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Five Tips for Getting A Student Car Loan

Posted on Nov 28, 2011 by Thalia Green
Nov 28

Students these days, both high school and college students, almost always need their own cars to get around these days. While a car won't appreciate in value, it is an important investment of your money and likely one that will require getting a student car loan in order to purchase. Here are five tips to help you get a student car loan.

 

1. Buy A Cheap, Reliable Car: Since young people statistically have more accidents than more experienced drives and your cash reserves are limited, then make sure that you shop around to find a good reliable car that is cheap.

 

2. Shop Around for Your Loan: Simply type in your zip code and you'll find student car loan providers in your area. Give them additional information about the terms of the loan that you'd like and you'll be able to compare the interest rates that they offer you.

 

3. Find A Co-signer With Good Credit: Students usually have no credit score and loan providers will ask you to have a co-signer on your student car loan. You should aim to find someone with a high credit score, 750 or above, as that will influence the rate that you get on your car loan. The higher your credit score is, the more likely you'll repay the loan and the better conditions you'll get.

 

4. Take Proof of Income: When meeting with a loan provider, make sure you take documents showing that you have a part-time or seasonal job that earns you money. If the lender sees proof that you have been consistently earning $500 a month for the last year, they'll be more likely to give you a low interest rate since you'll be able to make payments on time.

 

5. Pay On Time: For most students, a student car loan will be the start of your credit history and making mistakes early on will affect your credit for years to come and will hinder your ability to get student loans for college and a mortgage. Make sure to make your monthly payment early each month to build up a good credit score.

 

Now that you know the basics of getting good terms on your student car loan, take this information and get started today. 

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Buying Your First Car

Posted on Oct 18, 2011 by Thalia Green
Oct 18

If you're a student in college and ready to buy your first car, you may be surprised to know that many dealers are eager to do business with college students, even if they have limited credit or no credit. Here are some things to think about if you are planning on buying a car.

 

New or Used?
When you buy a car you should have some idea as to how long you plan on keeping it. There are definitely benefits to buying a new car if you a college student. Many dealers offer special car loans for students, which can make it very affordable. In addition, a new car means that there is less likelihood of needing to pay for repairs with the car. If you are planning on keeping the car for several years, getting a new car might be the way to go. On the other hand, buying used means that you can often get a great deal, as the car has already taken its biggest depreciation hit. Financing for students is also available for used cars, through your local financial institution.

 

Do some research
Just as you would research a subject for a term paper, it's also important to research the car you will be buying. You should begin your search by deciding on the make and model. Reviews from websites such as Consumer Reports can help you determine which car will be right for you. You'll also want to consider the year the car was built, as sometimes the design of a car can vary greatly from year to year.

 

Get a checkup
Once you have determined the type of car you want and found a dealer or seller, you should take the car to a local mechanic so they can look it over and let you know about any possible problems. This step is necessary for used cars only. If the mechanic finds any issues, you should attempt to negotiate with the seller to either get them fixed or to adjust the price accordingly.

 

Because you'll be using your car every day for at least the next couple years, you should not take this purchase lightly. Do your homework and you'll be sure to get a great deal. 

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Special Car Loans for Students

Posted on Sep 23, 2011 by Thalia Green
Sep 23

Whether you are an undergrad, recent grad, or working on a master's or doctorate, car dealers love students and have special deals to help make it easier to get into your first car! However, there are special considerations when buying a car for a student. Here are some things to mull over when you are considering buying a car as a student, or for a student.

 

Other car-related expenses.
Money is a commodity that is in short supply while you are a student. If you are thinking about buying a car, there are additional expenses to consider. The price of the new insurance must be considered, as well as any maintenance costs. Domestic cars are a good choice for these reasons, as the maintenance costs on a domestic car tend to be relatively low. The cost of gas will also need to be factored into your budget.

 

Driving style.
Very often, driving through college towns means navigating narrow streets and lots of parallel parking. You'll want a car that has good rear visibility. It should also be easy to turn down smaller roads. With this in mind minivans and SUV's are usually not good choices for cars while on campus. You're better off going with a smaller car, such as Chevy Cobalt.

 

New car specials.
To help move their new car inventory, some manufacturers offer specials for students. Credit isn't considered as much as the student's current transcripts, to show that they are a student in good standing. The types of specials offered vary throughout the year, but often include very low or no APR financing, as well as Bonus Cash offers to be put toward the purchase of a vehicle. If you choose to purchase a new car, it could also have the added benefit of helping you to establish credit. As you make regular, on-time payments to your car loan, you'll begin to build a credit history.

 

While some students do just fine without purchasing a car while in college, others may find that it is a necessity. If you fall into the latter category, be sure to consider how much driving and the type of driving you'll be doing in your new car. Think about how many miles you'll be logging each week, as well as how often you'll be driving home, and if anyone else will be relying on you for transportation, such as younger brothers and sisters. You want to make sure that you choose a car that matches your budget, as well as your lifestyle.

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Car Loans for College Students

Posted on Aug 30, 2011 by Thalia Green
Aug 30

Student Car LoansCollege student car loans are special types of loans that are targeted towards the financial needs of college students who need reliable transportation. Many banks and credit unions will offer a special category of car loans that have lower interest rates or a discount off of the regular interest rate offered to non-student car loan customers. With college student car loans, a college student can find flexible options for repayment of student car loans. Special perks that are offered only with college student car loans can include the option to extend the repayment terms, a waiver of loan administration fees, lower interest rates, and additional discount rates.

 

Typically, student car loans are only available for car loans above a specific dollar amount, and this can vary from lending institution to lending institution. Some car dealerships may have pre-existing relationships with banks or credit unions to provide student car loans. Additionally, students typically have to meet a certain minimum number of college class hours in order to be considered a student to qualify for student car loans.

 

If the car dealership does not offer student car loans, the best way to locate college student car loans is to contact local banks and inquire about college student car loans. It can also be helpful to check with the financial office of the college or university to discover any local resources that can be of assistance to students who are trying to afford to purchase a car. Beyond the traditional banks and credit unions, there are also a number of companies that specialize in providing student car loans to students regardless of credit history. It is critical to read the fine print when applying for these types of student car loans to make sure the terms are clear.

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