Car Loans for Students
If you’ve been looking for a brand-new vehicle (or a brand-new to you used vehicle) that you can purchase while you are away at college or attending a university, but haven’t been able to land car loans for students – for a number of different reasons – understand that you are nowhere near alone.
Each and every single year, literally millions and millions of students are turned down for car loans for a variety of different reasons, leading most to (incorrectly) believe that students just aren’t able to get access to the loans they need to buy a reliable vehicle.
Thankfully, nothing could be further from the truth.
Getting car loans for students (and terms that won’t cripple you financially going forward) isn’t exactly impossible – but you need to know exactly what you’re doing.
Hopefully this quick guide can help you out!
Is it possible to get car loans for students without a lot of credit?
You bet it is!
In fact, when you are working with the right lender, getting car loans for students is just as easy as getting a loan with a full-time income and a picture-perfect credit history – but it’s all about finding the right lender!
You are going to want to start off with a lender that you have at least a little bit of history with, even if that means working only with banks that you have had a savings or checking account with in the past.
Any kind of relationship is going to work in your favor, so long as you have been a model customer or client of that institution.
If you haven’t had a savings or checking account in the past, you can also try and move forward with any of the nontraditional lenders out there that will hook students up with loans for the cars that they are after.
Is it possible to get car loans for students without a full time income?
Of course it is!
In fact, there are a lot of lenders out there that might be comfortable giving you a loan for a car if you don’t have a full-time income, so long as you make it 100% clear that you are a student and that you do have at least some source of income coming in.
Now, obviously, without a full-time income you might not be able to get the car loans for students to drive off of the lot in that amazing brand-new car – but you should be able to get your hands on the keys and title to something relatively new and very safe and reliable, the perfect car for a college student.
What to look out for when you’re signing up for car loans for students
There are a number of different things that you’ll want to be on the lookout for when you want to take out a car loan as a student, the most important details include:
- The interest rate that you will be asked to pay on your loan
- The specific terms of your loan repayment agreement
- The fees associated with early payment
- The total amount that you will be paying for your new car
These are all critical details that you need to be well aware of ahead of time, and definitely before you sign on the dotted line!