Anyone ever gotten financing for a car around end of/during 3L? Forum

[ballouttacontrol]

Title, basically

I need to get a new car for the location where I'll be starting this fall. Would like to get financing of $15-20k or so.

Curious if it's gonna be an issue for the lender that I won't have any "income" until September. If possible, I would like a good interest rate. I know I've seen a lot of auto loans with 2.xx% or even less interest rates. However, if I cannot get financing, I'll just buy it with student loan $, and take out bigger loans. Obviously these would be at fuking 6.5% or whatever the GradPlus rate is this year, so I would definitely prefer not to do this.

If I do get financing, I can use my bar stipend and a small amount of loan $ to pay the 4 or 5 months of payments that ther would be before my start date.

Anyone been through this? Or as a student in general?

[3lephant]

Yes, it's definitely possible. If you explain your situation (expected income), have good credit rating (mine was low 800s) and can put a down payment on the car, you should not have a problem getting an auto loan through the manufacturer/dealer's financing entity. I don't know how receptive other auto lenders (those unconnected with the parent company) will be...

[Serett]

I had trouble with this during 2L year due to no income, but I was only trying online applications--maybe you'll have better luck in-person. I ended up having a parent apply in my stead.

[PublicInterest2018]

Not law school, but I had trouble with this out of undergrad with a job lined up that started at the end of the summer. Wasn't good enough... had to get a cosigner. However, remember you can refinance even if you have to put up with a higher interest rate for a few months.

[bk1]

If your credit is good enough, you may not have to provide proof of income. But not having any actual income at all may be an issue, especially with banks. See https://www.reddit.com/r/askcarsales/co ... ed/czfhnts

However, financing through a manufacturer with a college graduate program (Ford, Subaru, Hyundai, GM, etc) instead of a bank, may make the lack of current income a non-issue. See, e.g., http://www.subaruofkeene.com/subaru-col ... rogram.htm ("Applicant who will be graduating within 6 months or who has graduated within the last 12 months from an accredited 2- or 4-year college, graduate school (including Doctorate), nursing school, or trade school. "). My general suggestion is to find a dealership that will try and work things through with you. As has been mentioned, even if you get an exorbitant rate, you will likely be able to refi fairly easily once you start working.

[kalvano]

I showed my offer letter detailing my salary and start date, and that was good enough.

[ballouttacontrol]

Thanks for the tips guys