Getting a used car loan when you are a college student can be a little bit frustrating because you may not have much of a credit history established and also, more than likely do not have a significant monthly income. There is assistance for you and there are lenders that are more than willing to help you out. If you don't have money for a down payment, that's not that big of a deal with these types of lenders.
Doesn't it make a lot of sense but a car dealership won't tell you that these financing options are available to you on the Internet?
Car dealerships do not like the Internet because they don't like people being able to find out exactly what they pay for cars. They also don't like people attending financing outside of the dealership because they make money on interest rates. They markup interest rates just like they mark up the price of the car. That is where the term back end profit comes from, at car dealerships.
If you are a college student, please do not go to a buy here pay here car dealer to get a car. You will pay so much higher of an interest-rate and so much higher the price for the vehicle to begin with. Dealerships that offer in-house financing are not a good option. You will get less car for more money at those types of establishments.
The easiest way to get approved for car if you are a student is to apply online. There are a couple good sources that you can use.
