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$5,000
Min. Loan Amount
$3,000,000
Max. Loan Amount
Starting at 6%
APR
Product Name | Boro Auto Loans for Students |
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Min. Loan Amount | $5,000 |
Max. Loan Amount | $3,000,000 |
APR | Starting at 6% |
Interest Rate Type | Variable |
Requirements | US 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 |
To be eligible for a Boro auto loan, you must:
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.
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.
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.
BBB accredited | Yes |
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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.
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:
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.
Boro typically asks to see the following documents:
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.
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.