When you apply for a car loan, typically lenders consider your income and credit score. If you don’t have good credit, you may not be approved for a loan, may pay a higher interest rate, or may need a cosigner. This could be a problem for college students looking to purchase a car who haven’t had time to build credit.
On this page:
- What Are Boro Student Car Loans?
- Applying for a Boro Auto Loan
- Rates, Terms, and Fees for Boro Auto Loans for College Students
- Benefits of Boro Student Car Loans
- Downsides of Boro Student Car Loans
- How Boro Compares
What Are Boro Student Car Loans?
The good news is there’s an option for college students: Boro Auto Loans. Boro Student Car Loans make it easy to get approved for funding, provided you meet certain qualifying requirements and have a hefty down payment. When you qualify for a Boro Auto Loan for College Students, you won’t need a cosigner, won’t need to provide your Social Security number, and can secure funding quickly.
While there are undoubtedly benefits to Boro Student Car Loans, there are also some potential downsides to consider – including the fact that your rate may be higher than a typical auto loan rate and you’ll need to put a lot of money down.
You need to understand both the benefits and disadvantages of Boro Auto Loans to decide if this type of vehicle financing is right for you. This guide will help you make your choice.
Applying for a Boro Auto Loan
Boro Student Car Loans are designed specifically for students who can’t qualify for conventional car loans. You can shop around for your car with a dealer of your choice, then submit an online application with Boro to secure financing. You can also refinance an existing auto loan with Boro.
>> Read More: Best auto loan refinance companies
Whether financing or refinancing, it takes as little as two business days to be approved for a loan, and no Social Security number or credit history is required.
Boro offers flexible repayment terms and you can borrow as little as $5,000 for new or used vehicles. You can also choose a repayment term that works for you, with the option to repay in as little as a year or as long as 60 months. You won’t need a cosigner to qualify either – but you do need to fulfill certain eligibility criteria including:
- Current enrollment at a U.S. college or university.
- A GPA of at least 2.0 for undergrads and 3.0 for graduate students.
- U.S. citizenship or a U.S. driver’s license if you’re an international student.
You will also need a down payment of at least 25 percent of the cost of the vehicle, or 35 percent if you’re borrowing more than $30,000. And, the vehicle you’re buying or refinancing must have no more than 70,000 miles, must not have an accident record, and must be model year 2012 or later as of January 2019.
on Boros’s secure website
Boro – Student Car Loan Redefined
- No credit history or cosigner required
- Drive the car you want and build your credit
- Get approved in as little as two business days
Rates, Terms, and Fees for Boro Auto Loans for College Students
Boro Auto Loans are affordable compared with auto loans for bad credit borrowers, although rates vary depending upon the amount borrowed and term length. Rates could go as low as 4.49 percent or as high as 13.99 percent APR depending upon your financial history and other factors such as your grades and earning potential.
While borrowers with excellent credit may be able to qualify for more favorable financing elsewhere, including promotional rates from car dealers that go as low as zero percent, college students with no credit history may not be eligible for better rates unless they have a cosigner.
Benefits of Boro Student Car Loans
Boro Student Car Loans have many benefits. Some of these advantages include:
- Easy and fast qualifying: If you’re a college student and your GPA meets Boro’s requirements, you will likely be approved for a loan. You won’t need to ask a friend or family member to cosign for you. And you can get approved within as little as two days, so you’ll be on the road faster than with many competitors who could take a week or more to review your loan application.
- Reasonable interest rates: While not the lowest in the auto loan industry, Boro does offer reasonable rates to most borrowers – especially compared with most auto loans targeting people without great credit.
- You can buy almost any car you want: While the vehicle must come from a dealer and must be a newer model vehicle without too many miles or an accident history, you have a lot of leeway in the vehicle you pick. You aren’t locked into shopping with a particular dealer, and you can buy a new or used vehicle.
- You can build credit: Boro will report your payment history to credit reporting agencies, which will help improve your credit score so borrowing is easier in the future.
Downsides of Boro Student Car Loans
There are also some disadvantages to Boro Auto Loans you need to consider. For example:
- You can only buy a dealer car if you use Boro Student Car Loans: If you’d prefer to buy a used car from a private individual, you won’t be able to secure a Boro loan. Sometimes this means passing up deals from private sellers and paying a little bit more at a dealership.
- You’ll need a big down payment: You will generally be required to put down at least 25 percent of the vehicle’s purchase price, or as much as 35 percent if you’re borrowing more than $30,000.
- You can’t get these loans everywhere: Boro Auto Loans for College Students are available only in a limited number of states. You’re out of luck unless you buy from a dealer in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Massachusetts, Michigan, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, or Wyoming.
How Boro Compares
While dealers may offer more favorable financing to qualified borrowers with good credit, Boro’s rates and terms are pretty good compared with other lenders that target people with bad credit or no credit. Students who might otherwise be forced to turn to bad credit auto loans could pay interest rates of 18 percent or higher with these lenders.
>> Read More: Car loans for college students
Boro is able to offer more affordable financing because its business model is focused on college students who simply haven’t had time to build credit, rather than people with past credit problems. This business model is unique, so students looking for this type of loan have few choices unless they can find someone to cosign for conventional auto financing.
If you don’t have established credit and don’t want to find a cosigner for an auto loan, Boro Auto Loans for College Students may be just what you’re looking for.
Be sure you have the down payment required before you apply and compare interest rates to ensure the cost of borrowing with Boro is reasonable. And whatever you do, don’t borrow for a car you can’t afford while also aiming to borrow the minimum possible so you won’t be stuck paying a fortune in interest on a car while you’re trying to complete your education.4.17 Boro Auto Loan