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Can I get a car loan if I'm a student?
I'm entering my senior year as a college student, and I want to get a car so I can get to my internship. Can I get a car loan as a college student?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on looking into your first car—that’s a big milestone! If you have good credit and some form of steady income, lenders may approve you for a car loan. However, not every college student has these attributes. But don’t stress! Use these tips to increase your chance of getting
car loan
approval:- Save up for a larger down payment
- Get a job that provides you with steady income if your internship is unpaid
- Keep your grades up
- Find a student-based credit card to build your credit
Even if you have all these, you still may need a cosigner for a car loan. Your parents are the most likely candidates, but anyone with good credit and steady income should suffice.
However, your car loan isn’t the only thing you need to budget for. Car insurance for drivers under 25 is notoriously expensive, so you’ll want to shop around for the best rate.
To do this easily, check out the
Jerry
app. We’ll get you customized quotes from top-of-the-line providers, so that all you need to do is pick the plan you prefer. And once you’ve picked one, we’ll even help you switch!Happy shopping!
View full answer
- Gregory R.
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