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Gerald Kia of Naperville

Car Loans for College Students: The Breakdown

Graduation is a time of change. While there can be some uncertainties after you graduate, finding a way to finance a new car shouldn’t be one of them. There are many ways you can find exceptional car loans for college students, even if you have little to no credit history. These tips will help enable you to establish a better credit history so you can possibly qualify when it comes time to lease or finance your next vehicle. Learn how at Gerald Kia of Naperville near Aurora!

Finance Challenges for College Students

We all know that college is already a major expense for college students and their loved ones. That’s why it’s important to consider these common roadblocks college students may face when deciding to finance a car of their own:

  • Limited Credit
  • Limited Income
  • High-Interest Rates
  • Maximum Loan Amounts

Car Loans for College Students: Tips

So how can recent college grads who are in the market for a safe and reliable vehicle get on the right track towards financing? As you’ve learned in school it takes time, patience, and effort to get to where you want to be. By following some of these tips, you’ll be on the right course to financing or leasing your next vehicle sooner rather than later:

  • ​Consider opening a debit card, credit card, or a student credit card account: If you don’t have any established credit, a good starting point is signing up a get your own checking account or credit card account. Over time, this can show lenders that you’re responsible with your money and can make payments on time.
  • Find a co-signer: As you continue to establish your credit history, you can rely on the help of someone you know that has good credit of their own to cosign for an auto loan. This acts as someone vouching for you and your ability to make payments on time. But while a cosigner increases your ability to get approved, you must live up to your responsibilities to the dealer and on behalf of your cosigner.
College grad holds car keys in car
  • Save up for a down payment: While this can make the wait for a new vehicle a little longer, this allows you to not only continue building credit but also knock off a huge amount on your down payment. This will only put you in a better place when you do start making monthly payments, not to mention the fact that you’ll receive a smaller loan which is usually easier to approve.
  • Select an affordable car: As much as any new college grad would like to show up at their first job behind the wheel of a high-end, luxury vehicle, it’s important to be realistic about what you can truly afford. Car loans for college students are only the beginning of some new responsibilities, so saving for a reliable and affordable model like one of our Kia under $10,000 will only serve you better in the long run.

Finance Your Next Vehicle at Gerald Kia of Naperville!

As you can see, there are plenty of ways to find reliable car loans for college students around Plainfield. If you have any questions, you can speak with a member of our finance department who can answer all of your questions and assist you with applying for financing, valuing your trade, or calculating your monthly loan payments. You can even take advantage of our college graduation offer so you can save even more!

Want to offset the costs of buying a new car? Learn how to trade-in a car or check out oil change tips with our team!

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1661 Aurora Ave • Naperville, IL 60540

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Gerald Kia of Naperville 41.7652472, -88.1900288.