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Auto Loans for Students

Students often have a very hard time getting auto loans. Many college students will have a very hard time getting a car because they lack the income and credit scores needed for traditional auto loans.

There are some dealers and lenders that specialize in making auto loans for students. In particular, used and independent car dealers in college towns will make auto loans for students on used cars. Unfortunately these loans are usually made on older used cars that may not be in good condition.

Students should be very careful about these auto loans for students because they could get stuck making payments on a car that doesn’t run. A student should always be leery of a really good deal on a used car.

Where to Find Auto Loans for Students

The best advice for students is to find a dealer that services what it sells. A dealer that services the used cars it sells will be less likely to sell junk. More importantly the student can simply take the car back to the dealer if something goes wrong with it.

Another good place to find auto loans for students is banks, credit unions and other lending unions associated with colleges or universities. Some of these institutions will make special auto loans for students available.

Graduate students studying for degrees in fields that pay well such as law or medicine should have little trouble getting auto loans for students. Some of these students may even be able to finance a new car. There are also on line lenders and dealers that specialize in making auto loans for students.

Be Careful with Auto Loans for Students

Students who are considering an auto loan should be very careful. The student should realize that they will have to make monthly payments or they will loose the vehicle. The student should also realize that the vehicle will be repossessed if they can’t or won’t make the payments. Having a repossession in their credit record can damage a person’s credit score and make it impossible to get other kinds of financing in the future.

Before getting an auto loan for students, students should sit down and write up a budget including the payment. Then they should compare the budget to their income to see if they can afford the auto loan. If the student can not afford to make the auto loan payment they should not get the auto loan.

Taking the bus to school can be damaging to a student’s pride but it is better than dealing with repossession or struggling to pay a loan. Students on limited budgets should avoid taking out auto loans for students.

Cosigning Auto Loans for Students

One way that a student can afford an auto loan is to get mom, dad or some other relative to cosign an auto loan. Both students and parents should be very careful about cosigning auto loans.

Parents should be aware that they will be responsible for the auto loan if the student can’t pay it off. It is entirely possible for a student to ruin his or her parents’ credit rating by defaulting on an auto loan for students. Parents should only cosign an auto loan for students if they know the student is responsible and will pay it off.

Parents and students should never cosign auto loans for students if the parents can’t afford to pay the loan off. Nobody should cosign an auto loan with a person they know to be irresponsible or unreliable.