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Registered: ‎12-15-2011
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Can foreign nationals with F1 (student) visas get auto loans (on their own) in the US?

I've found out the hard (inquiry) way that F1 non-immigrant aliens pretty much cannot get personal loans from US banks (some banks would extend loans, but only with US resident co-signers; some WILL extend them to H-1Bs though, but that's pretty much it). On the other hand, I know for a fact that a lot of the banks (not all apparently), however, WILL extend revolving credit (major CCs, store cards) to F1 aliens without much difficulty (aside from them having to overcome the fact that they have no prior credit rating).

So, my question is the following: will banks extend auto loans to F1 aliens (with credit history, of course) on their own (i.e., without US resident co-signers)?

      

TU (FICO 08): 715

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Registered: ‎04-24-2012
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Re: Can foreign nationals with F1 (student) visas get auto loans (on their own) in the US?

I was an F1 student 11 years ago when I apply auto loan. Took almost a week for dealer to find a local bank that willing to give me auto loan without co-sign at that time with the reason short credit life. I have a job at that time thouugh co-op (which is a full-time co-op). 

It was my first auto loan

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Posts: 315
Registered: ‎05-28-2011
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Re: Can foreign nationals with F1 (student) visas get auto loans (on their own) in the US?


DantGwyrdd wrote:

I've found out the hard (inquiry) way that F1 non-immigrant aliens pretty much cannot get personal loans from US banks (some banks would extend loans, but only with US resident co-signers; some WILL extend them to H-1Bs though, but that's pretty much it). On the other hand, I know for a fact that a lot of the banks (not all apparently), however, WILL extend revolving credit (major CCs, store cards) to F1 aliens without much difficulty (aside from them having to overcome the fact that they have no prior credit rating).

So, my question is the following: will banks extend auto loans to F1 aliens (with credit history, of course) on their own (i.e., without US resident co-signers)?


 

I was on F1 when I cosigned my best friend (also on F1) to get 24000 auto loan from Mazda American credit that was in 2007 and the best part was I wasn't even working. Today it might be a bit difficult mainly due to the economy out there.

 

Did you check with dealer since my couple of friends have got auto loans through dealers (some where on F1 and some on H1) at pretty decent rates. I think dealer is the way to go OR try to speak with you bank and see what they have to say

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Contributor
Posts: 93
Registered: ‎12-15-2011
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Re: Can foreign nationals with F1 (student) visas get auto loans (on their own) in the US?

Thanks to both of you for your answers! They make me hopeful that it's possible to do it. :smileyhappy:

I'll be sure to let you know how it goes if I apply for financing, although it won't be soon (I probably won't be in the market until September or October).

      

TU (FICO 08): 715

Regular Contributor
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Registered: ‎05-27-2012
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Re: Can foreign nationals with F1 (student) visas get auto loans (on their own) in the US?

I bought my car five month after comming to US and I was on F1 visa. I had 2 credit cards but there was no score at that time. I was able to get a loan from a credit union, I paid 5k for down payment and financed the rest which was 6k. You should also go to credit unions, the banks have more restrictive conditions.

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