Student Car Loans

Do you need a car to make your daily commute to college comfortable? If having a ride in college is essential, can help you. Get approved for student auto loans and buy a car with a limited credit score and limited income. Seek low interest rates and manageable monthly payments to build your credit score.

If you are in college, you need a car to make your life on campus easier and more comfortable. If you are looking for a car loan to buy your first car, you are not alone.

We understand the obstacles that you face in getting loans, mortgages or any type of credit. Limited credit history and limited income can force you to accept high interest rates on student auto loans. Let us help you. Several student car buyers have sought affordable financing from and you, too, can join them in becoming a proud car owner.

How to get Student Auto Loans with No Credit Score?

Usually, lenders prefer you to have a credit score above 600. It manifests a strong financial background and responsible habits. However, it is possible that this is your first loan ever. If you have not applied for credit before, chances are your credit score will be non-existent. Do not worry. Fast Auto Loan Approval offers special financing options for students. You can get auto loans without a credit history.

  • Interest Rates: Enjoy lower-than-market rates.
  • Credit score: Zero credit score is acceptable.
  • Income: Limited income and multiple part-time jobs are okay.
  • Cosigner: Ideal but not compulsory.
  • Down Payment: We also accept a very low down payment amount.
  • Loan Term: You can choose a loan term that suits your budget. Extended loan terms can help you enjoy low monthly payments.

Dealing with Low Income while getting Student Car Loans

As a student car buyer, your credit application may not be as strong as someone with a full-time job. If your job is sufficient to make regular payments towards your auto loan, you are good to go! We recommend that you have a gross monthly income of $1500. A higher income will put you on the fast track for auto loans.

If your part-time income from being a RA, assistant at the college library, supervisor at a local department store, etc. is insufficient to create a picture of financial stability, you can ask your parents to help you. By asking them to cosign your loan agreement, you will be able to buy a car on the basis of their credit scores and still build your credit score by making regular payments.

Another option is to keep your grades high. Many lenders prefer students with higher GPAs as they have a better chance of getting robust employment opportunities and making payments regularly. You can also apply for secured credit cards and spend responsibly to build a credit score. This will enable lenders to put trust in your debt-repaying ability.

Are Car Loans available for Unemployed College Students?

Yes. Auto financing options are available for college students who have not yet started a job. If you are going to start a new job, you can mention the details in the application form. For college students who do not want to take up a job, we suggest that any of your parents become the primary applicant on the loan application. You can become a co-borrower and still get a chance at building a solid credit history. Additionally, making a down payment of 10%-20% will also help in getting quick approval.

As students, you have a full life. From maintaining a high GPA, working several part-time jobs to managing a busy social calendar, student auto loans should not become a burden for you. Whether you are buying a car for the first time or you do not have a cosigner, we can help you. Apply with for better interest rates, easy loan terms and lower monthly payments. Our auto loan application process is online, meaning you can finish it as and when you like it. We will review your application and approve you for a student auto loan within two business days. Apply now to get your no obligation loan quote today.

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Frequently Asked Questions

Credit scores help lenders to learn about your past credit transactions. It lets them understand the risks associated with approving your loan. When you don’t have a credit score, it becomes difficult for lenders to judge you. But, the good news is that it’s not the only important factor and there are other crucial aspects too. You can definitely get approved for a no credit auto loan. If you are ready to bring in your mother as a co-signer, it will improve your chances of approval. But make sure that your mother has a good credit score and a stable debt-to-income ratio.
Your income is not a problem but your income source can be, only if you do not report your income. The company requires you to have income and employment proof. If you want to improve your approval chances, ask any of your parents to get a loan for you. They can be a co-signer or a co-borrower and help you out.
Fast Auto Loan Approval does provide no credit no cosigner auto loans. Your approval chances look good because of your job and your willingness to make a down payment. So, apply for the car loan by filling out the secure auto loan application form. Also, don’t forget to have proof of income and employment. It will speed things up.