Car Loans for Students with No Credit

Credit Assistance

The idea of adding more debt on top of the student debt you already have must seem like a bit of a crazy idea. But having a vehicle can be a valuable resource for many students. Students need transportation to classes, jobs, internships and any other extra-curricular activities. While not having any credit history may make it seem like it will be impossible to get a decent car loan, it's actually easier than you might think. Here's what you should do if you're a student looking into a car loan

Build Credit

Having a strong credit score is the best way to get any loan, and maintaining a high score is pretty easy. Just pay your bills on time, have it for a long time, and don't go overboard on how much credit you need.

Don't Take On Too Much Car

Everyone wants a nice car. But a college student really doesn't need a $50,000 luxury vehicle as their very first car. Understand that this loan will be with you for a long time and you don't want to be handcuffed by an expensive loan, or a loan that will take a long time to pay off. Choose a car that makes sense for you and your needs.

Make A Down Payment

The more money you put down at the beginning of a loan, the less money you're going to need to pay at the end of the loan. This will also make your monthly payments a bit cheaper which will leave a little more cash in your pockets.

Get A Good Co-signer

A co-signer is like a loan safety net. If for whatever you can't pay off your loan, the responsibility falls on the co-signer. Whoever is looking at loaning you the money for the car will also be looking at your co-signer, so make sure you get someone that has good credit as it will help you secure the loan.

Stay Up To Date On Payments

This goes hand-in-hand with the rest of the "Building Credit" strategy, but it's extremely important. Missing payments and defaulting on credit is a sure way to plummet your credit score, and you really don't want that to happen. Pay your bills on time, and you'll be fine.


Just because you're a student with little or no credit, doesn't mean it's impossible to get a car loan. That doesn't necessarily mean you're going to get stuck with a massive interest rate either! We have Credit Specialists who can talk to you about what your options are when it comes to getting a car loan. Contact us today to get started on your new car adventure!