• How to Get a Student Auto Loan Online

    Getting a student auto loan is the perfect way for a young driver to begin building a credit history. These first time car loans require only a cosigner, so the student can get a car loan with no credit. For extra convenience and less time spent searching, the Internet is a valuable tool to get approved for loans. Just follow these steps to easily find a student car loan online.

    Step 1: Find Your Car (or Set a Budget)

    Lenders will want to have information about the car you are purchasing, and at least will want to know how much money you are putting down and how much you want to finance. You should either know what car you are buying and for how much, or know exactly what your budget is to have a maximum finance figure in mind.

    Step 2: Get an Official Transcript

    If you plan on getting a discount for having good grades, you’ll need to be able to prove that you do, in fact, have good grades. Request an official transcript from your school with your current GPA on it. If you’re currently on the Dean’s List or Honor Roll, ask them to make a note of that as well. The better you are doing in school, the better deals you should be able to find on an auto loan.

    Step 3: Find Student Auto Loan Companies

    If you have a checking or savings account with a bank, that would be the most likely place to find a loan. Visit the website of whatever bank you deposit with. If you’re unsure of your bank’s website, just type the name into a search engine. You can also try other local banks to see if they have any special offers available, but in general the best rates will come from the bank you already deposit with, especially if you authorize them to take payments directly from a checking account.

    When looking at the bank’s homepage, you will need to click “Auto Loans,” not “Student Loans.” Student loans are loans towards education expenses.

    Step 4: Apply Online

    Follow the instructions on the website to fill out your auto loan request. The website will walk you through the process. You should have the following information prepared:

    • Social security number
    • Pre-tax annual income
    • Name and address of your current employer or employers
    • Information about the car you wish to purchase

    Step 5: Close the Loan

    In order to actually finalize the loan, you will need to visit the bank in person (which is why it’s a good idea to keep it local). At this time, you will need to have your cosigner with you and you should have made your final decision about the car you’re getting and the amount you want to finance.

    Taking care of the preliminary steps online for a student car loan can save quite a bit of time, but you will still need to visit the lender in person.