October 2, 2017
Owning a vehicle can make college or university life a lot easier. Having your own car will make running errands easier, speed up the commute to class and make trips back to your parent’s house headache free.
We’ve been helping students at Queens University, St. Lawrence College, the Royal Military College and Loyalist College get approved on car loans for years. We’ve seen first-hand the challenges that face students without an income when applying for automotive financing.
Getting approved for a car loan can be challenging for a student without a job, but it’s far from impossible with the right help. At Car Credit Kingston we take a lot of pride in the vast amount of automotive financing options we provide, especially to students with no credit history and limited income sources.
Here are 5 tips to help you get your next student car loan approved:
Build Some Credit – You may be early in your financial life, but it’s important to build good credit as soon as possible. Try applying for a student credit card and make your payments. Your credit score will begin to look favourable in no time!
Buy the Right Car – With no regular income or credit history, it might be best to think of buying an affordable used car. There are many factors to take into account, but borrowing less money may be best in the beginning.
Find a Co-Signer – Some lenders may require you to have a co-signer before they will approve your car loan. A co-signer agrees that they will be responsible for a loan if the applicant is unable to make the payments. Many students will turn to their parents or other family members to co-sign.
Make a Down-payment – In the absence of a qualified co-signer, you may be required to make a down-payment on the car. In addition to getting you approved, a down-payment will make your payments more affordable moving forward.
Deal With The Right Lender – Some bigger banks will not give loans to students. Luckily our car loan experts have relationships with various lenders across Canada, each specializing in different types of automotive loans. We’ll work with you to find the right lender for your used vehicle purchase.
At Car Credit Kingston, our goal is to provide affordable and obtainable auto loan options for everyone, including Kingston college and university students. Apply for your car loan today with our simple to use online car loan application. Once we have your information we’ll work hard to get you approved. We’re here to help, feel free to contact one of car loan experts with any questions.