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Born abroad but now living in America? One thing is common for all immigrants: you cannot remain unaffected by the car culture of America. The car is the dominant mode of transportation in America. You need it to go places. And, car loan is the only mode for obtaining an automobile.

Why is a Car Loan compulsory for buying a Car in America?

It is not compulsory for making a car purchase in the country. But, it has become a norm because of the following reasons:

>> High Cost of Automobiles

>>Lower Buying Capacity of Car Buyers

>>Easy Loan Approval by Lenders

>>Easy Way of Building Credit

Buying a car with the help of a car loan is very common in the country. People opt for a car loan even when they have the required amount of money because they do not want to part with their savings. Also, it helps them in building a credit score that is required to make a big purchase such as a home.

How to obtain a Car Loan when you are New to the Country?

If you are a new immigrant and want to obtain a car loan, you will have to provide valid proof of your identity. Lenders require your SSN (Social Security Number) for the purpose of identity verification. The SSN is issued to the following people:

>>Natural Born U.S. Citizens

>>Naturalized U.S. Citizens

>>Legal Permanent Residents

>>Temporary (Working) Residents under section 205(c)(2) of the Social Security Act

If you have a valid SSN, obtaining a loan will become effortless for you. Simply provide your SSN details along with the following information for obtaining loan approval:

>>Employment Information

>>Income Details

>>Residential Information

>>Information related to other Debts and Utility Bills

How to obtain a Car Loan without a Valid SSN?

If you are a new immigrant and have not received a valid SSN from the Social Security Administration, do not worry. You can obtain a car loan. Choose a lender who doesn’t demand SSN, instead accepts any of the following documents for the purpose of identity verification:

>>TIN (Taxpayer Identification Number) issued by Internal Revenue Service

>>Foreign Driver’s License

>>Foreign-Issued Passport

>>U.S. Government-Issued ID

Search for a lender who doesn’t require SSN and apply with him/her. You can make use of the internet and make your loan search comfortable.

While searching online, make sure that you choose a reliable and reputed website. It will save you from identity frauds.

Now that you know everything about obtaining a car loan in America, you should not be apprehensive. Remember that America is the Land of Dreams! If your dream is to buy a car, no one can stop you from becoming a proud owner of a car.

Remittance has become one of the major contributors to the Bangladeshi economy as a growing number of residents are now working overseas and sending money to their family. According to the World Bank report, Bangladesh was one of the largest remittance receiving countries in 2013 with approximately $14.5 billion. Bangladesh received 1389 million USD in July and 1190 million USD in August 2015. From 2012 until 2015, remittance to the country averaged 1212 million USD. As expected by the Central Bank officials, remittance by expats in 2015 might cross $15 billion mark. This forecast is based on the amount of money that was remitted to the country by Bangladeshi wage earners until 15th May 2015. In order to send money to Bangladesh formally, you can choose from options like demand draft, direct transfer, traveler’s cheque or telegraphic transfer. Money carrier system is an informal system of sending money to Bangladesh. Also known as Hundi system, there are no transaction charges in this mode of remittance and the money reaches quickly. Here are top 3 modes of remittance that you can choose from:1. There are several online agencies that offer remittance services to Bangladesh at a low transaction cost. Online agencies are not only fast but also cost-effective. When compared to sending money from a bank, money transfer from an online remittance service is cheaper because they offer competitive currency exchange rates. It is also safe to send money to Bangladesh through the internet because it is next to impossible for hackers to decode the encrypted data. All you need to do is choose a reliable agency, register on their website with the required details and send money whenever you want from the comfort of your home or office. Online remittance is quite convenient because you just need a laptop or smart-phone with internet connection to make a transfer at any time of the day. When sending a huge amount, some agencies even waive off the transfer cost. 2. Banks are also a reliable source for sending money to Bangladesh from abroad. However, compared to online agencies, banks offer remittance services at a higher cost. They not only have high currency exchange rates but their transfer fee is also higher compared to private agencies. Money transfers through bank take 2-3 working days on an average. The time limit can vary depending on the method used for processing the transaction from the receiving bank.3. Third popular method of sending money to Bangladesh is a prepaid debit card. Such cards are being widely used for remittance as they are not only low cost but the ability to reload the card also makes this option convenient. Use of prepaid debit card is easy for the sender as well as the receiver. Whether you wish to transfer money from US to Bangladesh or from any other country, it is recommended to choose a remittance option that is not only easy to use but also cost-effective.