Having a convenient and reliable transportation is an important part of a student’s life. Getting to the school, college or university along with part-time job or internship – reaching everywhere on time can be difficult. To make life smoother and easier, a car is definitely a great option.

In the struggling student life phase, it’s very difficult to save enough money to buy a car on cash up front. Fortunately, there are some finance schemes available through which students can get advantage and submit for different auto loans.

Everyone starts from somewhere. These steps would help students to ensure that the car loan doesn’t become a burden for him.

1) Be currently enrolled as a student

All the banks offering car loans to students check the enrollment of the students in college or university. If you are taking a semester off from your program, for instance, you may not be permitted to apply for a student auto loan. Some banks put age restrictions also, for example 18-24, to qualify for student loan.

2) Maintain a good credit rating

It’s easier than you think. You can easily work on your credit rating by paying your bills on time (every time), by

not getting close to your credit limit and having a long and good credit history.

3) Choose a small, affordable car

The analysts will thoroughly analyze your financial situation and will be quick to assess what kind of car you can afford. Get estimation early on and choose a car which is small and under your budget. Not only will it quicken the process of the loan, but also it will have small payments. Used cars are always a great idea for students.

4) Make a down payment

The less you need to borrow, the better. That is why you should put a down payment at the time of processing the car loans with different banks like NBAD Egypt. It will reduce the monthly payment and total financing cost. It also shows your willingness and seriousness about the car financing.

5) Negotiate the terms

Negotiating is very important in getting car finance. Do not hesitate to negotiate the annual rate, interest rate, payment schedule and other aspects of the deal. It will definitely save you a decent amount of money over the period of the loan.

6) Review college resources

Colleges can help students get car loans in Egypt. They might have a deal with loan dealers or provide you with resources that will be beneficial.