June 15, 2018

4 Things You Didn’t Know About an ITIN

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.

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1. Getting an Auto Loan is Possible With an ITIN

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.

2. ITIN Applications are NOT Accepted Electronically

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).

3. ITIN Holders Can Get a Credit Card

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.

4. An ITIN Can Carry Eligibility for Personal Loans

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.
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