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A student's guide to car buying Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be open to you.



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7 minutes read. Published August 31, 2022
Written by Dan Miller Written by Points and Miles Expert Contributor

Dan Miller is a former contributor writer for Bankrate. Dan wrote about loans as well as home equity and debt management in his writing.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched information that break down complex topics into digestible chunks.









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If you're a student looking to purchase a car and you've found it more difficult than you expected. Although car loans for students exist, many lenders are wary of lending money to first-time car buyers or those with a weak credit histories. However it is true that students' car loans are feasible particularly if you have a reliable source of income, excellent grades , or the trust of a family or friend member to co-sign on your behalf. What can you do to purchase cars for a college student even if you're in college or someone else with poor credit score There are many options to finance a car. Although you might not have the same alternatives as someone who has an extensive job history and credit history, it is feasible. The process of obtaining a car loan as a student looks just like the process would for a postgraduate driver looking to finance. But as you may be on a tighter student budget is what matters. This is particularly true as average monthly costs are record high for used vehicles, which are $515, and new cars more expensive at $677 in 2nd quarter 2022 according to . Follow these guidelines when you begin your car purchasing process. Figure out a realistic budget. Take advantage of a car payment to determine the amount you are able to spend every month. If you're budgeting, make sure to focus on the car's value and not just the sticker price. Consider saving for a downpayment. While saving for a down payment may be a problem for an undergraduate, it could mean lower rates and more frequent installments. If you're able to spare, the ideal scenario is to save 20% of the purchase price. Even if you are unable to afford that amount, aim to make at minimum a modest down amount. Choose the right car for you. It is important to be realistic about the best car to meet your requirements as a young adult. While it may seem enticing to buy a brand-new car that has the most modern technology, think about the location you'll park it, how many potential passengers you'll have and even the price of gas to get a more luxurious option. Make sure you secure financing. It is smart to apply for a loan prior to going car shopping -- in person or on the internetto be sure of what you can pay and avoid markups at the dealership. Depending on the lender, prequalification will mean the pulling of a credit card. You should also be prepared to submit the required documentation to verify the information you provide. Negotiate. can be very intimidating, especially for children. When it comes to car buying as a student, it is advisable to take an adult friend or an adult from the family. This will make you feel more confident to push for the deal you deserve. But no matter what, stay assured and don't be afraid to leave. How to improve your chances of loan approval. Like any loan, the most favorable rates, terms and approval are offered to those with strong credit. For a student who has very little credit history, getting approval could be difficult. However, there are plenty of ways to improve the chances of getting approval for a car purchase as a student. You must prove a reliable source of income. The most effective way to get a car loan as a student to prove a reliable sources of revenue. Before granting you an auto loan lenders be looking to verify that you have a stable means of paying for the loan's monthly installment. If you're employed with a track record of at the very least a few months' income, you'll have a better chance of increasing the likelihood of getting approved. Contact banks and credit unions with whom you already have accounts . If you don't have a reliable sources of revenue, or if your income is fluctuating or seasonal, you may have trouble getting a auto loan from a variety of lenders. If you have an account at a local bank or , you might contact it. They may provide student auto loans and other services geared towards those who are in your position. You may be able to speak directly to a loan manager or officer with authority to approve. The main advantage is that it will be simpler to argue your case and convince that person in person. Get a co-signer Another option is to find someone you trust like a family member to help you with your car loan. When you have a co-signer, your lender will also examine the credit history of the co-signer and income. The advantage is that your loan is much higher likelihood of being approved. The downside is that the co-signer is also legally responsible for the car loan. If you're not able pay the loan, it could cause friction in your relationship. Make sure you have good grades. Like lenders who consider credit history, some lenders use your GPA as a metric for loan approval. If you have a good GPA be sure to share that with prospective lenders. While not all lenders factor it, in some circumstances, good grades