topic Re: College Student (No Job) Auto Loan Companies? in Auto Loans

College Student (No Job) Auto Loan Companies?

timshifty — Tue, 25 Mar 2014 16:09:10 GMT

I am a college student and I need a car to get back and forth from school and to be able to go out and get some kind of job. I was wondering if there are any companies that will give loans to college students and do not require you to have a job. I have a low credit score (fico 580). I might possibly have a co signer but there credit isnt much better (680 CK) but they have a car lease through Honda. One thing to mention is I would have 4-5 thousand down. Are there any places out there or any success stories please?

Re: College Student (No Job) Auto Loan Companies?

DaveSignal — Tue, 25 Mar 2014 16:12:51 GMT

Or just take the money you were going to put down and buy a car with that cash.

Then, after you have a nice job and a can put down a source of income on your application, you can finance a brand-new car and sell the first one.

Re: College Student (No Job) Auto Loan Companies?

timshifty — Tue, 25 Mar 2014 16:19:28 GMT

I considered this potion but want something new that I can trust during the Winter months and dont have to worry about breaking down.

Re: College Student (No Job) Auto Loan Companies?

DaveSignal — Tue, 25 Mar 2014 16:46:59 GMT

A $5k vehicle is not something that you should expect to break down when it snows or gets cold outside.

But if your heart is set on an expensive brand-new car, you could try to find a co-signer to accept resposibility for your loan. This is not a good deal for the co-signer, but would get you a brand-new car with no income.

Re: College Student (No Job) Auto Loan Companies?

DanTheMan77 — Tue, 25 Mar 2014 17:26:51 GMT

@timshifty wrote:
I am a college student and I need a car to get back and forth from school and to be able to go out and get some kind of job. I was wondering if there are any companies that will give loans to college students and do not require you to have a job. I have a low credit score (fico 580). I might possibly have a co signer but there credit isnt much better (680 CK) but they have a car lease through Honda. One thing to mention is I would have 4-5 thousand down. Are there any places out there or any success stories please?

Generally, it's hard to qualify for a loan unless you have a way to repay the loan. 4k-5k is plenty of money to get a dependable used car. As an added bonus, driving a used car while you're working to save up for a new car is a great foundation for life-long financial responsibility.

Re: College Student (No Job) Auto Loan Companies?

Remember0 — Tue, 25 Mar 2014 21:48:43 GMT

Yeah, this is going to be hard if no income and no co-signer.

But are you going to be graduating soon? That could help the situation...