How do student car loans work?

I'm a college freshman and I'd like to buy a car, so I'm considering getting a student car loan. How do these loans work?

Answer
Students with limited income, limited credit, and the burden of tuition fees and loans can have some trouble getting an auto loan, but there are lenders out there willing to work with them. Getting good grades, building credit, and saving for a down payment are just a few steps students can take to make approval a little easier and more likely. Getting a cosigner is also a good idea.
There are some lenders out there that do offer students loans with an extended term to help keep monthly payments low. However, most student auto loans do have a few drawbacks, such as high interest rates and a cap on maximum loan amounts. Otherwise, student car loans are very similar to every other auto loan.
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Johnny Puckett
Answered on Mar 12, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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