For many students, having access to reliable transportation isn’t just nice to have; it’s a necessity. From getting to class on time, traveling to placements, or even getting to a part-time job, owning a car as a student is invaluable. Yet, with the high costs of student living and tuition, purchasing a car can be difficult for many students. For that reason, many students wonder, can you buy a car with student loans?
At Autorama, we are dedicated to helping car buyers of all types drive cars they love. We know that students face many challenges and that owning a safe and reliable car can make their lives easier. In this post, we outline what students should know about using their student loans to purchase a vehicle. There are many factors that students should consider when buying a car. For a great car buying experience, connect with the used car dealership Toronto residents trust, Autorama.
Can I Use My Student Loan for a Car?
In most cases, you won’t be able to use a student loan to buy a car directly. But don’t panic; students wishing to purchase a vehicle still have options. By having a student loan, you may be able to free up other resources in order to be able to afford a vehicle. Students may be able to qualify for a car loan independently if they can demonstrate that they have enough income or have a large enough down payment. Students may also consider asking someone to co-sign a loan to make the process of qualifying for a car loan easier. See our post, How to Get Approved for a Car Loan, for more information on the car loan approval process.
Always keep in mind that some student loans have conditions, and purchasing a vehicle can impact those conditions. Always check with the issuer of your student loan to ensure that your student funding and the terms of paying back your student loan are not impacted by the purchase of a vehicle.
Can International Students Get Car Loans?
If you are an international student, you may have more difficulty qualifying for a student loan. However, there are lenders that cater to assisting international students in obtaining car loans. Though it may be more costly for international students to qualify for a car loan, it is not usually impossible to do so. For help with understanding your options as an international student, you’ll want to connect with a used car dealership that is dedicated to helping you find the best rate and has quality used cars for sale.
Students are faced with many challenges, and the process of qualifying for a car loan shouldn’t have to be one of them. At Autorama, we are here to help car buyers find cars they love at financing rates that truly work for their needs. Connect with a member of our team today to learn more about how we can assist you with finding a vehicle you love or apply for auto financing online.