Financing 101 | Get a Loan Without a Co-Signer as a Non-Resident
Moving to a new country is always challenging as there are tons of issues you need to deal with before finally settling down. If you come to study or work in the U.S., public transportation is not always available in all cities. Thus getting around in the U.S. is a lot easier if you have your own car. But it's not always easy for non-residents without a credit history to obtain an auto loan. One commonly recommended solution is to get a co-signer. A co-signer attaches their own credit to your application, so if you default on a loan they will have to pick up the slack and make payments. While co-signers make lenders more comfortable loaning to you, it can be hard to find someone to co-sign and requires additional paperwork. Can you get a loan without a second signature?
Benefits of Signing Alone
International students and non-residents such as expats and new immigrants are often turned away from banks unless they can produce a co-signer. But all the benefits of having a co-signer are for the lender -- it doesn't help you as the car owner. As a car owner, it's better to sign the loan by yourself. You will have complete control over any decisions to refinance or sell the car in the future, and you won't have to worry about a co-signer wanting to back out later on. It's also hard to find a co-signer, so you may have to delay buying a car.
Who Can Get a Loan Without a Co-Signer
If you work with Boro, you don't need an SSN or credit history to get an auto loan. As long as you're 18 years old and have an F-1, OPT, H1B, J, L1, O visa, or green card, you are eligible to apply. With a minimum GPA of 2.0 as an undergraduate or 3.0 as a graduate student and a down payment of 30%, you have a good chance of being approved.
Getting approved for a car loan usually requires a co-signer if you're a non-resident in the U.S., but Boro caters to international students, international professionals, expats and new immigrants who want a car loan without the hassle. Avoid the problem of finding a co-signer by applying for an auto loan with Boro today -- you could have an approval in just two business days!