IS IT POSSIBLE TO BUY A CAR ON CREDIT BEFORE GETTING SSN AND PAYING HIGH INTEREST OR IS IT BETTER TO WAIT A FEW MONTHS AND APPLY FOR A LOAN ALREADY WITH SSN?

FAQ: Does it make sense to buy a car on credit before getting an SSN and pay a high interest rate, or is it better to wait a few months and apply for a loan already with SSN?
Our answer:
- Definitely it makes sense to take a loan or lease even without SSN!
Exception:
1. You do not pay monthly for car/taxi rental while waiting for SSN and building several years of credit history without a car loan.
2. You have a guarantor who will get a lease on your vehicle with you, after you receive the SSN. And you do not pay monthly car/taxi rental fees while you are waiting for your SSN.

The fact is, if you have only SSN, the interest rate will not change. It will be the same as without SSN, from %9 to %18 APR. For a low rate of % 3-5 per annum, you need not only an SSN, but also a powerful guarantor or a strong credit history. The strength of a credit history is not only in the credit score (Credit Score), the strength is also in the age of credit lines. And age is the most important factor. Credit Score is like marks in school; you can get the highest mark in first grade. But after the first class, you can't go to straight to college, you need to study for a certain number of years studying different subjects and all this time need to keep your grade at a high level. In credit history, the turning point comes after 2 years. More details about credit history in this article: How to quickly and efficiently build a credit history in US.

Moreover, in 95% of cases, SSNs are issued after a really long time, much longer than they say. During this time, you will spend more money on renting a car than on an overpayment at an interest rate. It is better to invest this money in the future and pay for your car by building up your credit history. After a year of car loan payments, you will have a strong enough credit history to apply for refinancing at a low interest rate. Furthermore, you will already be able to act as a guarantor yourself and take a second car to the family, if necessary, but already on pleasant, favorable terms!

The figures for the most optimal options for the first car loan are here: CAR LOAN FOR TOURISTS AND OTHER STATUSES WITHOUT SSN (U4U, TPS, HUMANITARIAN PAROL, ETC.)