Loan Information, Consolidation, and Calculators

Student Car Loans Can Sometimes Get You A Lower Interest Rate

Written By: admin - Feb• 13•13

A tidbit on student car loans:

Student car loans can sometimes get you a special rate over other drivers. This is because some banks actually have programs that cater to students. Usually, this type of program exists in credit unions rather than commercial banks. As of 2013, I’ve seen such loans as cheap as 1.99% interest!

If you’re going to school, and you’re paying your own way, chances are that you could use a break. This is especially true since you need a good, reliable car while you’re attending college. If you’re one of the not so blessed people that have their parents to pay for their entire tuition, that is.

If you look hard enough, you can even find first time buyer programs that will give you a loan even though your credit history may not be the best. Don’t be afraid to ask. You have to remember that these loans are put in place specifically for people like you. Even if your credit is bad, give it a shot. Institutions have programs in place just for you. And believe me, above all, they want the business. You see, if you default on a automobile loan, it’s not as bad in the eyes of the bank, because the loan is backed by the car. So, if you were to default on the loan, they would simply repossess the car, and destroy your credit. This leaves minimal loss for them, and a rather large loss to you.

How to get the best deal

What ever you do, shop around! Don’t just go with the first bank that will give you the time of day. In today’s tough economy, everything is negotiable. If you shop around for a while, and still don’t find a really good deal, start asking to speak to the bank managers themselves. You can usually get them to come down on the interest rate a bit rather than to risk losing a customer and added revenue for the bank. This is because bank managers are usually ranked upon their bank’s performance and profitability. So, do your due diligence when searching for the best student car loans you can find.

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