HOW TO BUY A NEW CAR WITHOUT A SOCIAL SECURITY NUMBER



 

Usually, to buy a new vehicle, you should have a Social Security Number (SSN) or make a full cash payment.

However, there is a way you can probably get a car loan by using the "Individual Taxpayer Identification Number" (ITIN). This is the Taxpayer's Personal Identification Number that is used to file the tax return and it is issued to those resident and non-resident foreigners who are not eligible for a Social Security Number (SSN).


Not all lenders are willing to offer a loan without a SSN but many are and they usually require you to have good credit.



When you get a very good or excellent credit score you may be able to obtain a car loan. 

Although with your personal loan you can buy whatever you want and you can buy your car without getting a car loan.



Purchasing vehicles this way does not typically qualify you for prime consideration, however it will allow you to receive the best rates that you do qualify for.


The easiest way to find a vehicle for those who have no Social Security Number is finding a Buy Here-Pay Here dealer.



These dealers offer their own financing and do not need the approval of any lender, so it will be a much faster and easier process. Although they do not require good credit or SSN, the fees will be much higher than the average, reaching over 25% in most cases. In addition, on time payment will not improve your credit, but the non-payment or late payment will be reported affecting your credit.



Usually, these dealers' vehicles are equipped with GPS trackers that locate the vehicle and  "kill switches" which remotely disable the car if the payment is late, and then they can proceed to the repossession towing it back to the dealership and this will also remain on your credit for up to seven years. 

Once the vehicle is back at the dealership, it will be inspected to be resold.


Remember that you still have to pay for the towing and the deficiency balance. If you don't pay on time, it will be reported and it will affect your credit again.

Another option is to find a dealership that works with subprime lenders who are willing to offer a car loan only with your ITIN. These lenders analyze your incomes or the statement of your account. However, you will have to pay a down payment too and the interest and conditions will be worse than those you pay with prime loans.



Below you will find some extra information about the ITIN.


To apply for your ITIN you can access directly to the IRS website and download the form W7.

You can also use this form if your ITIN is expired or about to expire.


To apply for more than one ITIN (spouse, dependents…) you should add all the forms W7 to the same tax return.


You will need to send the following documents:


  • Form(s) W7 

  • Tax return

  • Original documents or certified copies that prove the veracity of the information on the form W7.

  • Other documents needed in some cases (Underage, deceased spouse…)



You should send the documents to the following address:


Internal Revenue Service

ITIN Operation

P.O. Box 149342

Austin, TX 78714-9342


Private mailing companies


 Internal Revenue Service

ITIN Operation

Mail Stop 6090-AUSC

3651 S. Interregional, Hwy 35

Austin, TX 78741-0000


Or you can go personally making an appointment.