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by nickia on August 5th, 2007

nickia

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High approval for auto loans? Im a student who needs an auto loan asap. Wheres the best place to apply? id rather do like an online application and get an instant decision. thanks!

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Answers. 2 helpful answers below.

  • by geek860 on August 5th, 2007

    geek860

    Honestly, unless you have REALLY good credit, you are better off getting your parents to take out a small loan (they will get a better interest rate), then you pay them back. I would also recommend that you put as much down as possible - every penny you can - for the downpayment. The more you can pay off at the start, the less interest you will end up paying at the end.

    If you are going to get a loan yourself, the downpayment recommendation is still valid, but read the fine print carefully. Shop around and look for the absolute best rate. Also, find out how much you can afford to put down initially, then you only need to take out a loan for the remainder. Some companies have fine print that says things like 'miss one payment and your interest rate may be changed' or 'repossession may be used for more than 2 missed payments'. I'm not saying you'll miss payments, but know what you are getting yourself into before signing on the dotted line. The loan companies don't get rich by being nice - they take every penny they can from you.

    Keep your wits up, max out that downpayment (even if it means KD for a month) and look for the best rate.

    I can't recommend an exact company because I don't know which country you live in.

    Hope this helps,
    Good luck

    4 comments | Post one | Permalink

  • by Rapidcarloans on February 24th, 2012

    Rapidcarloans

    You can get many options online. All you have to do is fill a simple application form for no credit auto loans. This is because the major problems with students is lack of a decent credit score.

    To get your loan approved, go for a smaller loan amount. This means a used car will serve your purpose here. Also, you can up your approval chances with down payment and a co-signer.

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