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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 providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be open to you.



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7 min read Published August 31 2022
Authored by Dan Miller Written by Points and Miles Expert Contributor

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







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.









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If you're a student trying to purchase a car and you've found it to be a little more difficult than you expected. Although car loans for students do exist however, many lenders are cautious of providing loans to first-time buyers or those with a weak credit histories. However it is true that students can get student car loans are feasible and are especially appealing in the event that you have a stable source of income and good grades or can get a trusted friend or family member to co-sign on your behalf. How to buy a car as a college student Even even if you're in college or have a limited credit history There are many options to finance the purchase of a car. While you may not have the same choices as someone with a long-established job and credit history however, it's feasible. The process of finding a car loan as a student looks similar to the procedure for a postgraduate student looking to finance. But as you may be on a tighter student budget is what matters. This is even more relevant since the average monthly expenses are record high for used vehicles, which are $515, and new cars steeper at $677 in the second quarter of 2022 according to . Follow these guidelines when you begin your car purchasing process. Create a budget that is realistic. Make use of the car loan to figure out the amount you are able to pay each month. When budgeting, be certain to concentrate on the value of the vehicle, not just the sticker price. Save for a down payment. While saving for a down payment may be a challenge as a student, it can mean lower rates and more frequent installments. If you're willing to spare, the ideal situation is saving at least 20% of the cost. But even if you can't afford that amount, aim for a minimum down payment. Find the best car for you. It's important to be realistic about the best car to meet your requirements as a young adult. While it may seem enticing to purchase a brand-new vehicle with the most recent features, take into consideration where you'll be parking it, how many potential passengers you'll have and even the price of fuel for a more luxurious option. Secure the cost of financing. It is advisable to apply for a loan prior to going car shopping -- in person or on the internetto be sure of the amount you are able to pay and avoid dealer markups. Based on the lender, prequalification will mean the pulling of a credit card. You should also be prepared to submit the required documentation to confirm the details you have provided. Negotiate. Negotiating can be quite intimidating, especially for a young person. In the case of car buying while a student, it is recommended to bring an adult friend or family member with you. This will make you will be more confident about pushing for the deal you deserve. No whatever, be positive and don't be afraid to walk away. How to improve your chances of loan approval. Like any loan, the most favorable rates, terms and acceptance are available to those with strong credit. For a student who has very little credit history, getting approval could be a challenge. There are a variety of ways to improve the chances of getting approval when purchasing a car as student. Provide a steady source of income The best way to secure a car loan as a student to show a reliable sources of revenue. Before granting you an auto loan lenders require proof that you have a stable means of paying for the loan's monthly payments. If you're employed and have a record of at least a few months of income, you'll increase your odds of being approved. Contact banks and credit unions with whom you have accounts if there isn't a stable source of earnings, or if your income fluctuates or is not consistent and you're likely to have difficulty getting a auto loan from most lenders. If you already have an account with local banks or credit unions perhaps a credit union, it might be possible to call it. It could offer students auto loans as well as other financial programs targeted at people in your situation. It is possible to talk directly with a loan manager or an officer who has approval powers. The major advantage is that it could be more straightforward to present your case and convince someone in person. You can also get a co-signer. Another alternative is to ask someone you trust like a family member to help you with your vehicle loan. If you have a co-signer you, it is likely that the lender will also take a look at your co-signer's credit history and income. The advantage can be the fact that your loan is more likely to be approved. One drawback, however, is that your co-signer is legally accountable for your vehicle loan. If you're unable to pay the loan, it could create friction in your relationship. 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 be sure to share that with potential lenders. While not all lenders take into account it, in certain circumstances, good grades may mean more competitive rates. Where to shop for cars while an undergraduate A lot has changed about the way people purchase and sell cars over the years, but one thing remains the samewhen you have the time to look around and shop around, you'll save money. The less time you've got to explore all your options, the more you'll have to shell out for your car. Family and friends Getting a car from a friend or family member is most likely to be the perfect situation. A car purchase by someone whom you know will reduce the chances that you will purchase the wrong car. In addition, depending on the person you are buying the car from, they might offer an offer on the cost. Although this could be the best scenario, if no one knows anyone who is looking to sell their vehicle and you're not able to sell it, you're out of the market. Local car dealers While many experiences have gone online, there's still worth looking into local car dealers. Almost all 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 for a test drive. While using the internet to help you in your car search makes a lot of sense for many, there are those who prefer taking a look at and experiencing the car in person. Online In addition to checking out the online sites of local used and new dealerships, there are many other . In the case of purchasing online, you are able to buy with security using online marketplaces for used cars, like or . Facebook Marketplace, Craigslist and eBay are all sites where you can search for individuals selling their vehicles privately, but be on the lookout for . Other expenses to keep in mind Remember that it's not only the cost of your car loan that can impact your budget. You must ensure that you have the space to cover these other auto-related costs as well. Registration and sales tax. The taxes and fees are different according to the state and local authority So, make sure to check the amount they'll cost you. Expected cost: Between $400-$700 based on the state you live in as per . Insurance. A majority of states require you to have at least liability insurance. You can consult a number of different brokers and agents to find the insurance which best meets your requirements. Expected cost: $1,771 based upon your home state, driving history and vehicle type as per . Parking. Particularly if you're a student at a college, you might need to pay for parking on or near campus. Expected cost: $362 annually or $181 for a semester according to research conducted by various universities. Fuel. As gas prices rise, the cost of fuel could significantly impact your budget. Expected cost: Average $3.84 per gallon as of the end of August 2022, according to . Repairs and Maintenance. Like other types of insurance, car insurance typically does not provide routine maintenance services, such as oil changes. You should ensure your budget is sufficient to cover the above items. Expected cost: $9,666 for brand new cars, according to . How to drive without purchasing If you're having trouble qualifying for a student car loan or have decided that it's not the best option for you, there are other options. Lease When you lease , you receive a car to drive for a specified duration and number of miles. At the end of the term of the lease in the event that there's no damage to the vehicle and you're not exceeding the miles you've been given and you're not in violation of the lease, you can hand the car back to the leasing company and drive out. Since you don't actually have ownership of the vehicle and you only have it for a certain time, the monthly cost for a lease will typically be lower than a car loan. If you wish to pay close the lease rather, you can if the option is stipulated in the lease contract. Renting a car if you only need a car very occasionally, it is worth renting a car whenever you need one. Although renting a car can be costlier on a daily basis than a car payment however, if you only require a car a few times per year, it could end up being more economical. If you're renting a vehicle it is also not necessary to be concerned about maintenance costs or taxes or fees. Car sharing Another option is subscribing to the car sharing service. Turo is a peer to peer car rental service that lets you lease cars directly from the owners. It's similar in terms of cost and ease to renting a car through a company. If you're located in an area where they're supported, you can also join a car sharing service like Car2Go as well as Zipcar. They typically require a monthly or annual membership and allow the use of cars at cheaper rates by the hour or throughout the day. The bottom line is that while it can seem challenging to secure car loans for college students It is not impossible. Take your time to locate the best car for you and consider the possibility of a co-signer if feasible. It is also advisable to speak with a variety of loan providers to evaluate rates and find the best possible deal. Take into consideration all the additional expenses that go when you own a car, and determine if you could save money by using alternatives such as leasing, ride-sharing or public transportation. Find out more


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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 work.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers to take control of their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.






Auto loans editor




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