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Auto Loans

Boro Auto Loans for College Students Review

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on Boro’s website
Editorial Rating

Editorial Rating

What we like:

No credit history or cosigner required

Rates (APR)6.00% – 13.99%
Loan Amounts$5,000 – $3 million
Term Lengths12 – 60 months
Car EligibilityModel year 2011 or later, 90k or less miles, and no accident records on CARFAX
Compare Boro to other auto loan lenders

When you apply for a car loan, typically lenders consider your income and credit score. For college students, having good credit or a steady income can be difficult. That’s where Boro comes in.

Boro launched in 2015 and offers micro loans and auto loans to U.S. citizens and international students studying in the U.S. The company does not require a credit history or cosigner to apply for a loan.

This Boro auto loan review will help you better understand the company and the product they offer.

On this page:

What Are Boro Student Car Loans?

The Boro auto loan is called BoroDrive. This product makes it easy to get approved for funding, provided you meet certain qualifying requirements, and have a hefty down payment. This down payment is 25% of your pre-tax car price for loans under $30,000 and 35% of your pre-tax car price for loans over $30,000.

Boro only lends to college students and recent graduates, which is why the company does not require any credit history or cosigner when applying for a loan.

Eligibility Requirements

BoroDrive is not available nationwide and has a number of requirements that must be met to be eligible. These requirements include:

  • You must be over 18 years old
  • Be enrolled in a U.S. college or university or graduated recently
  • Be a U.S. citizen, Green Card holder, or A5, C8, F1/OPT, G, H1B, J1, L1, O1 Visa holder
  • Your vehicle must have a model year of 2011 or later, 90k or less miles, and no accident records on CARFAX.

The states BoroDrive is currently available in include:

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Massachusetts
  • Michigan
  • Missouri
  • Nebraska
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Wisconsin
  • Wyoming

Applying for a Boro Auto Loan

You can shop around for your car with a dealer of your choice, then submit an online application with Boro to secure financing. The entire application and approval process can be completed within two to three business days.

If you don’t have a car picked out, Boro will connect you with a BoroVIP representative that can use their nationwide network of dealers to help you find a car.

Here are the steps you’ll need to take when applying with BoroDrive:

  1. Complete your car loan application at Boro. (Checking your rate will not affect your credit score.)
  2. If approved, upload the required documents and e-sign the loan agreement
  3. If you don’t have a car picked out, a BoroVIP representative can help you find a car
  4. Make a down payment at the dealership and pick up your car

Rates and Terms for BoroDrive

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.

Pros and Cons of BoroDrive


  • Easy and fast qualifying

    Borrowers can get approved in 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 competitive rates to most borrowers – especially compared with most auto loans targeting people without great credit.

  • You can buy almost any car you want

    While there are requirements your car must meet, you have a lot of leeway in the vehicle you pick. You aren’t locked into shopping with a particular dealer and 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.

  • MyBoro feature in the app

    With the Boro app, students will get money management help for free. This includes personalized money management insights, an analysis of your credit, and more.


  • You can only buy through a dealer

    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% of the vehicle’s purchase price, or as much as 35% if you’re borrowing more than $30,000.

  • You can’t get these loans everywhere

    BoroDrive is not available nationwide. Make sure to check the list in the eligibility section above to ensure Boro lends in your state.

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 or no credit.

If BoroDrive isn’t right for you, you can check out our guides to car loans for college students and the best auto loans.