Getting a car loan while paying off student loans | OkCarz

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How do student loans affect getting a car loan? 

As a young adult, there are two big investments you’re going to have to choose to make. One is deciding to go to college, and the other is buying a vehicle. Both can be financially draining, and it is likely that you will need financial assistance. The best way to finance going to school or getting a car is through loans.  

The majority of Americans are saddled with a monthly student loan payment, which can be both a good and bad thing. If you are struggling to pay your minimum payment, and are missing payments because of it, you can be doing damage to your credit score. If you are making your payments every month, it will reflect well on your credit score, which can be beneficial when you’re applying for a car loan.  

[Related: How to make a budget]

Should you apply for a car loan? 

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If you are struggling to pay your student loans as it is, adding another loan payment every month is just going to bury you deeper in debt and hurt your credit score even more. However, if you have a student loan and have some excess money every month to dedicate to making the additional loan payment, upgrading your vehicle or getting a car for the first time can be a smart step toward getting your life on track.  

Even if you had trouble with your student loans in the past and those issues left a black mark on your credit score, you can still get approved for a car loan. OkCarz is dedicated to helping customers rebuild their credit and work toward being able to buy a new car or qualify for traditional bank financing. While it can be tempting to immediately jump into a new car, opting for a used vehicle might be the best choice for you, financially. OkCarz has a wide range of used vehicle options across their five dealership locations in Florida. Stop by today to view the inventory and speak to an expert about financing.  

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