Buying A Car As A College Student
Owning a car is an essential part of life nowadays, especially for busy college students. Having one would make attending classes, meetings, and events hassle-free than commuting by bus or cab. Owning a car as a college student used to be a luxury only afforded by the rich ones, but with the many available options nowadays, alongside student-friendly financing methods, any college student can have the chance to have their own vehicle.
buying a car as a college student
Usually, classes, meetings, social events, and other happenings in college are held at different times and locations. Also, in the busy life of a college student, trying to balance school and other things all at the same time, wasting time waiting for rides can affect your daily routine, not to mention the costs of public transport. These problems could be avoided if you had your own car that you can drive anytime to any destination.
How Can College Students Get A Car Without A Job?It can be difficult for most college students to save up for a car that paying in cash is automatically out of the picture. With vehicle financing methods, however, getting yourself a car could be a definite possibility. Different payment options are available at reasonable agreements, and these include:
If you have enough savings, cash grants, or more money to spare than you need for your academic expenses, you can purchase a car in cash. Remember that the more cash you have, the more choices you can pick for your vehicle, whether a brand new or a second-hand one. At the same time, buying a car in cash is usually less expensive than buying it in installment due to a lack of interest over time.
To beef up your car buying fund, stash away any money you receive as a gift or inheritance. If you have a job, automatically transfer a portion of each paycheck to your savings account. And, if you get a tax refund, earmark those funds for your mission.
If you have the means, getting a brand new car has its perks. But for many people (not just college students!), a quality used vehicle fits into the budget better. Cars depreciate quickly, so you could buy a 3-year old car with low miles for a fraction of what it cost when it was new. And it will still be in great shape!
As a college student, you may not have much cash to spend right now, but that doesn't mean you won't be able to buy a dependable car. At Val-U-Line, we don't just offer cheap used cars; we're also proud to help our customers get the affordable financing and services they need.
The latest vehicles on the market may have advanced tech and features, but if you're a college student looking to save, it's best to buy used. Typically, pre-owned vehicles cost less and have lower monthly payments than newer models available.
Plus, just because you're buying a pre-owned vehicle, it doesn't mean you won't have access to great technologies. Many used cars are equipped with innovative features for enhanced comfort, performance, and safety. Get started by browsing our large inventory of cheap used cars online.
Saving is essential to afford a car in college. So, you want to make sure you're putting away money for a down payment. Something as simple as using your meal plan in the dining hall or making coffee at home instead of buying it can save you a few dollars every day, which will add up over time.
Credit can vary from student to student. When you're buying a car in college, you want to make sure your credit score is good (around 700 or higher). Good credit can get you approved for better finance rates, which means lower monthly payments. Overall, it'll make buying your car more affordable.
Typically, college students don't have much experience with credit, so your scores may be a little lower. Fortunately, you can work to improve it if you have a credit card. Paying off the statement balance on time and maintaining a balance of less than 30% of your credit limit can boost your score over time.
Having a cosigner can also help you afford a car in college. If you have bad credit or no credit, a cosigner with better credit can give you the boost you need to get approved for a loan. Plus, they can even help get you affordable terms for lower monthly payments.
To find cheap used cars for college students, you should shop at a dealership. You'll find fantastic deals to help you save more on a vehicle. Plus, you can take advantage of manufacturer finance offers as well as lease deals for certain cars.
Being able to afford a car in college is easier than you think. Just keep these helpful tips in mind. Also, feel free to reach out to the team at Val-U-Line for more information or when you're ready to shop. Our used car dealerships are home to hundreds of budget-friendly pre-owned vehicles that you can check out today.
Owning a car comes with many costs, and bringing it to campus may only increase them. Routine maintenance, tire replacements, and other typical car expenses make car ownership difficult to fit into a college budget.
That said, owning a car in college is not impossible. Degree-seekers often manage it, but do the calculations to make sure you can keep up with the costs first. The expenses include the price of the car and fees for parking near class via permits, meters, or tickets.
