Student’s in college normally have cars they drive to school. In recent days, they has been an upsurge in college students who use cars in school. Since college campuses are much bigger these days, it is to the students advantage to be able to use his/her car to get around campus from class to class and to other school functions like the library.
Most students these days go to school and also have a part time job at the same time. it is to their advantage to have a car to be able to shuttle between school and work. You can imagine not having a car and taking the public transport to shuttle between school and work. It will cause a lot of stress and wasted time.
Most college students don’t have credit, so it somewhat difficult to get a regular car loan unless they have a co-signer. If you don’t have good credit or a co-signer, and you desperately in need of car, your best bet would be to go for a student car loan. The loans are primarily designed for students as a first step to acquiring credit which is been offered by most traditional banks.
If you have good credit and lots of positive history on your credit report, it makes getting a student car loan much easier notwithstanding whether you have a job or not. Been employed also is an added benefit in getting that student car loan. Having good credit on your credit report is not just about getting car loans. It makes it easier for you to get a place to rent, schools supplies etc.
Many companies will frown on giving out car loans with people with no credit especially students. Don’t be discouraged, they are still many companies out there ready to offer you loans even though it might be at a higher rate than the traditional car loan rates. Banks not offering you a car loan does not just apply to students but to people who also have jobs.
A lot of companies will approve a secured loan. Since your car loan will be secured by the vehicle, it makes it much easier to get a student car loan. Using the car as a collateral means that any time your car goes into default for non-payment, the vehicle will be automatically taken away from you. If you know that you won’t be able to keep up with the payment, it is best for you not get a car loan.
Opening a bank account with the bank you intend to apply a loan from makes it easier for you to get that student car loan. Been a bank member gives you certain privileges. It also show the bank that you know how to manage your personal finances because it will be looked upon as a criteria in the review process.
For more tips and resources on car loans visit best auto loans for students We Will give you tips to find the best student auto loans
Written by jose perez –