An ITIN
number’s primary use is for tax purposes, according to the IRS. Still,
there are some details not all applicants know about an ITIN, such as financial
endeavors made possible for ITIN holders.
In most cases, a Social Security Number (SSN) is
needed in order to secure a car loan. However, there are certain lenders that
will accept an ITIN, so occasionally, ITIN holders can finance a vehicle this
way. The IRS does not intend for ITIN’s to be used for anything besides filing
taxes, so obtaining a car loan is not guaranteed, but it remains a possibility.
All paperwork for the ITIN application can be filled
out online. However, the IRS does not accept electronic applications. Hard copy
W7 forms, accompanied by an original U.S. tax return and other documents, must
be mailed to the IRS or presented at a Taxpayer Assistance Center (TAC).
It is possible to
obtain a U.S. credit card without a Social Security Number, if one has been
issued an Individual Tax ID Number, or ITIN. The first step is to finish the
application process and receive an ITIN. Applicants should remember that building
a solid credit history will be a large factor in being approved for a credit
card, so this is the next task. Finally, it’s important to research credible
banks and institutions that will accept an ITIN in place of an SSN.
Not every lender will require that applicants have an SSN, but they certainly will require good credit. Therefore, someone with an ITIN can acquire monetary loans from select banks and institutions or other lenders, but first, one should build a trustworthy and reliable credit history. This helps to demonstrate that the applicant is a desirable risk and the loan is a good investment for the lender.
Need an ITIN? Begin the application process today at ITIN-W7-Application.com. This site includes valuable resources and help getting an ITIN renewal.
Need an ITIN? Begin the application process today at ITIN-W7-Application.com. This site includes valuable resources and help getting an ITIN renewal.
