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 from 4.49%–13.99% APR.

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. Westbon 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
APR4.49%–13.99%
Interest Rate TypeVariable
Minimum Loan Term1 year
Maximum Loan Term3.5 years
Requirements18 or older; enrolled in a US college or university; valid US driver’s license or permit; minimum GPA of 2.0 for undergrads and 3.0 for grads; US citizen, permanent resident or holder of one of the following visas: F-1, OPT, H-1B, J-1, L or O-1; car must be no more than 6 years old with 70,000 miles or less.
  • Enrolled in a US college or university
  • Valid US driver’s license or permit
  • Minimum GPA of 2.0 for undergrads and 3.0 for grads
  • US citizen, permanent resident or holder of one of the following visas: F-1, OPT, H-1B, J-1, L or O-1
  • Car must be no more than 6 years old with 70,000 miles or less

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.
  • 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, L and O-1.
  • Buy a car no more than six years old with 70,000 miles or less.
  • Live 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.

Ineligible states

  • 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 1 year(s) 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.

Rates are variable, meaning that they can go up and down over time. They range from 4.49%–13.99% APR with loan terms between 1 year(s) and 3.50 year(s). 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, L or 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. For loans over that amount, you’ll have to put 35% down.
    • Only for college students. Nonresidents who aren’t enrolled in higher education will need to look toward other lenders like Stilt to get a loan.
    • 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

    Rates last updated September 24th, 2018

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    Name Product Product Description Minimum Credit Score Term of Loan Requirements
    car.Loan.com Car Loans
    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 a US citizen with a current US address and employed full-time or have guaranteed fixed income.
    Auto Credit Express Car Loans
    Get connected with an auto lender near you, even if you have bad credit.
    300
    Typically 3 to 6 years
    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.
    LendingClub Auto Refinancing
    Lower your monthly car payments and save on interest through a fast and easy online application process.
    Fair or poor credit
    Minimum of 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.
    MotoRefi Car Loan Refinancing
    A car loan connection service for borrowers looking to refinance.
    525
    1–6 years
    Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
    myAutoloan.com Car Loans
    Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
    550
    24 to 84 months
    Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
    LendingTree Auto Loans
    Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
    670
    Typically 1 to 7 years
    Must be a US citizen and 18+ years old. Must have good to excellent credit.
    Capital One Auto Financing
    You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
    Good to excellent credit
    36 to 72 months
    Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
    Wells Fargo Auto Loans
    Auto loans with high loan amounts to cover your car purchase or refinancing needs.
    Good to excellent credit
    1 to 6 years
    Your income and assets must support your existing debt obligations and the desired loan amount.

    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 must provide a copy of their passport and I-20.
    • 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 you can afford that 25% to 35% down payment 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.

    Frequently asked questions

    Anna Serio

    Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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