In this article, we outline venues offering affordable cars for students or student auto loans. We also cover financing a car, alternatives to purchasing a vehicle, and the hidden costs of bringing a car to campus.
Yes; many students bring a car to campus. Often, learners need or want a car on campus to get to and from jobs or to drive home. However, many schools bar on-campus freshmen from bringing cars. Freshman need to research their schools' specific rules.
If someone needs a car for medical appointments, internships, or a job, they may find it worthwhile. The benefits might outweigh the cost of repairs, gas, maintenance, and parking. If a student wants, but does not need a car, a vehicle could easily become expensive.
Using cash requires paying the full purchase price upfront rather than financing the vehicle. When purchasing a car in college, learners may not have the income or credit score needed to finance the vehicle. That leaves one solid payment option: cash.
Paying for a vehicle in full requires dedication to save the money. An outright purchase means not worrying about monthly payments or defaulting on a loan. College students particularly benefit from removing auto payments from their monthly budget.
Car buyers use places like Craigslist or Facebook Marketplace to find individual sellers looking to offload vehicles at affordable prices. People often find great car options this way. Using these venues avoids dealer markups when buying off of a lot. When buying from an individual seller, make sure to get the car inspected before closing the deal. Buyers should know exactly what type of car they will get before completing the sale.
Websites like Cars for a Grand aggregate listings of affordable local cars for students. Other sites, like AutoTrader, allow searching by price and mileage. Degree-seekers might find local sellers looking to offload reliable used cars at low prices.
Learners struggling to afford a car in college can look into the deals automakers and dealers offer. Both dealers and automakers offer special incentive programs to help college graduates entering the workforce. Current students may find these deals available to them as well.
The Acura College Graduate Program offers about $500 off the purchase or lease of a new Acura model. Both recent graduates and current students qualify for the program. Buyers may also defer payments for 90 days when financing a new car under this program.
BMW's College Graduate Program allows students and recent college graduates to save $1,000 on a new or certified pre-owned BMW. Recent college graduates and applicants graduating within the next six months may meet the program participation requirements.
The GM College Discount program offers college students and recent graduates discounts on eligible Chevrolet, Buick, and GMC vehicles. Qualifying applicants can combine the discount with other offers, including cash back or low-interest financing, saving even more on the purchase.
The FordDrivesU Program offers a $500 bonus cash incentive to recent graduates and current students. Purchasing and leasing both qualify for the incentive on eligible Ford or Lincoln vehicles from local dealers.
Honda Financial Services' College Grad program offers a $500 discount to students and recent graduates. This program offers other perks, too, including deferring the first payment for 90 days after vehicle purchase. This incentive applies to the purchase of any new Honda vehicles.
The Nissan College Grad Program offers current and soon-to-be college graduates up to $500 off the purchase of a new Nissan. Buyers can combine the promotional discount with other Nissan offers to save more money.
The Subaru College Graduate Program offers special financing or lease offers to recent and future college graduates. This program offers low interest rates to qualifying applicants with limited credit history. Subaru features other discounts, including 15% off parts and accessories to customize a new car.
The VW College Grad Bonus gives college graduates and soon-to-be graduates a $500 discount when they lease or finance a new Volkswagen vehicle. Other perks include competitive interest rates and waived security deposits for qualifying applicants.
Large metro areas often feature car-share programs, offering cars for rent on a short-term basis. Because of their popularity, degree-seekers find these programs on college campuses more and more frequently. Several car-share programs work directly with colleges and universities to provide cars for students when they need them. Zipcar and Enterprise Rent-A-Car operate programs at schools nationwide.
Degree-seekers needing a vehicle regularly might ask their family for a car as a gift or a loan. If lenders will not finance a student, a family member could cosign a loan or take it out in their name. Alternatively, family members who are able could buy a car outright and allow the learner to make payments to them. Asking family for assistance does not hurt if they could possibly help. 041b061a72