Securing a car loan as an international student in the USA can be challenging due to credit history requirements and the need for a co-signer.
However, several loan providers specifically cater to international students, offering flexible loan terms, reasonable interest rates, and customized eligibility criteria.
This guide explores seven of the best car loan options for international students in the USA, providing you with key details to make an informed decision.
Best Car Loan for International Students in USA
| 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, US bank account, employment |
| 2. Boro | $2,000 – $3,000 | No | 15% | 1 – 2 years | Valid SSN, F-1, J-1 visa, US address |
| 3. MPower Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 1 – 3 years | Enrolled in a US-based college, valid visa |
| 4. Prodigy Finance | Up to $25,000 | No | 9.00% – 12.50% | 1 – 5 years | Enrolled in an eligible US university |
| 5. Deserve | Up to $25,000 | No | 10.00% – 16.00% | 1 – 4 years | Valid visa, no credit history required |
| 6. College Ave Student Loans | Up to $25,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Enrolled in a US university, co-signer |
| 7. Ascent | Up to $20,000 | No | 7.32% – 12.50% | 1 – 5 years | Must be attending an eligible US school |
1. Stilt
Stilt offers a range of loans to international students, including car loans.
With loan amounts up to $35,000, Stilt does not require a co-signer, making it accessible for students without established credit.
Interest rates range from 7.99% to 15.99%, depending on your credit profile and financial background.
Stilt requires international students to have a valid visa, a U.S. bank account, and an employment offer or history in the U.S.
2. Boro
Boro provides smaller car loans, typically between $2,000 and $3,000, aimed at international students who need modest funds to buy a vehicle.
With a flat 15% interest rate, Boro loans come with terms of 1 to 2 years. Unlike many other lenders, Boro doesn’t require a co-signer but does ask for a valid Social Security Number (SSN), a U.S. address, and a valid visa like F-1 or J-1.
3. MPower Financing
MPower Financing offers loans ranging from $2,001 to $50,000 for international students.
With interest rates from 11.99% to 13.99%, MPower’s terms are generally from 1 to 3 years.
They don’t require a co-signer, which can be a significant advantage.
Eligibility is limited to students enrolled in a U.S.-based college and holding a valid visa.
MPower also provides services to help students establish a U.S. credit history.
4. Prodigy Finance
Prodigy Finance extends car loans to international students with amounts up to $25,000.
Their interest rates vary from 9.00% to 12.50%, and loan terms can range from 1 to 5 years.
Prodigy does not require a co-signer, which simplifies the process for international students.
Eligibility criteria include enrollment in an eligible U.S. university and a valid visa status.
Prodigy aims to assist students by assessing creditworthiness beyond traditional U.S. credit scores.
5. Deserve
Deserve offers car loans of up to $25,000 with no co-signer requirement, making it easier for international students to access funds.
Interest rates range from 10.00% to 16.00%, and loan terms range from 1 to 4 years.
Deserve does not require credit history, focusing instead on factors like academic performance and visa status.
The loan is available to students with valid visas and no existing U.S. credit history, which makes it attractive for newcomers.
6. College Ave Student Loans
College Ave Student Loans caters to international students, but a co-signer is required to secure a car loan.
Loan amounts go up to $25,000, with interest rates from 4.29% to 14.49%, depending on the applicant’s credit profile and co-signer’s credit history.
Terms range from 5 to 15 years, which provides some flexibility in repayment.
Eligibility is based on enrollment in a U.S. university and the presence of a creditworthy co-signer.
7. Ascent
Ascent offers car loans up to $20,000, designed for international students attending eligible U.S. schools.
Interest rates range from 7.32% to 12.50%, with terms from 1 to 5 years.
Ascent does not require a co-signer if the student has sufficient financial background or meets other eligibility criteria.
Ascent also supports students by helping them build credit over time.
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, several lenders such as Stilt, Boro, and MPower Financing offer car loans to international students without requiring a co-signer. These lenders assess other factors, like visa status and financial background, to determine eligibility.
What is the typical interest rate for international student car loans?
Interest rates vary by lender but generally range between 7.99% and 16.00% for international student car loans. The rates depend on the loan provider, the student’s financial background, and the loan terms.
How long does it take to get approved for a car loan as an international student?
Approval times vary by lender. Some, like Stilt and Boro, offer quick decisions, often within a few days. Others may take up to a few weeks, depending on the application and verification process.
Conclusion
Finding the right car loan as an international student in the USA involves considering factors such as co-signer requirements, loan amounts, interest rates, and loan terms.
This list of seven reputable car loan providers offers various options to meet the unique needs of international students.
By understanding each lender’s offerings and evaluating your eligibility, you can find a car loan that suits your financial situation and helps you build credit in the U.S.
