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Boro Auto Loans Review

David BechorByDavid BechorMay. 30, 2019

In a Nutshell

Boro Auto Loans offers financing for college students looking to buy a car who haven’t been able to build credit. Qualifying for a loan is relatively easy with Boro, provided that students meet certain qualifying requirements and can provide a substantial down payment.


  • No previous credit history needed
  • Boro does not require a cosigner to apply
  • Funding can be secured relatively quickly


  • A large down payment is required
  • Rates are sometimes higher than typical car loan rates
  • Loans are only available in certain states

Boro Boro Visit Site

Boro Auto Loans at a Glance

Loan types: Auto loans for students

Loan amount: $5,000 minimum loan amount

Repayment terms: Variable; 12-45 months, with flexible terms

APR: Starts at 4.49%

Minimum credit score: No minimum credit score required

Best for: Students who need a car loan but haven’t yet been able to build credit


Boro is one of the only auto loan providers today that offers funding exclusively to students. Rather than considering credit scores and monthly income, Boro looks at students’ overall financial health and academic record when determining eligibility. The company doesn’t charge a prepayment penalty, and while they don’t require any credit history to be eligible, having good credit and a steady income can strengthen an application. Additionally, students are not required to live in a state where Boro operates, as long as their car dealership is located in one.

Best for?

Boro Auto Loans offers students—including international students—the opportunity to use or pay for a new or used car through a dealership. Students can apply without having built up previous credit, and without a cosigner. A Social Security number is also not required. Instead Boro considers other factors such as the applicant’s educational qualifications, earning potential, etc. This allows for a thorough analysis to be conducted before a loan is approved. 


Boro Auto Loans offers financing to students for both new and used cars, as well as auto loan refinancing for existing customers. Boro has a presence in more than 30 states around the country.

Highlights for those applying include:

  • The ability to borrow between $5,000-$60,000
  • Flexible repayment terms from 12-45 months
  • The ability to choose from a broad network of over 30 states around the US
  • Joining a large existing client base of international students, undergraduate students, graduate students, Ph.D. students, associates, and more

Application Process

Boro offers online applications that take around 2 business days to be approved. Boro does not require a Social Security number or previous credit history when applying; however, they will be required to submit certain documents such as their passport and an I-20.

Boro also requires certain eligibility criteria, including a GPA of at least 2.0 for undergraduates and 3.0 for graduate students; US citizenship (or a US driver’s license for international students); and current enrollment at a US college or university. Students will also need a down payment of at least 25% of the cost of the vehicle, or 35% if they’re borrowing more than $30,000. The vehicle they’re buying or refinancing can have no more than 70,000 miles, no accident record, and a model year of 2012 or later (as of January 2019).

Loan Types and Terms

Boro’s offerings consists of new and used car auto loans for students, featuring a comprehensive range of loan amounts, as well as flexible rates and repayment terms. Students can borrow between $5,000-$60,000, with terms of 12-45 months. Interest rates for new loans start at 4.49%.

The company does not require what other lenders may request, such as Social Security numbers, credit history, or a cosigner. The company’s website features a convenient loan calculator, where interested applicants can enter the financing terms and then see how much their monthly payment would be.

Repayment Options

Boro Auto Loans are affordable compared with auto loans for bad credit borrowers, although rates vary depending upon the amount borrowed and term length. Boro offers repayment options that are generally competitive with industry standards. The repayment terms range from 12 months up to 45 months, with interest rates that are favorable to competitors. Rates are variable, meaning that they can go up and down over time. The range starts from 4.49% APR with an average rate of 10.76%. Loan terms run between 1 and 5 years.

How Safe Is It? 

Although Boro Auto Loans works with customers’ sensitive information, the company keeps data secure. The company is transparent about what information it collects and how. Boro employs industry-standard security measures including user data encryption along with the implementation of strong physical and electronic protections for its servers.

Help & Support

You can get in touch with Boro via phone, via Wechat/Messenger, through live chat, or by email.

The company’s FAQs do not offer a lot of detail, but the basic questions and answers that one would need are listed there. The site is fairly easy to navigate, and has several useful features such as a handy loan calculator and useful information about how their loan process works. The site features several educational resources as well, including a blog, loan guides, and other information to help students make informed decisions for acquiring a loan.

How Boro Auto Loans Compares

Boro Auto Loans
4.49% and up
2.99% to 4.44%
0.99% to 27.99%
Minimum credit score
Loan amounts
up to $500,000
up to $300,000
up to $300,000
Loan term
12 to 60 months
12 to 72 months
24 to 84 months
Best for
Students with limited or no credit
Comparing multiple options
Getting pre-qualified early

Boro Boro Visit Site


Boro Auto Loans provides a welcome alternative for students with no credit. Rather than evaluating students based on credit scores and other factors, Boro takes into account academic, personal, and financial information—along with career potential. Boro also provides a monthly repayment plan, making it convenient for students to pay back loans.

Boro offers an online application process and loan-related tools to help students navigate the loan process. The lender provides affordable and convenient financing solutions to those who are denied credit by traditional lenders. The downside of Boro is that they require a rather substantial down payment—at least 25 percent of the vehicle’s purchase price, or as much as 35 percent for those borrowing more than $30,000.

Physical Address

Boro Auto Loans

320 W Ohio St #300

Chicago, IL 60654

David BechorByDavid BechorMay. 30, 2019
David Bechor is a freelance writer and professional blogger, specializing in content marketing and copywriting. He has produced content for various brands and organizations across the web.