http://www.oklahomaautoloan.com/oklahoma-auto-loans-2/
Chances of a college student getting an auto loan?
I am a 20 year old college student looking to finance my first vehicle. I’ve had a constant part-time job for a year now and I am looking to put down about $2,300 on a car that cost less than 10k. Currently, I have a secured credit card with my credit union and I’ve had my bank account since I was 16.
What are my chances of getting approved through my credit union? Please don’t tell me to get something that I can pay cash for right now. I live in Oklahoma where having a reliable car is a must because everything is so spread apart.
Also, how would student loans stop me from getting approved?
I actually do have some credit history. My mom doesn’t have the best history, but she could co-sign I guess.
A bigger down payment on the car would definitely increase your chances. I’m not sure whether your part time job can help you much…it depends on what your income is. It also depends on your credit history, and how you handle your bills.
Applying for a smaller loan might be better….try to find someone, maybe a family member with better credit history that is willing to co-sign with you. This would def. increase your chances.
Student loans mean you have large payments due soon, putting you at a higher risk level with respect to the loaner due to your higher probability of default.
Although you won’t like it, settling for a cheaper car is something that you might have to do. Try to look for a car that has exactly what you need, rather than paying extra money for options that you dont use.
hope this helps. good luck
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