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Student Car Loans in Port Credit

Student Car Loans in Port Credit

Being a student is an amazing time of life. You’re away from home, meeting new people, learning new things and exploring a new city. Depending on where you’re studying. public transport may be plentiful or non-existent. If you’re in the latter camp, you’re going to need a car and perhaps an auto loan to afford it. But can you get student car loans in Port Credit?


Yes you can!


Student car loans in Port Credit


Anything is possible when you put your mind to it, as you’re probably finding out. While it is possible to get an auto loan as a student, it isn’t easy.


You’re going to need a source of income and to overcome a limited credit history.


Source of income


To qualify for an auto loan, you need to prove you can afford one. That means having some form of regular income that exceeds the loan payments. That can be from work, from investments, from parents or whatever.


You’ll need paperwork to prove your income and be able to demonstrate that the income is steady and for the foreseeable future. That can be through bank statements, salary statements, wage slips or something else.


But it needs to be documented somehow.


Limited credit history


As you cannot access credit until you’re 18, students will usually hit this barrier in the early years.


Your credit history is a summary of your financial dealings once you’re an adult. It includes all your debt, your debt payments, credit cards and a lot of information about your life.


Your credit history feeds into your credit report, which helps generate your credit score. All essential ingredients for your future financial dealings.


As you have presumably lived at home so far, there won’t be much in your credit report so lenders will find it difficult to know whether you’re a good risk or not.


You can access one free credit report per year to check your current score but you can expect it to be around 300 until you begin accessing credit.


Auto loans as a student


Remember we said anything is possible if you put your mind to it? That’s true for student auto loans too. We work with a number of lenders willing to work with students and those with no credit or bad credit.


You’ll need to prove you can afford the loan, prove your income and convince the lender you can make the repayments but otherwise, getting a loan is pretty straightforward.


If you think you’re ready for a student auto loan, prepare all your paperwork in advance. Get hold of 3 months’ of bank statements, wage slips, and evidence of ID and address.


You could also get auto loan preapproval too but we can help you with that if you need us to. When you’re ready, contact our Port Credit auto loan team and we’ll help you with the rest!


Contact Unique Chrysler for help, advice and competitive Port Credit car finance and leasing.


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Categories: Auto Loan

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