As a college student, you know that books and tuition add up quickly and can leave little additional money to be used on an automobile. Being a full time student is demanding and at times it leaves little additional time to find a lender that will be the source of a student car loan. Having a car is a necessity that most college students have difficulties landing. Most lenders are not taking auto loan applications for college students since they generally do not have a substantial income and a lack of credit.
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There are several steps to take as a college student to get a student auto loan. The first is to find a lender that can cover your high risk. Students are very busy getting through classes and need to work with lenders that will save them time, money and limit the amount of credit pulls on their young credit report. Secondly, being honest with themselves about the car that you can afford while attending class and working a part time job is very important. Most lenders will not even think of financing a student after they review an auto loan application and find out your information might not be what you claim it is. Honesty is the only path when working with a lender on a student car loan. Fully indulging your status and income will bring you closer to a student car loan then trying to pull a quick one on the lender.
As previously mentioned, as a student you should purchase a car that is affordable with your limited income. Having a huge car payment to worry about is the least of your worries, when all that an automobile needs to do is get you from point A to point B. Also it is best to write down a list of all the additional expenses that come along with owning a new car, truck or SUV while attending a university or college:
* Car Loan Payment
* Car Insurance (Insurance rates for students is the higher than any other age group)
* Fuel
* Car Warranty (make sure to have a warranty just in case a car breaks down)
* Car Maintenance (oil changes, tune-ups, etc.)
* Parking Fees
* Upgrades (Stereo, Rims, Engine modifications)
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