Are you a college student completing your education in Canada? If you’re looking for a convenient and safe commute to and from campus, utilize student auto loans and save smartly on a car!
Consider auto loans curated for students. JourneyApproved will find you the lowest rates with easy payment options.
Your online application is 100% free and takes no time to complete!
Depending on carpools or public transport can be a hassle for college students. Owning a car can save you from tiring and unreliable options and allow you to drive to school on your own time.
Many students in Canada find it expensive to own a car. Thanks to digital advancements and online loan application procedures, financial institutions can offer your lucrative student auto loans.
At JourneyApproved, we value your time and independence. So, take advantage of the quickest procedures, the easiest car loan process, and the most affordable deals to get a campus car.
As a student, you must meet submission deadlines, juggle part-time jobs, and pay your university tuition. So, our experts in student auto loans in Canada have curated the most affordable and user-friendly loan options.
Follow these steps to apply for the best deal on student auto loans:
Step 1
Submit your car loan application at JourneyApproved.
Step 2
Fill in your details and get a quick credit approval.
Step 3
As soon as you get the approval, grab your car keys, and drive yourself to campus!
After you make a down payment towards your student car loan, start paying monthly installments towards your loan repayment. These installments comprise both the Principal and the Interest Amount.
Student car loans are secured loans, which means the car is considered collateral; If you default, the loan provider has the right to seize the vehicle.
So, follow the repayment schedule to increase your credit rating and secure more credit in the future based on your repayment adherence.
The credit score standard required for student car loan eligibility differs across lenders. Most strict providers for college student car loans without co-signers demand a credit score between 660 – 900, especially for expensive cars and new models.
However, several student auto loans are available for a credit score ranging between 560 – 650.
Increase your chances of getting quick college student car loans in Canada by following some tips and techniques.
Pre-Approved Loans are your best bet. Knowing exactly how much you can spend on your car is important before making an offer.
Regardless of your credit rating, have a Co-Signer with a high credit rating. This can increase your chances of getting a lucrative student car loan offer. However, you must make an effort to improve your credit score. It would be best to eliminate existing debts, repay all your dues on time, and not fill in too many first-time car loan applications. You can also consider balance transfers for a better credit rating and car loan EMI.
You can also make a larger down payment, reducing your loan amount and the interest charged. You must simultaneously work on a stable flow of income, which can help you easily get first-time car loans for students.
If you’re a student who needs to finance a car, JourneyApproved can provide a comfortable, convenient, and affordable solution with flexible terms and conditions.
We personalize and customize your loan according to your requirements and offer the best deal you don’t want to lose out on!
Just complete the following form, and you will be on your way to approval in no time! We will assist you in securing a car loan as quickly as possible.
If you have any source of income (if not a steady source of salary) and a good credit score, you can be eligible to get a student car loan. The interest rate could be a little higher than usual.
To get a student car loan, get the following documents ready:
A longer car loan schedule can be better for students, as it gives you time to repay. However, that could also mean paying an extra interest amount. Going for a shorter loan term is better if you can pay a higher EMI.
Surprisingly, a few financial institutions will help you with a better deal on student car loans without co-signers in Canada if you get high grades.
Getting auto financing for students with bad credit scores can be difficult but not impossible. Here is what you can do:
Secure student auto loans with JourneyApproved. Learn how to apply for a car loan and increase your chances of getting approved!
