We are an online lender that offers car loans to expats and international students. We are a very good fit for customers that do not have a long US credit history. We do not require SSN and provide loans to all visa holders (F-1, J-1, L-1, H-1B, E-1, O-1, etc.). Our customers include expats, international students, international professionals, and other young professionals that have a thin US credit file.
We use an online platform and data-intensive scoring technology in order to make it easier for our customers to get access to and manage their loans. By considering aspects of our customer's background and potential that other lenders do not, we can offer loans at very attractive terms.
Currently we offer loans in Massachusetts, New York, and Texas, and are in-process of spreading our activity nationwide. We are actively looking to expand to new states, so please go ahead and create an account regardless of where you live, and you will be the first to know when we expand to your state!
Applying for a loan from Lendbuzz is easy! Start by clicking the Apply button and fill out the straightforward online application. After creating a Lendbuzz account and filling out the required info, if you meet our eligibility requirements, we will instantly pre-qualify you and show you your estimated rates and APR (checking your rates will never affect your credit score).
Getting pre-qualified and checking your rates takes only 5 minutes! Once you've helped to verify some information in your application, and provided us with the final details of the vehicle you're purchasing, we will review your loan within 24 hours, and be able to immediately transfer money upon approval.
Yes, we only make loans in connection with the purchase of a vehicle. You can apply and check your rates at any time, but in order to finalize the loan process we require information about the vehicle you are buying. Once finalized, we send money directly to the dealer from whom you are buying your car, and the dealer will give you the keys to your new ride. All you'll need to do is drive away!
We do not require you to apply for a loan with a co-signer. We take only your own individual information into consideration during our approval process.
Pre-qualification means you're nearly there! When we pre-qualify your loan application, it means that it has been approved, and your interest rates have been determined, pending final verification of the information you provided in your application and the final price and details of the vehicle you're purchasing. Final rates and terms may change dependent upon the final verification process.
As a general rule, 3-year loans will have lower interest rate (less uncertainty due to a shorter period of time) while 5-year loans will have lower monthly payments (monthly payments are spread across 60 rather than 36 months). It is up to you to decide whether the interest rate or the monthly payment amount is more important to you, depending on your personal preferences.
The interest rate is the number used to compute the interest that accrues between payments on your principal balance (the amount that needs to be repaid on your loan). Interest rates are only one factor of the total cost of the loan. APRs (Annual Percentage Rates) help explain the total cost of a loan, including both the interest rate and any other associated fees (such as the origination fee we charge upon purchase of your vehicle).
During the final information verification process, you must add a bank account to your Lendbuzz profile. This is so that we can process and withdraw your monthly payments automatically. To pay off your loan in full, simply make the minimum monthly payment each month (as defined in your loan terms) until the term of your loan ends. You are, of course, able to make additional payments or payments larger than your minimum monthly amount without penalty. This will allow you to reduce the amount outstanding and save you money on interest, ultimately allowing you to payoff your loan faster.
If you are unable to make the required monthly payment by the due date and/or your automatic recurring payment fails, we will contact you requesting payment. If you know you will be late, please contact us as soon as possible, and we will work together to figure out the best way to get you on track.
If you are more than 15 days late, we may charge you a late fee of $40, and if you are more than 30 days late we will report your delinquency to a credit reporting agency.
At Lendbuzz we use a method called "simple daily interest", which means that interest accrues on the principal balance of your loan (and only the principal balance, not on any previously accrued interest), at a daily amount equal to 1/365 times your annual interest rate. For example, if your annual interest rate is 7.30%, your daily interest rate is 0.002% (7.30/365). Please note that your interest rate may be different from your APR (see what is the difference between APR and interest rate?).
When you make a payment, we first apply the amount paid against any accrued interest, and then use the remainder to reduce your principal balance. Should you have any late fees or other charges on your account, any payment you make will first cover those charges, before being applied against accrued interest and principal.