Is there a Student Car Loan for College Students?
Along with enrolling in college with all their new college student loans and having forked out an
unbelievable amount of money for school books, students realize that having a car for getting to and from
college can be difficult if you do not have a vehicle.
Unfortunately, many college students find that they are not able to qualify for a student car loan due to
many reasons. These reasons could include poor or no credit or little to no income to qualify for a college student
car loan. While there are some lenders out there that understand how difficult it can be to manage in college
without a vehicle and offer student loan programs for the purpose of vehicle purchase, you must be careful to make
sure that you are not taken advantage of during a vulnerable time in your life. Take a look at the following
- First; always make sure that you thoroughly understand the terms of any loan that you are considering
before you sign the contract. This means that you should understand exactly how much money you will be
responsible for repaying and when those payments will be due.
- Second, consider the interest rate that is offered to you. Does it seem excessively high? Is there a chance
you could do better somewhere else?
- Third, ask if there are any prepayment penalties. This can be an important point if you graduate and
realize that you are making enough money to pay off your car. Likewise, make sure that you will be allowed to
trade in your car if you so desire. Not all such student car loan lenders will allow this.
- Fourth, be sure to understand what will happen if you default on the loan and what constitutes default
according to the lender.
- Fifth; take the time to read the fine print regarding any fees that you may be responsible for paying. Many
times unscrupulous lenders will try to pad their pockets by including additional fees they think you won’t see
or bother to ask about. If you don’t understand it, question it.
By taking the time to be sure that you thoroughly understand the terms of your college student car
loan you can be sure that you receive the funding you need to purchase a much needed vehicle.
Along with the cost of a college student car loan will be your car insurance and gas which is going
to be much more then most students with a new car loan realize. For more information
about student auto loans and the one that may have the lowest payments for you and easy qualification
requirements visit the insurance company which your parents presently have. They will extend very good
terms to you because your family is already a customer and this will get you the best pricing