Are you sick of public transportation? Perhaps you are tired of
having to walk to class in wet, cold weather? Maybe you need a
car to get to and from a new job that you just started. If you
are a student seeking an easier means of getting around, there
is answer! You can apply for a student car loan, even if you
have no credit or bad credit!
Student car loans have two major advantages! 1) Buying a car
will help eliminate all of your no-transportation headaches! 2)
Utilizing a car loan to purchase a new car will help build your
no credit or bad credit history into a positive one. Every
monthly payment you make for your car loan will be reported to
every major credit reporting agency.
I have no credit. How am I going to get approved for an auto
loan? With most car loan companies, being young and having no
credit is not a factor when it comes to granting approvals. How
come? Because a car loan is a secured type of loan. The lenders
are protected by the fact that if your loan goes into default,
they get your car.
What about bad credit? How do students get approved for a car
loan with poor credit? Same thing as getting approved for
financing with no credit! Students with bad credit should not
have a problem getting a car loan with bad credit because the
lenders are protected; you don't pay, you lose the car!
What about interest rates? What can one expect with poor credit?
What kind of rates are associated with no credit car loans? The
interest rates related with bad credit student financing will
tend to be a little bit higher than interest associated with no
credit student loans. No credit loans with be slightly higher
than interest rates for student with good credit. However, no
matter what your credit is, if you make your payments in full
and on time, in about one year you can apply for auto
refinancing and achieve a lower interest rate for your car loan.
Do students need a co-signer when applying for college student
auto loans? Typically, auto finance companies will not require a
co-signer for loans up to $25,000. If you are a student, there
is no need to have a car loan for an automobile that costs more
What about buying? Do I need to buy from a dealer? Can I buy
from a private seller?There are only a few auto loan companies
that offer the flexibility of being able to purchase from anyone
you want. Most finance companies work directly with dealers,
often only with franchised dealers. However, dealers will work
with you to find any make or model of new or used car that you
are looking for.
Getting a student car loan is not a hard thing to do. In fact,
as outlined above, it is pretty simple! Just make sure you make
your car loan payments in full and on time, every month!
About the author:
Jacob Andrews is the webmaster/marketer of Premier Auto
Financing. Premier Auto Financing provides auto loans for
people with good and bad credit. You can use your loan to buy
from a private seller or from a dealer.
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