Boro auto loans for college students review | finder.com

Boro auto loans for college students review

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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.

It doesn’t require a Social Security number or a cosigner, so international students can qualify on their own. You’ll need to have at least a 25% down payment, however, and it’s not available in all states.

Product NameBoro Auto Loans for Students
Min. Loan Amount$5,000
APRStarting at 4.49%
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
Go to Boro's website
  • Enrolled in US college or university or graduated within three years
  • Permanent resident or F-1, OPT, H-1B, J-1, L, O-1, G, A5 or C8 visa holder
  • Valid US driver's license or permit
  • Minimum GPA of 2.0 for undergrads or 3.0 for grads
  • Car less than 6 years old with 70,000 miles or less
  • Dealer located in eligible state

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 six years old with 70,000 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 4.49% APR with an average rate of 10.76%. Loan terms run between 1 and 5 years. Your car acts as collateral.

Used vehicles must be a 2012 model or later with no more than 70,000 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 suggests 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.

    Compare more car loan providers

    Updated March 22nd, 2019
    Name Product Filter Values Minimum Credit Score Loan Term Requirements
    300
    Varies by lender
    Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
    Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
    300
    Varies by lender
    Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
    Get connected with an auto lender near you, even if you have bad credit.
    Good to excellent credit
    Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
    Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
    Fair or better credit
    From 2 years
    Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
    Lower your monthly car payments and save on interest through a fast and easy online application process.
    510
    Varies
    Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
    Connect with a network of over 150 lenders to refinance your car loan.
    Good to excellent credit
    Varies by lender
    Must be a US citizen and 18+ years old. Must have good to excellent credit.
    Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

    Compare up to 4 providers

    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 car loan options out there for college students, 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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