| A vehicle can be a great asset for college | | | | The Cons of College Student Auto Financing |
| students, helping them to juggle their busy work, | | | | While there are many reputable car dealers |
| social and school schedules by cutting out long bus | | | | around, there are also a number of sharks in the |
| rides and treks by foot or bicycle. However, the | | | | water that are eager to take advantage of |
| tight budget constraints that usually accompany | | | | inexperienced first time buyers. Some dealers |
| the college years can make it difficult for young | | | | may try to 'pad' your loan interest rates, sell you |
| men and women to finance a car as a college | | | | a vehicle for an exorbitant amount or pressure |
| student. In truth, there are both pros and cons | | | | you into signing an agreement before you fully |
| associated with the auto loans made available to | | | | understand all the terms associated with your |
| college students. Educate yourself before stepping | | | | loan. Applying for a loan from a third-party lender |
| out to secure an auto loan, so that you can avoid | | | | prior to arriving on the lot of any dealership is a |
| some of the main pitfalls that young borrowers | | | | terrific way to be proactive about protecting your |
| encounter. | | | | interests while purchasing a car for college. |
| The Pros of Financing a Car as a College Student | | | | The cost of tuition, living expenses and |
| Although you may not have much of a credit | | | | class-related materials can be overwhelming. Many |
| history when just starting out in college, at least | | | | students take out loans just to get through school |
| you do not yet have a negative history. This fact | | | | and the thought of taking out yet another loan |
| is generally appealing to creditors, many of which | | | | for a vehicle can seem like the straw that will |
| will be eager to become your first loan provider. | | | | break the camel's back. This major 'con' can be |
| Taking out auto loans for college students is a | | | | overcome by taking your time in order to search |
| simple endeavor that requires only a few basics, | | | | out auto loans for students that include terms |
| such as proof of income (or a co-signer), proof of | | | | you can live with, without starving. If you need |
| residency and proof of enrollment in college. In | | | | additional assistance, seek out a qualified financial |
| addition, car manufacturers commonly grant | | | | adviser. Your college or university may even offer |
| special discounts for college students that can | | | | free financial counseling. |
| save you a lot of money on a new car. | | | | |