SAN DIEGO- If you or someone you know needs a loan to purchase a car, you should know that you do not need to have social security to qualify.
TELEMUNDO 20 Responde explains how you can qualify for this type of financing, because buying a car during these times of inflation could be more difficult than in previous years.
If you are considering financing a new or used car, and you do not have a social security number, you can obtain a loan with the use of a personal taxpayer identification number, better known as an ITIN.
It is an option for the purchase of a car that many may not know about.
With flashy signs and special offers, many companies are seeking the attention of the consumer who is ready to buy a new or used car, and financing is part of the transaction for those who cannot pay in cash.
And some places do not require a social security number to obtain such a loan.
“If they have the ITIN, or the social security card that allows them to work, or the DACA as well, those three can qualify for a loan,” explained Dora Herrmann, director of financing at Courtesy Chevrolet.
According to Herrmann, in his 28 years working in financing, he has realized that not many know of the existence of this type of loan.
“If they have very good credit they have very low interest options, and for people who don’t have credit they have options as well,” Herrmann said.
And one recommendation is that you pay attention to the interest on the loan, and take good account of how much you will end up paying when financing the purchase of a car. This is a recommendation to avoid surprises later.
On the other hand, keep in mind that not all companies offer loans of this type, so it might be a good idea to make a call to the car dealer of your choice before visiting the site.
And if you need more information on how to register to obtain an ITIN number, visit the Spanish website of the Internal Revenue Service (IRS), giving click here.
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