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Student debt is among the highest debts that the country faces today and most students say that unavailability of jobs after they leave college makes it hard for them to repay their loans. Yet that does not prevent them from seeking loans to buy a car whilst they are in college.
The students may not know where their lives are going to but believe that wherever their future roads may lead, they surely need a car to get there. However, it could be tricky for a student with practically no credit-history and at best a part-time income to get a loan. Nevertheless there are other options that he can investigate to ensure that he drives to college in his own car.
The first step is, the moment you turn eighteen and are eligible for a credit card get one. It will help build a credit-history. Debit cards are debit cards and will have no say in establishing your credit-worthiness. Use your credit card to make purchases and make sure you pay on time, every time, to build up a consistent and reliable record. It will help establish you as a person who is dependable and capable of handling finances.
Loan providers back on credit histories to check out the credit-worthiness of a borrower and they have little of such information on college students for them to reach a conclusion.
Many a time, you could still be denied a loan, even if your credit card shows that you have been very regular in your payments. The best thing to do is find a co-signer, a virtual guarantor that if you were to default on payments; she or he would be responsible for making the payment.
This co-signer could be anyone from being one of your parents or some other relative or close acquaintance, someone who knows and trusts you better than your loan-provider. If you can do so than your chances of getting a loan are certain to leap frog.
Of course it also means that if you fail to pay a monthly installment your co-signer will have to pay. This will negatively impact both individual’s credit-worthiness, so it’s best to ensure that you have some sort of financial assistance to pay back the balance of the loan.
It makes sense to spend as little as possible on the car that you buy. Taking out a loan, with an unreliable source of income, it would be foolhardy to opt for a large costly model or a sporty model. Instead you should be looking for a more reliable and sturdy model that will give good value for money.
You could also buy a used car. Pre-owned vehicles, if purchased prudently, can save you thousands of dollars and also get you a vehicle of your choice. Just ensure that it is certified by a dealer or a manufacturer and a mechanic checks it before you say yes.
Don’t pretend that you know everything about cars. It could be in your interest to go to the finance provider and seek his advice on what sort of car would best serve your interest. Inform him of your budget, your requirements and your lifestyle. Let him do the math, he is the expert, not only will he do a better job, but he will also feel that you have a sane head on your shoulders and that you could be considered for a car loan.
Don’t be impulsive and don’t apply for a car loan unless you really need one. Your first priority at the college is to get an education – it is not advisable to mortgage your future just to drive a swanky car.
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