Full-time students often need student car loans to get their first car. With tuition fees on the rise, having a vehicle can help students manage their busy schedule. In fact, if you are a student, having a car can help you get a job. With this, you’ll be able to earn a bit of cash to put towards all your expenses.
Table of Contents:
- Student Car Loans: Getting Approved Regardless of Your Credit History
- What Kind of Expenses Should you Expect When Owning a Car
- Down Payments are not an Obligation for Student Car Loans
- Students Should Check Their Credit Score With Our Free Report
- The Economy has Affected Over Half of College Graduates Today
- Easy Bad Credit Application Process For Students
Student Car Loans: Getting Approved Regardless of Your Credit History
Many students are able to qualify for student car loans despite a lack of credit history. Worried about not having a job? Don’t! Students can still qualify for student auto financing, even if they don’t have a job. Getting a student auto loan doesn’t just limit you to new cars. Student car lenders also offer the chance to buy a second-hand vehicle. This is great for those with a tight budget as car insurance for new drivers can be expensive. Common factors taken into account for student car loans include age, grades, and driving records. That said, whatever the background or budget, there is something for everyone.
What Kind of Expenses Should you Expect When Owning a Car
Because cars can be unpredictable, maintenance and repairs are a large cost factor. The newer the car, the less likely you will be to have any issues with it. Older vehicles may need more upkeep while newer ones often only need a yearly check. Students need to consider that luxury cars are more expensive than second-hand cars. The choice of car will depend on the prospective owner.
Another factor to consider is how far you need to drive the car on a daily basis. If you are driving less than 10 miles a day, you do not have to worry too much. However, if you are likely to be driving long distances you will want to think about a car that is more economical. When you buy your car, remember to consider the car tax and licence fees.
Once you have considered all these expenses, you can start thinking about which student car loans best suit you. You may also want to think about the down payment. The bigger the down payment the smaller the loan. If you can borrow money from a parent or save towards this, you will save money in the long run.
Down Payments are not an Obligation for Student Car Loans
A down payment is not an obligation for student car loans. If you find it easier to focus on monthly payments rather than a chunk sum that is not a problem. Today, companies are making vehicles available to people no matter what their budget is. At Car Loan Cash Now we do the same. We make it possible for people to apply for student car loans within minutes. Plus, you can get approved in less than 60 seconds!
Students Should Check Their Credit Score With Our Free Report
Some have negative credit scores, others have none at all. We provide every customer with their credit score for free. Knowing your credit score can help you get a loan with lower interest rates. Remember, if you don’t have a credit rating, getting a car loan can help you build one. That said, make sure you read all the terms so that the loan is not overwhelming for your financial capabilities. Try and keep your loan repayments to about 10% of your monthly income. This will allow you to pay the rest of your bills… and have some college fun!
The Economy has Affected Over Half of College Graduates Today
According to an Associated Press analysis from April 2012, 53% of recent college graduates are either unemployed or underemployed – these are the lowest figures in over a decade. Students across the nation are currently seeking work and mobility. This demand has created a competitive online market for student car loans.
Owning a car is often a necessity. People in small towns hit hard by the economy need transportation to commute to work. Private money lenders, local banks, car dealerships, and online companies are currently competing for this demographic. For struggling students, this provides options where before there were none.
Easy Bad Credit Application Process For Students
Most lenders offer lending forms in formats this new generation understands. This allows prospective borrowers to fill out an easy online form. The student bad credit auto lending process is fast and simple. Generally, those with a small income can get small loans that allow them to buy a car. The car offers mobility to the student so that they can get to and from work. It’s a win-win situation. The student gets a car loan with good terms and the lender gets more business.
The economic downturn hit most people across the nation hard. Sympathetic companies and lenders understand how this has affected their target market. They can now offer services that benefit them while allowing their company to thrive. Please note, you must always be wary of the terms offered for student car loans. Some companies only aim to take advantage of people in less fortunate situations. The Internet is a great place to start looking for loans. At Car Loan Cash Now we use our network of lenders to find the best loan for you. By contacting us today, you can learn more about the variety of bad credit car loans out there. At Car Loan Cash Now we can tell you all about student car loans and help you find the best one for you!