Today, it is much easier than ever for an unemployed student to purchase a car. Lenders are more liberal when making student car loans available. Students have choices. They can buy an older car from a family member or friend. They can peruse the auto classifieds and look for a car. They also can purchase a brand-new car or certified used-car. Because most students are on a budget and cars depreciate so fast, it may be a wise choice to find a used, reliable car.
Many young people like you worry that they won't be able to get a student car loan because they don't have any credit history. While lenders will certainly consider this, it won't stop them from lending students money. Car loans are secured loans. This means that if an individual cannot pay for the car any longer or you get too far behind on the payments, the lender will simply take the car back. Therefore, they are a little bit more lenient even if with people who don't have a credit history.
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Car lenders may require that students get a cosigner. Students can ask their parents or another family member to cosign for them. They will want to choose someone who has good credit. A cosigner agrees to pay for the car if the original owner is no longer able to do so. Typically, this is a family member or close friend that believes that the borrower has the ability to pay the loan back. Failure to re-pay the loan can put friendships or relationships in jeopardy. Therefore, students shouldn't ask anyone to co-sign for them if they have any doubts about being able to pay it back.
Older student or persons who have gotten credit in the past and haven't handled it very well and subsequently have bad credit, will likely still be able to a lender willing to give them a second chance. They will have to pay higher interest rates and you may be required to get a cosigner.
Because the loan is secured by the actual car, lenders feel more comfortable giving students the money that they need to buy a car. This is in part because if the student defaults on the loan the lender can take the car back.
It is important for students to be very mature when looking at cars. It is tempting to want to get the coolest, sportiest, most expensive car on the lot. However, these cars are likely to be at the outer limits of the affordability range or even outside of it. This would be a big mistake. As a student, the focus should be on school and not having to work an extra job so that the car payments can be met, or worse, having to beg one's parents for money. Students will likely want to be socializing and/or studying. Therefore, practicality and affordability should rule out.
There are various sources of car loans for an unemployed student. They can get a car loan from their parents, a bank, credit union or buy directly from a car dealership or car manufacturer. If a student is able to secure a loan from the latter two, they may be able to get a good interest rate or a great rebate. Before students finance a car, it would be worth the effort to a look around and consider all of their options before making a decision.
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