<p>So I am trying to get a car, but as a student I have no credit. My parents also have bed credit so having a cosigner won’t help me. Are there are options or lenders that have auto loans specifically for college students?</p>
<p>Thats probably not going to happen. Though you could try to take out a student loan that hands you cash (they can’t send it directly to your school). But otherwise, I’d advise you to get a credit card ASAP. Apply for something like the Capital One Card for students. It has no annual fee and is marketed towards people with “limited credit.” Oh and remember for the Credit card you can count scholarships/fin aid grants/even loans as part of your “income.” Makes no sense, but its credit card company math. And hopefully your credit slowly builds up…</p>
<p>Random followup question: Can you actually meet the financial obligations of owning a car? Don’t forget to add in stuff like repairs, gas, insurance, registration, emissions testing, etc… Those things add up quick and can, depending on the car you buy, end up costing more over the life of the car than the car itself.</p>
<p>Yeah, you could get a car loan - at a buy here pay here dealership. They’ll charge you $200 a month with like $3000 down but it will take years to pay it off because they charge such high interest. I don’t think anyone would reccommend doing this. As for building credit, yeah getting a credit card is the best bet. I applied online for a Discover Student card. They’ve been great, i get 6 months interest free (though I’ve never carried a balance!) 1-5% cash back depending on the store and the customer service has been great. Not only did I have no credit, I literally had no record whatsoever of my social security number other than it being issued. So they made me verify it with a copy of my ss card and license. I put down having $10,000 a year income. I have a $500 limit.</p>
<p>^Discover approved you for a student card with no history whatsoever? You haven’t taken out any loan (including student) before? If so, I’m somewhat surprised. Discover Student Cards are known for being hard to get accepted into with no prior history. I’ll have to look into that next year if thats the case.</p>