If you are a student, you probably have limited or no credit (or perhaps even bad credit) but still yet you need a car to get your from Point A to Point B and back again. Walking everywhere is time consumptive and sometimes not weather-permitting. Having a car is definitely a great luxury for a student, but getting the car loan you need is probably something that you do not think can happen - but you are in for a surprise! There are lenders willing to loan money to students just like you to get the car they need today - even if you are unemployed.
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Paying For Your Car
Most lenders are educated people. They know that students have some source of income, whether it be in the form of student loans and grants, or if its work-study or income from your parents. That means that there are lenders who will help you get the car you need to make your way around your campus and beyond - without any employment record. And since your government loans and grants are for use for education purposes, its perfectly okay to use them to help make your car payments.
Possible Cosigners
To obtain your student car loan, you will need to have a cosigner. A cosigner is simply someone who agrees to step up and make the payments on your car if, for any reason, you fail to do so. Most typically, students who take out student car loans have their parent or parents sign with them on the application as a cosigner. If your parent(s) are unwilling or unable to cosign for you, you can always have another relative or a friend with good credit to cosign the loan alongside you. Many lenders also offer to release your cosigner from liability once you have made a number of payments on your student car loan - generally one year of good payment history will result in cosigner release.
Build Good Credit History With A Student Car Loan
Other than the obvious benefit of having transportation at your fingertips while on campus, taking out a student car loan carries other benefits with it. You will be building positive credit history when you make timely payments on your student car loan. This will be a great advantage to you when you need loans for other purposes, or when its time for you to buy a home in the future. Your responsible credit behavior now will greatly influence future lenders when you need loans of other types.
When you receive your student car loan, be careful to always make your payments on or before the due date. Never agree to a monthly payment amount that you cannot reasonably afford or know that you cannot meet.
You can find additional savings on the amount of interest that you will pay on your student car loan by going through an online lender to service your loan. Online lenders have greater rates of approval for borrowers of all credit types and with various credit histories.
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