About Student Car Loans

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When trying to get a student car loan, the first thing to do is to visit a lending agency, such as a bank or credit union, and find out if they offer a student car loan. Discover why a cosigner may be necessary to get a car loan with help from a financial aid officer in this free video on student loans.

Part of the Video Series: Student Loans
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Video Transcript

Hi my name is Brooke Kramer. I am the Financial Aid Officer at Argosy University in Salt Lake City, and today we're going to talk about getting a student car loan. Pretty much, the first thing you're going to want to do, is visit a lending agency which can be a bank or credit union, and find out if they even offer a student car loan. Sometimes students may be able to get a better interest rate if they are currently a student, but you need to first find out if your lending agency offers it. It's also a good idea to go to a lending agency that your parents are a part of, since they already have credit history with that lending agency. The next step is for you to prove you are a student, so you will probably need proof of enrollment with the current school to provide to your lending agency. You would then fill out an application with your lending agency, and they would normally do a credit check on your history. You might also need a co-signer as well in order to get a car loan. And finally, make sure you get a car, affordable car that you can make the monthly payments on. So, remember you're going to be going to school the same time you're making your car payment, and you want to make sure you have enough to pay for it. If you have any other questions, please feel free to check out our website at www.argosy.edu.

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