Everything You Need to Know About Student Car Loans
It goes without saying that cars are pretty pricey. This is especially true for students on a tight budget. Student car loans can be tricky for this reason. If you are a student that is on the hunt for a reasonable car loan, then you should read this article!
Student car loans can be hard to find at first. However, the good news is that many lenders and auto loan companies do offer student car loans! This means that if you are a high school graduate, college graduate, or even an international student, then you can get student car loans at a preferable rate.
The first thing to know about student car loans is that they are not the same as regular car loans. This is because you will have to qualify for the loan a bit differently. Typically, normal car loans will need a minimum credit score as one of their requirements.
Since students will most probably not have a credit score that is good enough, as most students will still have not started building their credit, student car loans have some different requirements. Some of these will include:
- Showing your lender a job offer you have got
- Applying with an adult cosigner
- Not having any major negative marks on your credit report
Below, you will find some tips for students who are looking for student car loans.
Tips for students
- Start building your credit
It is never too early to start building your credit!
- Do not choose a very expensive car
We know it can be tempting to want to choose the nicest and priciest car. However, this is not a good decision in the long run. You may end up deep in debt because of the car you chose.
For that reason, it is wise to get a cheaper car that is still not too cheap. That way, you will have a car that is good enough without hurting your wallet.
- Choose a good auto loan company
We recommend that you find a good Auto Loan company that can help you get a good loan. Some companies do not care about credit scores and can help you obtain a really good car loan amount, even if you are still a student.
Below, we have put together a list of the best auto loan companies on the market.
Here is our list of top three recommendations for the best auto loan service providers. We reviewed all of the companies on this list and we would suggest that you read the articles before making any choices. So, after comparing features and prices, you can decide what is the best option for you.
Jovia Financial Credit Union
Jovia Financial Credit Union is the number one choice on our list! This auto loan service provider will give its clients a loan for vehicles as soon as they have found a suitable car. Also, as well as helping you save a ton of money, here are some of the main benefits they can offer you:
- Complete financing
- No penalties on pre-payments
- NCUA insurance
These are some of the other things you can get with Jovia Financial Credit Union:
- Flexible loan terms that will reach up to 96 months
- Auto loans are available for ten-year-old cars or newer
- APR rates that start at only 2.39%
- Speedy application online
- Very low payments per month compared to other auto loan companies
- They also offer financing with a 100% max Loan to Value (LTV)
- And much more.
They also have a lot of customer support options. These include:
- Phone support
- Knowledge base
- Social media accounts
- On-site support
Navy Federal Credit Union
Navy Federal Credit Union comes in second place on our list. They will give you many features to help make sure that you are fully covered!
Some of the main benefits that they will offer you include:
- Allows co-applicants
- A lot of discounts for present or retired military members
- A 90-day preapproval time frame
- They also have financing options for leisure vehicles
- Minimum APR (Annual Percentage Rate) starts at 1.79%
- Get $200 if you refinance your car with them
Here are some of the other main things that you will get with Navy Federal Credit Union:
- Their customer support team is very quick, responsive, and available on many sites
- Fast and simple application online
- Over 20,000 cars to choose from
If you are buying a used car, then you have the option to choose these things listed below:
- Price rating
- Make and model
- Body style
- Popular features
- Condition and history
We recommend this service provider because of all the services they will offer you. You have the option of choosing from as many as 20,000 new or used cars. You can choose one based on the amount of money you make, as well as some other factors.
Carvana ranks in third place on our list! This is also one of the best auto loan companies in the US. They have a lot of flexible options, benefits, and solutions for customers, no matter what their credit score is. This option is perfect for student car loans for that reason!
The main benefits of Carvana are:
- They do not need a minimum credit score
- Their prequalification also does not affect your credit score
- The prequalification term is valid for 45 days
- The used cars are in really good condition
- Cars can be sent as soon as the next day
- A lot of customer support options
- A GAP warranty
- They let you choose from 20,000 different cars
- And even more
Here are some quick stats on Carvana:
- Average approval time is 18 days
- Their minimum APR (Annual Percentage Rate) starts at 3.90%
- Pre-qualification period is valid for 45 Days
- The max loan period is 72 months
- The max loan amount is $85,000
Carvana is definitely one of the best auto loan companies in the US. It has a lot of solutions to choose from for everyone. Carvana can also help just about anyone since they do not care about bad credit scores.
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To summarize, these are the best Auto Loans in 2021…
- 100% financing
- No prepayment penalties
- NCUA insured
Navy Federal Credit Union
- Competitive rates
- Direct deposit discount
- Refinance cash back
- Overseas auto-buying program
- Extensive inventory with more than 20,000 vehicles to choose from
- Flexible and multiple financing options
- Doesn't require minimum credit score
- Competitive APR (annual percentage rate) as low as 0.99%
- Approval within 48 hours
- Great deals with huge discounts when purchasing a car through its auto-buying service
- Secure and simple online application
- Buyers can choose from 4 different lending offers, and compare them to weigh their options
- Various financing solutions that cover new vehicles, used vehicles, refinance, private party, and lease buyout