify, students need a valid visa, U.S. bank account, and some employment history.
2. Boro
Boro is a lender that specializes in loans for international students, including auto loans.
They offer loans between $1,000 and $25,000 with a standard 15% interest rate and loan terms from 1 to 5 years.
No co-signer is required, but applicants need a Social Security Number (SSN), U.S. address, and a valid F-1 or J-1 visa.
Boro is an excellent option for students looking for smaller loan amounts and manageable repayment terms.
3. MPower Financing
MPower Financing provides personal loans that can be used for vehicle purchases without a co-signer.
Loan amounts vary between $2,001 and $50,000, with interest rates from 11.99% to 13.99% and loan terms ranging from 1 to 10 years.
Eligible students must be enrolled in a U.S.-based college and have a valid visa. MPower is particularly advantageous for students looking to build U.S. credit through loan payments.
4. Prodigy Finance
Prodigy Finance offers loans tailored for international students in graduate programs, with loan amounts up to $100,000.
Interest rates range from 7.00% to 12.50%, and loan terms vary between 1 and 20 years.
Prodigy does not require a co-signer and is an excellent choice for students at eligible U.S. universities seeking higher loan amounts for car purchases or other significant expenses.
5. Ascent
Ascent offers loans with or without a co-signer, providing flexibility for international students.
Ascent loans are available up to $20,000, with interest rates between 7.32% and 14.50% and loan terms ranging from 5 to 15 years.
Students must be enrolled in an eligible U.S. school, and co-signer requirements depend on the specific loan product.
This option is suitable for students with a co-signer who want competitive rates and flexible repayment options.
6. College Ave Student Loans
College Ave Student Loans offers financing that can be used for various educational and personal expenses, including car purchases.
Loan amounts range from $1,000 to $100,000, with interest rates between 4.29% and 14.49% and terms from 5 to 15 years.
College Ave requires a co-signer, so international students with access to a U.S.-based co-signer can benefit from favorable terms and flexibility in repayment.
7. Bank of America
Bank of America provides auto loans for international students with a U.S. co-signer.
Loan amounts range from $5,000 to $100,000, with competitive interest rates from 3.39% to 6.99% and loan terms between 1 and 5 years.
To qualify, students need a valid visa and a co-signer who meets Bank of America’s credit requirements.
This loan is ideal for students who can secure a U.S.-based co-signer and want to access lower interest rates.
8. LightStream
LightStream offers unsecured personal loans that international students can use for car purchases.
Loan amounts vary from $5,000 to $100,000, with interest rates ranging from 3.49% to 11.89%.
LightStream offers loan terms between 2 and 7 years.
While no co-signer is required, students need a strong credit history and a permanent U.S. address.
This loan option is suitable for students with established credit or for those looking to secure larger loan amounts.
9. Sallie Mae
Sallie Mae offers loans covering up to 100% of the car purchase cost for international students with a U.S.-based co-signer.
Interest rates range from 4.25% to 13.62%, and loan terms vary between 5 and 20 years.
Sallie Mae’s loans are ideal for students who can secure a co-signer and need financing for the entire vehicle cost.
This lender provides flexible repayment terms, making it easier for students to manage their loan payments while in school.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get a car loan without a co-signer?
Yes, some lenders, such as Stilt, Boro, and Prodigy Finance, provide car loans to international students without requiring a co-signer. However, terms may be less favorable than loans with a co-signer.
What documents are typically required for car loans for international students?
Documents required generally include proof of visa status, proof of enrollment in a U.S. institution, a valid passport, and possibly proof of income or employment history. Some lenders may also require an SSN or U.S. bank account.
Are interest rates higher for international students?
Interest rates can be higher for international students, especially for those without a co-signer. However, lenders like Bank of America and Sallie Mae offer competitive rates if the student has a strong co-signer.
Conclusion
Securing a car loan as an international student can be achievable, especially with options like Stilt, MPower, and Prodigy Finance that do not require a co-signer.
For those with access to a U.S.-based co-signer, lenders like Bank of America and Sallie Mae provide competitive rates and flexible repayment terms.
By comparing each lender’s specific requirements, loan amounts, and interest rates, international students can find the best car loan option to support their needs and budget.
