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Boro auto loans for college students review

Car loans for international and college students with fair APRs.

Driving is a fact of life in most parts of the country, but getting a car loan as a college student without a cosigner is near impossible. Especially if you’re here on a student visa. Boro is one of the few lenders out there that offers auto financing specifically for college students.


Min. Loan Amount


Max. Loan Amount

Starting at 6%



Min. Loan Amount$5,000
Max. Loan Amount$3,000,000
APRStarting at 6%
Interest Rate TypeVariable
RequirementsUS citizen, permanent resident or F-1, OPT, H-1B, J-1, L, O-1, G, A5 or C8 visa holder, minimum GPA, dealer in eligible state
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First, do I qualify?

To be eligible for a Boro auto loan, you must:

  • Be at least 18 years old
  • Be enrolled in a US university or college or a graduated within the past three years
  • Have a valid US driver’s license or learner’s permit
  • Have a minimum GPA of 2.0 for undergraduates or 3.0 for graduates
  • Be a US citizen, green card holder or have one of the following visas: F-1, OPT, H-1B, J-1, G, A5, C8, L and O-1
  • Buy a car no more than 9 years old with 90,000 miles or less
  • Purchase a vehicle from a dealership in an eligible state

While Boro doesn’t require you to have a credit history or full-time job to be eligible, having good credit and a steady income can strengthen your application. You don’t necessarily have to live in a state where Boro operates, as long as your dealership is located in one.

Dealerships in the following states are ineligible:

  • Alaska
  • Delaware
  • Hawaii
  • Idaho
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nevada
  • New Hampshire
  • North Dakota
  • Rhode Island
  • South Dakota
  • Tennessee
  • Washington, DC
  • West Virginia

What makes Boro unique?

Boro is one of the only auto loan providers that offers funding exclusively to students. It’s also one of the few auto loan options for international students — in fact, Boro used to be solely focused on international student financing. Instead of considering your credit score and monthly income, Boro looks at your overall financial health and academic record when determining your eligibility.

On top of that, it also has highly competitive rates and loan terms long enough to help you manage your payments while you’re in school. And since it doesn’t charge a prepayment penalty, you can pay off your loan early to save on interest once you get a job with your new degree.

What types of car loans does Boro offer?

Boro offers car loans to use to pay for a new or used car through a dealership. You can also use this loan to refinance an existing car loan in your name. Loan amounts start at $5,000 in most states, though Massachusetts and Arizona have higher minimum loan amounts of $6,001 and $10,001, respectively. Most states have no borrowing limit with the exception of Connecticut, which has a cap of $15,000, and Illinois and Indiana, where loans top out at $40,000. Boro recommends that borrowers make a down payment of 25%.

Rates are variable, meaning that they can go up and down over time. The range starts from 6% APR with an average rate of 10.76%. Loan terms run between 1 to 5 years. Your car acts as collateral.

Used vehicles must be a 2011 model or later with no more than 90,000 miles. Eligible vehicles include sedans, coupes, convertibles, SUVs, trucks, wagons, hatchbacks and minivans. You can’t use your car loan to buy a motorcycle.

    What are the benefits of Boro auto loans?

    • Made for college students. You don’t need to have a credit history to qualify and terms are long enough to help you afford monthly repayments.
    • International students welcome. Students on F-1, OPT, H-1B, J-1, G, A5, C8, L and O-1 visas are eligible, in addition to US citizens and permanent residents.
    • No credit score required. You can still qualify for a Boro auto loan even if you don’t have a credit history yet. And paying off your loan can help start building your credit history.
    • Competitive rates. APRs start low and end low on Boro auto loans compared to the competition.
    • Referral reward. You and a friend could earn up to $100 each if you refer them to Boro for a personal or auto loan and they’re approved.

    What to watch out for

    • Down payment. For car loans under $30,000, Boro requires a 25% down payment.
    • Your grades count. Students with poor grades might want to look elsewhere for a loan: You need a minimum GPA of 2.0 if you’re an undergrad and 3.0 if you’re a graduate student.
    • Not available in all states. Boro auto loans aren’t available to residents of 19 states and Washington, DC.
    • Only for dealership cars. You can’t use this loan to buy a motorcycle or a used car from a friend.

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    Boro reviews and complaints

    BBB accredited Yes
    BBB rating B+
    BBB customer reviews 1.7 out of 5 stars, based on 3 customer reviews
    BBB customer complaints 6 customer complaints
    App Store Score 4.7 out of 5 stars, based on 2,164 customer reviews
    Google Play Score 4.2 out of 5 stars, based on 147 customer reviews
    Customer reviews verified as of 16 October 2020

    Very little exists in the way of customer reviews for Boro online. There’s no Trustpilot page for it, and its Better Business Bureau profile has only three reviews — all negative, but all answered by Boro.

    How do I apply?

    Before you get started on your application, visit a dealership to find the car you’re interested in buying. Then, you can apply for your auto loan online:

    1. Go to the Boro site and click Apply Now.
    2. Follow the directions to create an account and complete the application. Read the terms and conditions as well as the privacy disclosure.
    3. Review your application before submitting it.
    4. Wait to hear back from Boro and upload any additional documents if approved. It can take as little as two days for Boro to get back to you.
    5. Go to your dealership, make a down payment and sign a purchase agreement with your dealer.
    6. Upload your purchase agreement to your Boro account.
    7. Review and sign your loan agreement.
    8. Wait for your dealer to receive the funds as soon as the next business day.
    9. Go to the dealership and pick up your car.

    The whole process can take as little as four business days. If you don’t have all of your documents on hand, it can take longer, however.

    What documents do I need to apply?

    Boro typically asks to see the following documents:

    • A driver’s license. You must have a US driver’s license or learner’s permit to qualify for a Boro auto loan.
    • Other identification. US citizens and permanent residents are required to submit a copy of their student ID. International students relevant visa documents, including an I-20 for F-1 visa holders.
    • Proof of academic standing. Boro asks to see your most recent academic transcript or standardized test results (IELTS, TOEFL, SAT).
    • Bank information. To review your current financial situation, Boro might ask for information about your US bank account or for copies of recent bank statements.

    I got the Boro auto loan. Now what?

    The first thing you need to do is go to the dealership and pick up your new car. Then, start thinking about monthly repayments.

    Boro allows you to pay with automatic debits from your bank account or by check. If it’s an option, consider autopay — you won’t have to worry about mailing in a check five days before it’s due each month. It can also help you avoid the late fee of $15 or 5% of the loan amount due, which Boro charges after a 15-day grace period.

    If you have any questions about your account, reach out to customer service by calling 1-800-840-6604.

    Bottom line

    Boro is one of the few auto loan options out there for college students looking to buy a car for the first time — especially if you aren’t a US citizen or permanent resident. You don’t need a cosigner to qualify and rates are competitive even compared to your standard car loan. Just make sure your dealer is in an eligible state before you apply.

    To learn about Boro and other loans it offers, read our overview of Boro loans.

    If you’d like to compare more auto loan options, check out our car loans guide. International students might also want to look at our page on borrowing options for nonresidents.

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