Need to get A Student No Credit Auto Loan Without A Cosigner?

Consider the following situation:

• I have a credit history of three months with a credit card and I have made my payments timely.


• I am a sophomore and the FAFSA has been filed.


• Over and above this I need a private loan of about $6000.

can only have my father to be the cosigner for me. He has a good credit score but no job right now. He will need a low rate car loan himself once he gets a job.

• I want to know more regarding the role of the cosigner.


• Do I have no other option but to use a cosigner in order to get a loan? I am looking for a student auto loans.

Following are the steps you can use:

1. You can start with the research of federal student loans. The most common ones are the Stafford loans and Perkins loans; there are no credit car loans for them.

2. It is a good thing that you have already filed the Free Application for the Federal Student Aid, FAFSA. This is an important factor in getting government loans. It will not only put you on the correct path for a loan but also consider for grant money, if applicable. This is how you can go for used auto loans, if not new ones.

3. You should go ahead with Stafford loan. This is designed for students who are genuinely in need. In this case you will not need a cosigner and even if you have a low income job you will likely get the loan.

4. As for the Perkins loan. You can get them if you show your financial needs. It has a long term pay back and 5% interest rate terms.

Thus with these steps in place you can look for no credit auto loans for your first car. Make sure you choose a car which is more functional than fancy.