How do I get a car loan for an imported vehicle?

I'd like to import a BMW that I've been coveting for years, but I can only buy it with a car loan. How do I get a loan?

Answer
Getting a car loan for an imported vehicle is very similar to getting a car loan for a vehicle already on American shores. Nevertheless, the loan process has some key differences.
If the vehicle is over 25 years old, you may find that banks aren’t willing to lend you the money. However, you can overcome this if you can secure a classic car loan. Oftentimes the rates are a bit higher, but you can still walk away with the money you need for the purchase. Furthermore, you may need to get the proper documentation (based on the lender’s requirements) in order to obtain the loan.
In addition, you need to go through the proper channels to import the vehicle. This means that you’ll have to contact the Environmental Protection Agency to ensure the vehicle meets emission standards, as well as U.S. Customs and Border Protection. Keep in mind that you may have to pay a tariff for importing the vehicle, so factor that into your budget. You can usually pay this in cash, or you may be able to roll it over into your car loan.
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Eric Schad
Answered on Mar 08, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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