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A student's guide to car buying Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and to compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial offerings that could be available to you.



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Klaus Vedfelt/Getty Images
7 min read published August 31 2022
Written by Dan Miller Written by Points and Miles Expert Contributor

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







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing precise, well-studied information that breaks down complicated subjects into bite-sized pieces.









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If you're a student trying to buy a vehicle and you've found it a bit more challenging than you thought. While car loans for students do exist, many lenders are wary of lending money to first-time car buyers, or those with less credit histories. However, student car loans are possible and are especially appealing in the event that you have a stable source of income, good scores or can find an amiable friend or family member to co-sign for you. How do you buy an automobile as a college student Even even if you're in college or someone else with low credit score, there are options to finance the purchase of a vehicle. While you may not have the same alternatives as someone who has an established job and credit history, it is possible. The process of finding a car loan as a student looks exactly like what it would for a postgraduate driver looking to finance. But as you may be with a smaller budget for your student is what matters. This is particularly relevant since the average monthly expenses are at record levels, with used cars at $515 and brand new cars higher at $677 by the 2nd quarter in 2022 according to . Follow these steps when you begin the car buying process. Set a realistic budget. Make use of a car payment to determine how much you can afford to spend each month. When you are budgeting be certain to concentrate on the of the vehicle and not just the sticker price. Make a savings plan for a down payment. While saving for a down payment may be a problem for students, it could result in lower rates and monthly payment. If you have time to spare, the ideal situation is saving at least 20% of the price. Even if you are unable to pay that much, try to budget for at least a small down cost. Choose the right car for you. It's important to think realistically about the ideal car for your needs as a young man. Although it might seem appealing to buy a brand-new vehicle with the most recent features, consider where you'll be parking it, the amount of possible passengers you'll be able to accommodate and even the price of fuel for the more expensive option. Lock in the financing. It is advisable to apply for a loan prior to going car shopping whether in person or online -- to ensure you know the amount you can afford and skip out on dealer markups. In the case of a lender the prequalification process will be the pulling of a credit card. It is also important to share necessary documentation to confirm the information you provide. Negotiate. can be very intimidating, especially for children. In the case of car buying while a student, it is advisable to take a trusted adult or family member with you. This way you are more confident in pushing for the price you're entitled to. However, no matter what, remain positive and don't be afraid to leave. How to improve your chances of loan approval. As with any loan, the most affordable rates, terms, and approval are offered to those with strong credit. For a student who has only a little credit history, approval can be a challenge. But there are a number of methods to increase the chances of getting approval when you're buying a car as an undergraduate. You must prove a reliable source of income. The most effective method to qualify for a car loan as a student is to prove a reliable source of income. Before giving you an auto loan, lenders will want to see that you have a stable method of paying the monthly installment. If you have a job with a track record of at minimum a couple of months of income, you'll have a better chance of increasing your odds of being approved. Contact banks and credit unions with whom you already have accounts . If there isn't a reliable source of earnings, or if your income is fluctuating or seasonal it could be a problem getting a car loan from most lenders. If you already have an account with local banks or credit unions , you might call it. It could offer student car loans as well as other financial programs targeted at people who are in your position. You might be able to speak directly to an loan manager or an officer who has approval powers. The primary benefit is that it may be more straightforward to present 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 sign your car loan. If you have a co-signer you, your lender will also look at your co-signer's credit history and income. The benefit of this will be that the loan is much higher likelihood of being approved. One drawback, however, is that the cosigner is also legally responsible for the vehicle loan. If you're unable to pay your loan on time, it can cause friction between you. Have good grades. Similar to lenders factoring credit background, some lenders consider your GPA as a metric for loan approval. If you carry a strong GPA you should consider sharing it with potential lenders. Because while not all will take into account it, in certain cases, good grades could result in more competitive rates. Where to shop for cars as a student Much has changed about the way people purchase and sell cars through the years, however one aspect has remained the same -when you have the time to shop around and shop around, you'll save money. The less time you have to research all options, the more money you'll pay for your vehicle. Family and friends Finding a purchase from a family member is likely going to be the ideal situation. If you purchase a car by someone whom you know will reduce the chances that you will purchase a lemon. Plus, depending on who you are buying the car from, they might offer some deals on the price. While this may be the best scenario, if no one that you know is looking to sell a car then you're out of the market. Local car dealers Even though a lot of experiences have gone online, there's still worth looking into local dealers in the car industry. Most dealers will have their inventory on the internet as well and you'll be able to see the cars available before you head to the dealership to take a test drive. While making use of the internet to aid you in your car search is a good idea, many people enjoy taking a look at and experiencing the vehicle in person. Online In addition to browsing the online sites of local new and used dealerships, there are numerous alternatives . If you are interested in buying online, you can buy with security using online marketplaces for used cars, like or . Facebook Marketplace, Craigslist and eBay are just a few sites where you can look for people selling their vehicles privately and other items, but keep an eye on what to watch for . Other costs to be aware of Remember that it's not only the costs of your vehicle loan that will affect your budget. You must ensure that you have the space to cover these other auto-related expenses too. Sales tax and registration fees. The fees and taxes vary according to the state and local authority Check and find out the amount they'll cost you. Expected costs: Between $400 and $700 depending on your state, according to . Insurance. The majority of states require that you have at minimum liability insurance. Check around with a couple of different agents and brokers to find the coverage that is most suitable for your needs. Expected cost: $1,771 depending on your home state, driving history , and the type of vehicle according to . Parking. Particularly for college student, you may need to pay for parking near or on campus. Expected cost: Average of $362 per year or $181 per semester according to research conducted by several universities. Fuel. As gas prices rise as well as the cost of fuel could be a major factor in your budget. Estimated cost: $3.84 per gallon as of the end of August 2022, according to . Repairs and Maintenance. Unlike other forms of insurance, car insurance doesn't usually provide routine maintenance services, such as oil changes. You should ensure your budget allows money for these things. Expected price: $9,666 for new vehicles According to . How to drive without buying If you are having trouble getting a student car loan or have thought that it's not the most suitable option for you, there are other options. Leasing When you lease, you receive a car to use for a specific duration and amount of miles. When the lease is over, period of the lease and as long as there's no damage to the vehicle and you're not exceeding your mileage limit and you're not in violation of the lease, you can hand the car it back to your leasing provider and drive away. Because you don't have ownership of the vehicle and you only hold it for a specific period, the monthly payment for leases is typically lower than a loan. If you wish to pay terminate the lease, you can choose to, if you are allowed in the original lease agreement. Renting a car only need a car very sporadically, you can consider renting a car whenever you require one. While renting a vehicle is costlier on a per-day basis than a car loan but if you just need a car a few times throughout the year, it might end up being more economical. When you're renting a car it is also not necessary to be concerned about maintenance costs or taxes or fees. Car sharing is another option. joining an auto sharing service. Turo is a peer to peer car rental service where you can lease cars directly from the owners. It's comparable in terms of cost and ease to renting a car from a company. If you live in an area that is accepted, you can subscribe to a car sharing service like Car2Go or Zipcar. These services typically require an annual or monthly membership and then allow you to rent cars for less per hour or by the day. The bottom line is that while it might seem difficult to get car loans for students in college, it is possible. Take your time to locate an affordable car, and think about the possibility of a co-signer if it's possible. You should also speak with various loan providers to evaluate rates and find the most affordable deal. Be aware of all the additional costs associated when you own a car, and decide if you can make do with alternatives such as renting, ride-sharing or public transport. Find out more


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The article was written by an expert contributor to Points and Miles.

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



Editor: 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 topics into manageable bites.






Auto loans editor




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