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?

Answer
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!
Eric Schad
Answered on Nov 22, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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