If you are living in the United States, surely you have realized the importance of having a vehicle to travel the long distances between one point and another. Nevertheless, buy a car on credit in the USA with low interestIt is a difficult task for a foreigner if he does not know how. Fortunately for him, we will solve his problem, because here we will explain what he needs to know to buy a car on credit in USA as a foreigner and without being killed by the interests of savage capitalism. Stick around until the end to learn how.
How to buy a car on credit in the USA with low interest as a foreigner?
Many will tell you that buy a car on credit in the united states You just have to go to a Buy Here Pay Here (an agency where the dealership itself grants buyers credit), select a car, pay the down payment (US$500, US$400 or any other) and then pay established installments. What not many know is that they may be charging you up to 20% interest, and although you will not notice it at the moment, in the long term it could be suffocating. Therefore, here we present another method that you can use to buy a car in USAwith credit and low interest.
1. Create an LLC
The first step to buy a car on credit in USA with low interest, would be to create a LLC (Limited Liability Company) or a Limited Liability Company. An LLC is a business structure that supports its holders of personal liability for their debts or liabilities. The so-called limited liability companies are hybrid entities, that is, organizations where the characteristics of a corporation are mixed with those of a partnership or sole proprietorship. Note that you can also get a LLC if you are not a residentso your immigration status is not limiting.
To create an LLC, for example, in the state of Florida, you only have to pay US$125 (Articles of Organization and registered agent designation), optionally you can have a Certified Copy (US$30) or a State Certificate ($5). You can enter the Florida State Sunbiz website, if you want to open an LLC. This is not much different in other states, and you can set up an LLC in many ways, either yourself, with an agent, or even online.
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2. Apply for an ITIN
The next step you must follow is to apply for an ITIN (Individual Taxpayer Identification Number), or Personal Taxpayer Identification Number. An ITIN is a tax processing number issued by the IRS (Internal Revenue Service). Thus, the IRS is responsible for issuing ITINs to people who are required to have a US taxpayer identification number, but who do not count or meet the requirements for an SSN (Social Security Number).
Here we explain how to get the ITIN number
3. Open an account at a Credit Union
The last step is to open an account with a Credit Union or credit union. These are local financial cooperatives, which are not for profit and are controlled by their members; They provide a wide range of financial services (savings accounts, mortgage credits or loans for small businesses, etc). Basically, it is like a bank, cooperative type, but what is striking about them is that they offer much more accessible interest rates for the user.
In addition, it is not necessary that you have a lot of documentation, because you can open an account just with your ITIN, proof of address and a valid photo ID, apart from of course, some amount to open the account (the payment varies). If you want to know some Credit Unions where SSN is not needed to open an account, some of them are: Latino Cooperative, Resource One either Green State.
In this way, you can request a credit card that works as a debit card, thus creating a credit history without annual fees or interest, allowing you to carry out your procedures. Some of the sites are: cred ai, sequincard either chime.
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