Frequently Asked Questions
Everything you need to know about financing a car in Mexico as a U.S. expat
Yes, absolutely! That's exactly what NuevoDrive specializes in. We work with lenders and dealers who understand that U.S. expats have established credit histories in the United States. Your U.S. credit score, combined with your income documentation and Mexican residency status, is used to evaluate your loan application. You don't need to build Mexican credit from scratch.
Not necessarily. While permanent residency (Residente Permanente) gives you the most financing options, we also work with temporary residents (Residente Temporal) who have been in Mexico for at least one year. Some lenders may require a longer residency period or a Mexican co-signer for temporary residents. Your specific situation will be evaluated based on your residency status, time in Mexico, and overall financial profile.
Yes, U.S. income is accepted. Our partner lenders recognize U.S. income sources including:
- Remote work for U.S. companies
- Social Security and retirement income
- Investment and rental property income
- U.S. business income
Typically 5-10 business days from application to approval. Here's the breakdown:
- Application submission: 5 minutes online
- Initial review: 24-48 hours
- Dealer matching: 2-3 days
- Final approval: 3-5 days after dealer contact
Both new and used vehicles are available for financing. Options include:
New Vehicles:
- All major brands available in Mexico
- Better interest rates (typically 8-12%)
- Higher loan amounts (up to 80% of value)
- Longer repayment terms (up to 7 years)
Used Vehicles:
- Cars up to 8 years old
- Lower loan amounts (50-70% of value)
- Shorter terms (typically 3-5 years)
- Must pass inspection
You have several options if you need to leave Mexico:
- Early payoff: Pay the remaining balance in full
- Vehicle sale: Sell the car and use proceeds to pay off loan
- Transfer loan: Some lenders allow loan transfer to another qualified buyer
- Continue payments: Make payments from abroad (with lender approval)
Important: Discuss exit strategies with your lender before signing. Some loans include early payoff penalties while others offer flexibility for expat situations.
NuevoDrive is a broker, not a lender. We connect qualified U.S. expats with our network of Mexican dealers and financial institutions. We do not make lending decisions or fund loans directly.
What this means for you:
What this means for you:
- Access to multiple lenders and better rates
- No obligation until you accept a specific offer
- Expert guidance through the Mexican financing process
- Final loan terms are determined by the chosen lender
Required documents typically include:
Identity & Residency:
- Valid passport
- Mexican residency card
- CURP (Mexican tax ID)
- RFC (if applicable)
Financial Documentation:
- Recent U.S. credit report
- 3 months of bank statements
- Income verification
- Tax returns (last 2 years)
Document requirements may vary by lender. We'll provide a specific checklist after your initial pre-qualification.
Still Have Questions?
Our bilingual support team is here to help you navigate the car financing process in Mexico.