Car Loans for Students
As a student progresses in his/her graduate journey, it is important to be equipped properly to merge with the next chapter of their lives. One vital aspect to consider is acquiring a student auto loan as not only do student need to have a vehicle to keep up with the fast pace society but also to build their personal credit. When preparing to apply for a car loan for college students, there are a few things to consider that will increase your chances of optimal results.
Firstly, it is beneficial to have a job. By having a job, you are letting the bank know that you are capable of making your auto finance payments. As a student, studies come first and it is understandable if a job is not in the picture yet. If you are unemployed, preparing a decent down payment and having a co-signer will help get car financing for students.
Secondly, there are banks and lenders out there that have student car loan programs. Students usually have minimal credit history, at a slightly higher interest rate; certain lenders are willing to offer an approval given that the amount to borrow is affordable.
If you are an international student and not yet a permanent resident, it is possible to acquire car finance for international students. When you apply for a student auto loan with a ‘9’ social insurance number, you must present proof that you will be within the country for an extended period of time and also provide a source of income that will be able to cover your car payments. As we mentioned previously, some lenders do offer international student car loan programs, so always ensure to ask!
Students are the working force of tomorrow. In the Greater Toronto Area, it is important for students to have a vehicle that will allow them to match or exceed societal momentum. This is what makes car finance for students so important. If you are a student in the process of equipping yourself with a car, give 1(866) 979-2947 a call or apply for a no obligation pre-approval by filling out our online application and allow our financing specialists at Autorama put you on the driver seat!