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Car Loans For College Students

Henry Said:

college student car loan?

We Answered:

Nobody is going to lend you money of you are unemployed. How do you intend to prove to them that you have the means of paying back the loan.

Johnny Said:

How to get a college student car with no job but parents willing to pay?

We Answered:

Unfortunately, I have to say there isnt anything out there for you. Your option may be to take out a bigger loan (Federal loan) through your school- I usually take out about 3,000 more then I need on a Stafford Loan. Take that refund and use it as a down payment (or payment) on a cheaper from a non-major dealership. Hope that helps some.

Guy Said:

can you get a college car loan?

We Answered:


Bessie Said:

Is there assistance for full time college students to help pay for other bills (car loans, car insurance, etc)

We Answered:

Most people I went to college with included those types of costs into the loans they took out and stuck with a very strict budget. The down side of taking out larger loans than what went for tuition was that they needed to wait for a check from the university and that usually took a month or so into the semester. Best of luck to you both financially and in school!

Pamela Said:

Can you get a car loan on a student college loan?

We Answered:

My answer would be no, you cannot get a car loan with only student loan income. Most lenders' first requirement is that you have steady employment because otherwise they cannot count on you making monthly payments. Now, if you can get someone with good credit and steady employment to cosign for you, then you might have a much better chance. Plus, you need to know what the cost of attendance is at your future school and what the actual cost will be to you. The difference might only be a few hundred dollars, in which case you cannot receive more than that in financial aid. $300/year isn't going to pay for a car (payments, gas, maintenance, insurance). You'll require full coverage insurance if you finance a vehicle rather than paying out of pocket. Have you got your student loans in place already? I know Culinary school's are known for being pricey. The maximum federal stafford loan you can get ranges from $5,500-$11,500/year (depending on your class and independent status). Good luck to you.

Ray Said:

Car Loans for College Students?

We Answered:

Go to a good, reputable dealer, and they should be able to get you approved on that income level, if you work full time.

There are some first time buyer programs out there, and they look at job time, income, any other credit.

So, it may take some looking, a little cash down, and a realistic view of what cars you can afford, but you should be able to do something.

Walter Said:

getting first car for college? student loan or credit card possible?

We Answered:

There are no Federal loans for purchasing a car. Your student loans are for tuition and living expenses, if you choose to use the money allocated to purchase a car, that is your decision.

Until you are 18, you can not get a card in your own name. If you choose to apply with you are of legal age, be careful about which credit card you get. Credit card companies prey on students. You need to read all of the small print, checking grace period, fees, if they report to the credit bureaus, etc. Because you do not have a credit history, most likely, you'll get a horrible interest rate. Having you mom get a credit card for you does nothing to help build your credit history, but she will probably get a better interest rate than you because she is established.

My suggestion would be to get your own card, but keep the revolving balance low, no more than 35% of the credit available and resist the urge to spend and charge on stuff you do not need. Let a small balance ride for a month or two and pay it off. This way, you will be using the card wisely and will be in a great position (usually within 6 months) to get a better interst rate.

Also, do not go crazy with applying for cards, no more than 3 applications, in the event you are denied the first two times.

Good luck with school and your financial future!

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