Are there car loans specifically for college students with a 650 credit score?
"I'm a college student, and I have a 2005 Dodge Neon SXT that I can trade in. My monthly income is $1,500, and my credit score is about 650.
Are there car loans for college students?"
“While most lenders don’t have loans specifically for college students, some have programs for first-time buyers.
But even if you get approved, with your credit score, you’re going to have a sky-high interest rate. Throw in full-coverage car insurance (that you have to get when you finance a car), maintenance, and gas, and you’re looking at probably $500 a month.
Can you afford this on your current salary? If not, to save money, pay cash for a new car or hold onto your Neon until you graduate. You’ll thank yourself in the future for staying out of debt (aside from your possible student loans).”
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