It's the second of your four-year journey as an international student attending Boston's Northeastern University, a university you only dreamed about during your childhood in India.
And since you'll be spending more time in the U.S., you decide to make the most of it by purchasing a car. There's just one little hurdle that needs to be dealt with and its name is financing.
It's no secret that buying a car, whether its new or used, can put a massive strain on your wallet. So you turn to auto loan providers (which are an excellent alternative solution). But most of the lending services you find offer payment plans that promise to increase said strain. Then you find Boro. More than a lending service, Boro promises to help you every step of the way as you select – and eventually purchase – the car you want to drive.
Scroll down to learn about how you can use an auto loan and about our six-step auto loan application process (as well as three models that are perfect for you).
Before we can talk about Boro auto loans, however, we have to talk about...
What is Boro? And how does it work?
An online financial service catering to domestic and international college students, Boro specializes in financing (or refinancing) affordable auto loans for new and used vehicles.
It's easy to apply for (so easy, as the saying goes, a caveman could do it). Because Boro doesn't require a credit score, co-signer or social security number. And all Boro auto loans are approved in as little as two business days, which means less time worrying and more time enjoying your car as you ride into the proverbial sunset.
How does the application process work? All you do is follow these six basic steps.
1. Find a vehicle you really, really, really like.
2. Fill out and complete an online application.
3. Provide any documents Boro may require.
4. E-sign and submit the final loan agreement.
5. Provide a down payment (no less than 25% of the vehicle price).
6. Get the keys to your brand spanking new car and enjoy the ride!
It's that simple. And the nice thing about Boro auto loans is that they're designed so the total sum you is split into monthly payments. So all you have to do is pay a small amount each month until you repay your loan in full.
Now it's time to see Boro's…
Top Three Car Choices
1. BMW 230i
In the market for a car that redefines the need for speed? Then you should definitely get the 230i. With its 248-horsepower, 2.0-liter four-cylinder engine and manual and automatic transmissions (six-speed for manual and eight-speed for automatic), this is the perfect car to take in the event you feel the sudden urge to drive to a quiet spot and think.
2. Nissa Versa Note
Looking for something a little more subcompact? If so, then the Versa Note is the right car for you. Its EPA-estimated 31 MPG highway offers a smooth ride while heated seats and a spacious interior amplify comfort levels. It's perfect if you want to drive home for the weekend, take your significant other on a romantic getaway or heading to the beach for some sunrise yoga and meditation.
3. Volkswagen Jetta
While the maximum MSRP of $26,945 can come across as – for lack of a better term – daunting, the Jetta does not overwhelm the senses. The four-cylinder engine delivers in terms of acceleration, the automated climate control systems and spacious cabin give the word "ambiance" new meaning, and the available safety features promise to keep both driver and passenger out of harm's way.
We hope this guide helps you as you consider purchasing a new car. But before signing off, let's take a moment to talk about visas.
Last month, Boro created two guides regarding possible options students may consider in the event they decide to complete their studies in the United States and are looking to acquire a visa to add onto the standard F1.
If you're about to finish your country's version of high school and asking about visa options, click here for our article on H1-B visas and here for our article on the difference between OPT and CPT visas.
And as always, visit our website to find answers to any questions you may have about auto loans or to start an application for a Boro auto loan.