Ah, car finance for students—a delightful oxymoron, given the usual student budget constraints. Typically, lenders see students as high-risk borrowers due to limited income and credit history, so expect higher interest rates or the need for a guarantor. Loan amounts usually max out at the car's value, with terms from 12 to 60 months. Expect interest rates anywhere from 7% to 15% APR, depending on your creditworthiness and the lender's appetite for risk.
Used cars often come with cheaper finance options, and marketplaces like Tradingpost or CarShowroom can help you spot bargains. Be cautious of hidden fees and always read the fine print. For students, a low-cost, reliable car with sensible finance beats flashy rides with sky-high repayments.
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