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?"
Answer provided by
Answered on May 26, 2021
“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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