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Can You Get a Car Loan without a Social Security Number (SSN)?

The question ”Can You Get a Car Loan without a Social Security Number (SSN)” is a tad vague. It does not mention whether the person is an illegal alien or a documented worker with a temporary visa, etc. Despite the vagueness of the question, lets have a look at the possibility of getting a car loan without having a social security number.

Foreign Employees of U.S Corporations

Many large corporations have foreign employees working in their various offices o manufacturing plants. Their assignments may last between 1 and 5 years and may be renewed frequently, allowing an employee to be here for decades without a social security number. These employees have tax obligations and may want to obtain various forms of credit while stateside. Under these conditions, a foreign employee may apply for a Individual Taxpayer Identification Number or ITIN. The majority of lenders will consider making a loan to an individual with an ITIN based on their income and credit profile after arriving in the U.S. Foreign credit histories will not be considered, so these employees may require assistance from their employers to start building credit in the states. Go here for more information on ITIN auto lending programs.

Self-Employed Foreign Workers

People who have a valid visa or work permit who are self-employed can apply to the IRS for an Employer Identification Number or EIN. You do not need to have employees to be considered an employer, just a business. The key is that you must be a legal immigrant. Again, your credit history from your country of origin will not be considered. Additionally, you will need to be able to prove that you have had a stable income for at least one year before you may be considered for a car loan.

Other Options

With either an ITIN or an EIN, you should be able to obtain a car loan through most lenders. If you are unable to qualify for either, your choices are limited to one or none. The only possible way for you to obtain a car loan without some sort of government identification number is to visit a buy-here-pay-here dealership. A few of these dealerships may be willing to offer you a car loan with just a few pay stubs in hand.

Unfortunately, BHPH sales are fraught with issues. They have high interest rates, high rates of repossession, and they are notorious for predatory lending. That said, thousands of people each year purchase cars in this way. You simply need to be aware of the pitfalls, and make sure your monthly payment doesn’t stretch your budget too much, risking repossession.

About the Author

The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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