may provide better rates. Where to shop for cars while a student Much has changed about the way people purchase and sell vehicles throughout the years, but one aspect remains the sameIf you have the time to shop around and compare prices, you'll often save money. The less time you have to look at all the options, the more you're likely to pay for your vehicle. Family and friends Getting a car purchase from a family member is likely to be the perfect situation. Buying a car from someone you trust reduces the possibility that you'll purchase a lemon. In addition, depending on the person you are buying the car from, they might offer a deal on the price. While this may be the ideal scenario, if there's no one that you know is looking to sell their car then you're out of luck. Local car dealers While many experiences are now online, there's still value in shopping around at local car dealers. Most dealers will have their inventory online as well, so you can see what cars are available before you head to the lot to take a test drive. While making use of the internet to assist you with your search for a car is an excellent idea it is also a popular method of visiting the car in person. On the internet, in addition to checking out the websites of local used and new car dealers, there's numerous other . When it comes to online buying, you can buy securely using dedicated online used car marketplaces such as . Facebook Marketplace, Craigslist and eBay are among the sites on which you can look for people selling their vehicles privately, but be on the lookout for . Other expenses to consider Keep in mind that it's not only the costs of your vehicle loan that will affect your budget. Be sure to make space for these other car-related costs as well. Registration and sales tax. These taxes and fees vary depending on the local and state jurisdictions Check and find out how much they will cost you. Expected price: between $400 and $700 depending on the state you live in, according to . Insurance. A majority of states require you to have at minimum liability insurance. You can consult a number of different brokers and agents to find the insurance which best meets your requirements. Expected cost: Average of $1,771 depending on your state of residence, the driving record and type of vehicle, according to . Parking. Particularly for student at a college, you might have to pay to park on or near campus. Expected cost: $362 annually or $181 per semester according to research conducted by several universities. Fuel. As prices for gas rise, the cost of fuel could significantly impact your budget. Estimated cost: $3.84 per gallon at the close of August 2022 according to . Repairs and Maintenance. In contrast to other types of insurance, insurance for cars doesn't usually provide routine maintenance services, such as oil changes. You should ensure your budget allows money for the above items. Expected price: $9,666 for brand new cars as per . How to drive without purchasing If you're having trouble qualifying for a student car loan or have thought that it's not the right move for you There are alternatives. Leasing When you , you are given a vehicle to drive for a specified time period and a specific amount of miles. At the end of the term of the lease, as long as there's no damage on the vehicle and you're not exceeding your allotted miles then you are able to give the car back to the leasing company and walk out. Because you don't own the car , and only hold it for a set time, the monthly cost for a lease will typically be lower than a loan. If you want to terminate the lease rather, you can if the option is included in the lease agreement. Renting a car if you only require a car often, you might consider renting a car when you're in need of one. While renting a car is higher on a daily basis than a car loan however, if you only require the car for a few times per year, it may end up being more economical. When you rent a car and you don't have to fret about maintenance, fees or taxes. Car sharing is another option. signing up to the car sharing service. Turo is a peer-to-peer car rental service that lets you rent cars directly from individuals. It's similar in cost and convenience to renting a car through a company. If you live in an area where they're available, you could subscribe to the car sharing services like Car2Go or Zipcar. They typically require an annual or monthly subscription and permit users to rent cars at lower rates per hour or by the day. The bottom line While it might seem difficult to obtain car loans for college students, it is possible. Take your time to locate a good car and explore the possibility of a co-signer if it's possible. You should also speak with various lenders to compare rates and find the best possible deal. Be aware of all the additional expenses that go with owning a car and determine if you could save money by using alternatives such as rental, ride-sharing, or public transport. Learn more


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Written by Points and Miles Expert Contributor

Dan Miller is a former contributor to Bankrate. Dan covered loans, home equity , and debt management in his work.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers to take control of their finances through providing clear, well-researched information that break down complex subjects into bite-sized pieces.






Auto loans editor




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