Can you get a college car loan?

College student looking for a way to get approved for a loan to get a used car?

• I am a college student and don't make much money from my current job. I want to buy a used car because its so hard getting around nowdays. Ive tried to take out a loan from the credit union nearby but i wasnt approved. Is there any safe place that I can apply to take out a loan maybe 7500 and have a low apr and stuff?

• Answer:

  You are getting denied because you have insufficient income and/or credit. Not to say you have bad credit, you just probably have almost no credit at all since you've never made a major purchase. Your only real option is to get a co-signer. For most college students, that means asking your parents. If they won't co-sign there must be a good reason. And let's face it, if your parents won't vouch for you, no bank will either. Your other option is to just keep saving money until you can afford something. Again, if you can't save up some cash (at least $300 a month), then you can't make payments, so not giving you a loan would be the right decision by the bank.