Car Buying Tips for College Students

Car Buying Tips for College Students
  • Opening Intro -

    Owning a car brings a lot of independence and freedom.

    For college students, it makes life much more exciting and explorable.

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Whether you are planning to drive yourself to class during those cold winter months or planning to have road trips with your friends, you will certainly need a dependable car. Unfortunately, one obstacle that prevents most students from owning their cars is inadequate finances.

Nonetheless, if you are a student determined to buy your own car, the following tips can help you get started.

Start Saving Early

If owning a car as a student is your goal, then saving will help you achieve that dream more easily. You can start saving a few bucks for your car early in advance.

You can open a savings account to help you stay focused on the goal. For you to save, you don’t necessarily need a large income.

Something as simple as making coffee at home instead of buying one can add up over time. When you limit unnecessary spending, you will eventually end up saving for a higher down payment amount.

Consider Buying a Used Car

Buying a brand new car can be costly. This is because they come with advanced features and high end technology.

Nonetheless, you can have the option of buying a preowned car that will still serve you well at affordable prices. Unlike new cars, used cars have lower price tags and sales tax.

Depending on your preference and budget, you can get a used car with excellent comfort, technology, and design. Just make sure you visit the right dealer for a great deal.

Get an Auto Loan

Auto lending is another great option you can use to get a car of your own. While many lenders will look for a positive credit score, many students will often have no credit history.

In that case, you can still get the loan through a cosigner. A cosigner can either be your parent, guardian, or relative with a good credit score.

Applying for a loan with a cosigner comes with several benefits. For instance, you can get more loan options or have better interest rates.

Look for Sales

Almost all car dealerships have sales on a somewhat regular basis. These are especially common at the end of the year around the holidays and in the late spring/early summer. Watch closely for sales in your area and jump on the opportunity when it arises.

Ask About Student Discounts

Some dealers will offer student discounts if you ask or carefully read the fine print. This can be a lifesaver for many students who want to get their hands on a vehicle as soon as possible.

Even if they aren’t offered at a particular dealership, it doesn’t hurt to ask. There may even be special student rates when applying for a loan, so be sure to inquire about this.

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Find Part-Time Work

If you don’t have savings or a cosigner in place, you can still opt to look for a steady income. There are plenty of side jobs that you can do as you continue with your studies.

These include teaching assistants, campus IT, transportation drivers, among others. Find a side hustle that you can get some extra income from. It will help improve your credit score and your accessibility to car loans.

Final Thoughts

As a student, owning a car is one of the best things ever. It not only improves your college life and experience but also makes movement convenient. If you are planning to buy a car, the above-mentioned tips will help you through.

Image Credit: car buying tips for college students by twenty20.com

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