Automotive

How likely to get a car loan for a post-sec student?

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  • Oct 3rd, 2018 8:52 pm
[OP]
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Sep 1, 2004
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How likely to get a car loan for a post-sec student?

Before wasting salemen's time, how likely is for a 21 year old, 2nd year university student that isn't Canadian citizen but have 1 year of credit on file to attain a car loan via Honda or Toyota Finance.

I got a feeling that's close to impossible but I know auto loans are kinda lax these days.
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Jul 12, 2003
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Do you have an income? From an employment. not from family support.
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[OP]
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MP3_SKY wrote: Do you have an income? From an employment. not from family support.
Well, 10-20 hr per week at Timmy's.
peteryorkuca wrote: What's your credit score?
To my surprise, 800.
Last edited by Xtrema on Oct 2nd, 2018 11:55 am, edited 1 time in total.
Newbie
Nov 28, 2017
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Hi!

It will be next to impossible with those 2 big names, but some dealers work with sub-prime lenders who will finance these deals - but at an extremely high rate of interest. I don;t recommend doing that unless you absolutely mu have a car,

Good luck.
[OP]
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Autobroker wrote: Hi!

It will be next to impossible with those 2 big names, but some dealers work with sub-prime lenders who will finance these deals - but at an extremely high rate of interest. I don;t recommend doing that unless you absolutely mu have a car,

Good luck.
That's my feeling too. This family friend is dead set on getting car except he knows nothing about cars. Buying used, they have a low $10K budge means mostly are unreliable beaters and few diamond in the rough. Leasing would be cheaper and less hassle for car noobs but I don't think he would qualify anyway.

I still think Car2Go on daily rate when needed is much cheaper option for him than car ownership.
Last edited by Xtrema on Oct 2nd, 2018 12:00 pm, edited 1 time in total.
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Xtrema wrote: Well, 10-20 hr per week at Timmy's.



To my surprise, 800.
Walk in with your nose upwards. Just remember how new comers or house wife's get their car without income. Fyi, my last 3 new cars from Nissan and MB since from 2013, I just gave them income verbally but I am much older then you are.
[OP]
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peteryorkuca wrote: Walk in with your nose upwards. Just remember how new comers or house wife's get their car without income. Fyi, my last 3 new cars from Nissan and MB since from 2013, I just gave them income verbally but I am much older then you are.
FYI, asking for 21 year old. I'm at least double that!
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Xtrema wrote: FYI, asking for 21 year old. I'm at least double that!
Yeah, I was little shocked how young u were.
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I wouldn't recommend getting a car and take a loan for a student that works on his bare minimum. (even his pass his credit check)
20 hours X let say at Min. wage of $14 in Ontario is $280 per week before tax. This is bare enough to buy food and pay cellphone + other bills.

If he need it for whatever reasons. Buy a car with cash. I bought my 1st car at 25 yrs old for $5200 and sold it a year after for $5000.
Before that, I was in school and a bus pass bring me everywhere I need and I borrow parent's car if needed. Why work hard for a 10k car paying stupid high interest while you are still studying.

You can buy whatever you feel like and afford when you get out of school and have a solid income.
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You may require a co-signer.
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Xtrema wrote: FYI, asking for 21 year old. I'm at least double that!

I still think Car2Go on daily rate when needed is much cheaper option for him than car ownership.
Yeah, I was a surprised as seeing an account creation date of 2004 asking as a 21 year old.

Then again, I somehow ended up with a LinkedIn account when I was 5. Not sure why or how.

By the way, Car2go pulled out of Toronto some time back, assuming that person is from here.
[OP]
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rugerty100 wrote: Yeah, I was a surprised as seeing an account creation date of 2004 asking as a 21 year old.

Then again, I somehow ended up with a LinkedIn account when I was 5. Not sure why or how.

By the way, Car2go pulled out of Toronto some time back, assuming that person is from here.
We are based in Calgary and Car2Go is still thriving even if it wasn't as good of a deal as before.
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Oct 7, 2010
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Sounds like a beater life being a student. My friend was a Visa, 22 years old, bought a 1980s toyota celica for 1000 bucks back in the early 2000s. So all students should do that.
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Here in Vancouver, the used car dealers will get anything approved. When I was in post secondary, they approved my classmates even with McDonald's income. Rates are higher though, looking at 8-12%.
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Aug 26, 2018
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Cash is king. Come back when you have cash. Otherwise keep renting and dream about owning. It's the prudent thing to do. That or you can jump head first into a subprime auto loan be underwater.
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Xtrema wrote: Before wasting salemen's time, how likely is for a 21 year old, 2nd year university student that isn't Canadian citizen but have 1 year of credit on file to attain a car loan via Honda or Toyota Finance.

I got a feeling that's close to impossible but I know auto loans are kinda lax these days.
The last thing you ever want to do is jump into a car loan for an extended period of time when you can barely afford payments, or could be using that money to invest it into something else such as a house, or even into a retirement fund. Cars are an absolutely horrible way to spend money, especially as someone working min wage. My advice would be to save up cash and buy a cheap $1500-2000 beater Toyota or Honda that can get you from A-B.
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maybe a co-sign will help him get the loan.
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Income, if said individual works 20 hours every week, is roughly 1100/m

The car payments and insurance will take a huge chunk out of that, and that's not even factoring in gas and maintenance. A cheap beater is probably a better idea here
When given enough time, all threads on RFD can and will go off on a tangent.
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aeba7 wrote: Income, if said individual works 20 hours every week, is roughly 1100/m

The car payments and insurance will take a huge chunk out of that, and that's not even factoring in gas and maintenance. A cheap beater is probably a better idea here
He needs like ~$3k to survive with a financed car

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