Can I get a car loan for a Honda Civic if I'm a college student with little credit history?
I'm a 20-year-old college student and I have a limited credit history, but my score is 750. I want to get a car loan for about $10,000 so I can get to work. Is this possible?
Answer provided by
Answered on Jun 03, 2021
“Sure, you can get a car loan because you have a good credit score. However, you’re probably going to pay a high interest rate on the loan.
Plus, you need to factor in the cost of car insurance, gas, and maintenance. When you add it all up, you’ll probably be paying double what the car note is.
Instead, you should consider just saving up money and paying cash for a cheaper vehicle. It’s a more savvy financial move and you’ll thank yourself later.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Can I change my monthly auto loan payment by putting down a big lump sum?
"I want to buy a $10,000 car. I have $2,500 for a down payment, but at the end of the month I'll have $5,000 to put down. Putting $2,500 down makes my payment around $200 a month, while putting $5,000 down makes the payment only $125 a month. If I buy the car with the $2,500 down payment, can I lower my payment later by paying the $2,500 lump sum a month later?"
Jun 03, 2021
How many payments should I make on a car loan before I refinance?
I was pressured into a 12%, 60-month loan at a car dealership. A week later, it dawned on me how that rate is way too high for a person with a 750 credit score. How many payments can I make before I refinance?
Jun 03, 2021