While financing is possible in Mexico, it usually comes with high-interest rates that can really add up. Most dealerships that offer in-house financing will offer an expensive interest rate of up to 25%.
How can I get a car financed in Mexico?
Can I take my financed car to Mexico? Yes, you can venture into Mexico with your own financed car, if you get a letter of permission from your auto lender and the appropriate insurance coverage (in addition to the other required documents).
Can a US citizen buy a new car in Mexico?
Anyone! Anyone can buy a car in Mexico regardless of their immigration status. Anyone can go to a dealership or private owner and purchase a car.
How do people buy cars in Mexico?
In order to buy a new car at a dealership, you will need to have with you your passport (or a copy of the page showing your name, citizenship, etc.), Temporary or Permanent Visa card, proof of your Mexican address (such as the always-valuable electric bill from CFE) and driver’s license.
Can you finance cars in Mexico? – Related Questions
How much is the car tax in Mexico?
Here are some of the extra costs car buyers face in Mexico: Sales tax in Mexico ranges between 11% and 17% depending on where you are.
Are new cars cheaper to buy in Mexico?
Yes! Prices are generally cheaper in Mexico, both for new and used cars. Our guide gives you advice and a detailed list of car models and their price comparisons between the two countries. Moreover, if you know local tips on how to buy the vehicle, you can get even more value for less price.
Can Americans own cars in Mexico?
A US citizen can buy a car in Mexico as long as they have a permanent address in the country and a Visa. For example, you will be able to buy a car in Mexico if you have: a school Visa. a work Visa.
Is it legal to buy a car in Mexico and bring it to the US?
You must bring it up to U.S. standards or export the car. If you imported your vehicle by land, make sure you declare the vehicle for import and take care of the paperwork at the border. If you failed to do so, please contact a local CBP port and ask if they will process it for you.
How long can a Mexican car stay in the US?
Conforming vehicles so imported may remain in the U.S. indefinitely once a formal entry is made for EPA purposes. Nonresidents may import a vehicle duty-free for personal use up to (1) one year if the vehicle is imported in conjunction with the owner’s arrival.
How much does it cost to legalize a car from Mexico to US?
Foreign-made vehicles imported to the U.S., whether they’re new or used, are usually dutiable. You can expect to pay 2.5% for a car, 2.4% for a motorcycle, and 25% for a truck. The duty is based on the price paid for the vehicle.
Do they search your car going into Mexico?
If your car has recently crossed the U.S./Mexico border, and either Border Patrol or local law enforcement working with CBP stop you, your vehicle could be subjected to search, even if the officer does not have probable cause to search the vehicle.
What do border agents know about you?
Various types of tax information such as any Delinquent Tax payments. Current Job. Complete history of all border crossings – including state ports where there are border checks. Frequent traveler memberships such as Global Entry or NEXUS.
What happens if a US car gets stolen in Mexico?
The Vehicle Recovery Unit in Tijuana assists U.S. citizens recover their vehicles stolen in the United States and recovered in Mexico. The Consulate General in Tijuana serves as a liaison between the Mexican authorities and U.S. citizens and/or their insurance carriers.
What happens if I don’t bring my car back from Mexico?
If you abandon your foreign-plated car in Mexico, you’ll have to pay Aduana (Mexican Customs) 40% tax on the car’s value. This rule was brought-in some while ago to discourage foreigners from abandoning or selling their foreign-plated cars and telling Mexican Customs they were lost or stolen.
What is a chocolate car in Mexico?
These cars are older model vehicles imported from the U.S. are known in Mexico as “chocolate cars,” a play on the word “chueco,” or crooked. Most were never registered by owners who tried to avoid paying import and other fees. ‘Chocolate car’ crackdown underway in Tijuana, starting at the border.
Can I buy a car in Mexico and drive it back?
Thankfully, importing a car from Mexico isn’t that much different from most anywhere else. Aside from the fact that you can simply drive the car over the border, the steps to import a car from Mexico are mostly the same as if you were shipping one from overseas.