Can You Get A Car Loan With An ITIN Number?

An Individual Taxpayer Identification Number, or ITIN, isn't the same as a Social Security Number (SSN), which is typically required when you apply for an auto loan. But having an ITIN may keep you in the running for a car.

Auto Loans and ITIN

Typically, lenders require borrowers to have an SSN in order to apply for a car loan. This is the number that identifies you as a citizen and helps you to establish a credit file. Most lenders don't extend financing if they can't see how you've handled credit in the past.

ITINITIN numbers do allow certain individuals the ability to gather a credit history, as it is used for taxation purposes. In some rare cases, you may find a lender willing to give it a go if you don't have a Social Security Number, but the opportunities may be few and far between.

If you're living in the U.S. but aren't eligible, or don't yet have an SSN, finding a car loan through a buy here pay here (BHPH) lot might be a good option since these in-house financers don't always check your credit. Typically, if you can prove your income, and bring a down payment you may be able to get a car with an ITIN.

BHPH Dealers and Bad Credit

If you're struggling with credit issues, a BHPH dealer could also be the way to go, especially without an SSN. These lenders are also the dealer and don't rely on a third party to approve anyone for financing. When you're working with a BHPH dealer, you typically need to provide proof of identity, proof of income, and down payment.

BHPH dealers only sell used cars, so your selection is limited to what they have in stock. With the ongoing chip shortage and supply chain issues, you may find inventory a little light right now, but this is expected to begin turning around.

Other Options for Getting a Car

If you're struggling to get a car loan with an ITIN, and a BHPH dealer isn't for you, you may need to save to buy a car with cash. One other option is to apply with a co-borrower who has an SSN, this typically needs to be a spouse or life partner, as your incomes get combined in order to qualify for a loan.

If you do have a co-borrower, but don't know where to start, we want to help. Here at The Car Connection, we work with a nationwide network of special finance dealerships that are signed up with special finance lenders. To get started toward a car, simply fill out our fast, free, auto loan request form and we'll get to work connecting you with a local dealership.


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