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?
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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