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Can I Get A Car Loan As A Student In Glen Abbey?

Can I Get A Car Loan As A Student In Glen Abbey?

Being a student is an amazing time of life. It may not feel like it at the time but you’re on the first part of your road to true independence. Part of that journey will likely require a car. With no credit history or score to work with, how can you get a car loan as a student in Glen Abbey?

 

Part of the answer comes down to preparation.

 

If you’re not in a position to save for your first car or your parents cannot help, it’s all down to you to come up with the money. That can be difficult at first but not impossible.

 

Check your credit score

 

First let’s take a sounding. Check your credit score to see where you are right now. Chances are, it won’t be much but you should have something. If you ever need a car loan in in Glen Abbey, your credit score will have a huge influence over that.

 

Begin improving that credit score

 

There are a couple of things you can do right now to help improve your credit score and build a credit history.

 

Get a credit builder card – A credit builder card is a credit card designed for those with no, or poor, credit. Use it for everyday expenses like gas and groceries and make sure to pay it off each month. That way you don’t end up paying the high interest rates.

 

Pay bills and your phone in your name – If you’re not living on campus or at home, make sure as many bills as possible are in your name. Also make sure your phone contract is also in your name. It won’t improve your credit score as much as a credit builder card but it will help.

 

Get a job

 

You may have heard that a lot in your life so far, but we mean it nicely. To qualify for Glen Abbey car finance, you need some form of income. Therefore, you’re going to need a job.

 

It could be part time, it could be freelance, it can be whatever you like. Any income is good income, plus valuable experience for later in life.

 

Set up some savings

 

Everyone needs a savings pot to dip into when things get tight or in an emergency. Where you may have always depended on parents, now is a good time to set up your own emergency fund.

 

You don’t have to save much but save what you can. Set up a savings account and an automatic payment. Then, over time, the amount you save increases, providing a safety net or a down payment on a new car.

 

Go cheap

 

It's hard to finance a car loan as a student in Glen Abbey without assistance. If you’re not that lucky, set your expectations accordingly and make the best you can out of what you have.

 

A cheap car has some benefits. It is less likely to be stolen in many areas, it won’t matter so much if it gets bashed or crashed and the right car can be cheap to repair or source parts for.

 

Buying cheap cars isn’t all bad!

 

We appreciate that students won’t usually have much disposable income after living and social expenses. However, learning these essential skills now not only gives you some savings, it also forms responsible fiscal habits that will pay dividends in later life.

 

Then, when you’re ready, contact Unique Chrysler for help, advice and competitive car finance in Glen Abbey. We would be only too happy to help!

 

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