Boro Car Loan: It is a fact that when you apply for a car loan lenders consider your income. They also consider your credit score. As such, if you do not have good credit score, you may not be given the loan.
However, if you are given, you may pay a higher interest rate or may need a cosigner. These can pose problems to college students hoping to purchase a car that have not built credit.
The good news for you is that Boro Car Loan is here for you. This article gives you all the information you need concerning Boro Car Loan. First, let’s begin by knowing what Boro is all about.
What is Boro Loan all about?
Boro Loan is an innovative digital lending platform. It specializes in helping domestic and international college students finance purchases. This purchases ranging from $1000 to $3000 through customized monthly payment plans.
Also, Boro Loan is one of the only platforms in the lending industry that does not require a Social Security Number (SSN). Also, it does not require a cosigner to qualify for a loan. This is because, it allows all international students access to financing.
Boro Loans are specifically tailored to whatever the student’s needs may be. It does this with APR starting at 15.9%, and monthly payments starting at $36 for $1000 purchases.
Please note that, all Boro Loan payment plans are interest-free for the first two weeks. As such, if you are considering paying back your loan during said two week period, you will not be charged any interest.
What Are Boro Student Car Loans?
This is a lending company that makes it easy for students to get approved funding for a car. This works provided you meet certain qualifying requirements and have a hefty down payment.
When you qualify for a Boro Car Loan, you will not need a cosigner. Also, you will not need to provide your Social Security number. It is also easier to secure funding quickly.
When going for Boro Car Loan, you need to understand both the advantages and disadvantages. This will help you decide if this type of vehicle financing is right for you. This is because, while there are great benefits to Boro Student Car Loans, there are also some potential downsides.
Below are some of the merits of Boro Car Loan;
It is Fast
Boro Car Loan for students takes as little as two business days to be approved. Also, there no Social Security number or credit history is required.
It offers Flexible Repayment Terms
Boro Car Loan offers flexible repayment terms. You can borrow as little as $5,000 for new or used vehicles. Also, you can choose a repayment term that works for you. This goes with the option to repay in as little as a year or as long as 60 months.
There is no Cosigner Requirement
In Boro Car Loan, you will not need a cosigner to qualify either. However, you do need to fulfill certain eligibility criteria including. Like; current enrollment at a U.S. college or university, a GPA of at least 2.0 for undergrads and 3.0 for graduate students.
Reasonable Interest Rates
While not the lowest in the auto loan industry, Boro Car Loan does offer reasonable rates to most borrowers.
You can Buy almost any car you want
With Boro, you are opened to many options of car to choose from.
You can build credit
It also helps you improve your credit score. This is aimed at making borrowing easier in the future.
There are also some demerits of Boro Car Loans you need to consider. They as follows:
With Boro You can only Buy a Dealer Car
One of the demerits of Boro is that you cannot buy a used car with it. Sometimes this means passing up deals from private sellers and paying a little bit more at a dealership.
It Requires a Big down Payment
Boro Car Loan requires you to put down at least 25 percent of the vehicle’s purchase price. Sometimes, it requires as much as 35 percent if you are borrowing more than $30,000.
It is not Easy to come by
Boro Car Loans for College Students are available only in a limited number of states. You may be out of luck unless you buy from a dealer in Alabama, Arizona, Arkansas or California.
Also, you may be out of luck unless you buy from a dealer in Colorado, Connecticut or Florida. Also, you need to buy from a dealer in Georgia, Illinois, Indiana, Iowa, Kansas and New Jersey.
Differences between Boro Loan and other Lenders
The following are some of the differences between Boro Loan and other lenders;
The greatest difference between Boro Loan and other lenders is that its helps build your credit score as you go. Since having a good credit score will be helpful during your time in the US, Boro Loan is important.
Also, Boro Loan does not require a Social Security Number (SSN) to qualify for a loan. It does not require a cosigner to qualify for a loan as well, unlike other lenders
Boro Car Loans are affordable compared with other car loans for bad credit borrowers. However, the rates vary depending upon the amount borrowed and term length. Rates could go as low as 4.49 percent or as high as 13.99 percent APR depending upon your financial history.
How to Apply for a Boro Car Loan
Please take note of this important information. Boro Student Car Loans are designed specifically for students who cannot qualify for conventional car loans.
You can shop around for your car with a dealer of your choice. After which, you submit an online application with Boro to secure financing. Also, you can refinance an existing auto loan with Boro.
In a Nutshell
In summary, if you are a student who does not have established credit and a cosigner for an auto loan, Boro is here.
What you need to do is to be sure you have the down payment required before you apply. Also, compare the interest rates to ensure the cost of borrowing with Boro is reasonable. And, whatever you do, do not borrow for a car you cannot afford.
It is important you know that, borrowers with excellent credit may be able to qualify for more favorable financing.