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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 financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that compensate us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offerings that could be accessible to you.
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7 min 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 work.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing clear, well-researched information that break down complex topics into digestible chunks.
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If you’re a college student who wants to purchase a car it’s possible that you’ve discovered it a bit more challenging than you expected. While car loans for students exist but many lenders are wary of offering loans to first-time buyers or those with limited credit histories. But, students can get student car loans are possible — especially when you have a steady source of income, good grades or can get the trust of a family or friend member to co-sign on your behalf. How do you buy an automobile as a college student Even when you’re a student, or someone else with a low credit score There are many options to finance a car. While you might not have the same choices as someone with an extensive job history and credit history, it is feasible. The process of obtaining the right car loan as a student appears exactly like what it would for a postgraduate driver who is looking to finance. But if you’re in a lower-cost student budget, it this is a factor to consider. This is even more true as average monthly costs are at record levels and used cars costing $515 and new cars even steeper at $677 in the 2nd quarter in 2022, according to . Take these steps before you begin your car purchasing process. Set a realistic budget. Make use of the car loan to figure out what you can afford to spend each month. When budgeting, be sure to focus on the value of the vehicle, not just the sticker price. Save for a down payment. While saving for a down payment may be difficult for an undergraduate, it could result in lower rates and monthly payments. If you’re able to save, the ideal scenario is to save at the very least 20% of the price. But even if you can’t spend that amount, you should aim to make at minimum a modest down payment. Find the best car for you. It’s important to consider the best car to meet your needs as a young person. Although it might seem appealing to purchase a brand-new car with all the latest technology, think about where you’ll be parking it, the amount of possible passengers that you could have, and even the price of fuel for an option that is more luxurious. Lock in the cost of financing. It’s a good idea to apply for a loan ahead of car shopping — online or in personto be sure of what you can manage and to avoid dealership markups. Depending on the lender, prequalification will mean an easy credit pull. You should also be prepared to share necessary documentation to verify the details you have provided. Negotiate. It can be a bit intimidating, especially for young people. In the case of car buying as a student, it is wise 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. However, no matter what, remain assured and don’t be afraid to walk away. How can you increase your chances of loan approval. As with any loan that you apply for, the best affordable rates, terms, and acceptance are available to those with good credit. As a student with a small amount of credit history, getting approved can be a problem. But there are a number of ways to improve the chances of getting approval when you’re buying a car as student. Show a reliable source of income. The best way to secure a car loan as a student is to show a reliable earnings source. Before giving you a car loan, lenders will want to see that you can demonstrate a solid method of paying the monthly payment. If you’re employed and have a record of at minimum a couple of months of income, you will increase your chances of being accepted. Speak to banks or credit unions where you already have accounts . If there isn’t a stable source of income, or if your income is seasonal or erratic, you may have trouble getting a auto loan from a variety of lenders. If you have an account at an institution in your area it is a credit union, you could call it. It could offer students automobile loans as well as other financial programs targeted towards people who are in your position. You may be able to speak directly to a loan officer or manager with authority to approve. The major advantage is that it will be simpler to argue your argument and convince someone in person. Find a co-signer A different option is to find someone you trust like a family member to for your vehicle loan. If you’ve got a co-signer then the lender will also examine the credit history of the co-signer and income. The benefit of this can be the fact that your loan is more likely to be approved. However, one drawback is that the co-signer is legally accountable for the vehicle loan. If you’re not able to make the payments, that could cause tension in your relationship. Have good grades. Similar to lenders factoring credit history, some lenders rely on your GPA as a way to determine loan approval. If you have a high GPA you should consider sharing it with prospective lenders. Because while not all will consider it, in certain instances, good grades can provide better rates. What are the best places to look for cars while an undergraduate A lot has changed in the ways people purchase and sell vehicles throughout the years, but one part has remained the same — if you have the time to look around, you can often save money. The less time you have to explore all your options, the more money you’re likely to pay for your car. Friends and family Finding a purchase from a family member is likely to be the ideal situation. Buying a car from someone you trust reduces the chance that you buy the wrong car. Plus, depending on who you’re buying it from, they may be willing to make an offer on the cost. This could be an ideal scenario, if there’s no one knows anyone who is looking to sell a car, you will be out of luck. Local car dealers While many experiences are now online, there is still a value in shopping around at local dealerships for cars. Nearly all dealers have their inventory on the internet as well which means you can check out the cars available before you head to the dealership to test drive. While using the internet to help you find a car makes a lot of sense for many, there are those who prefer visiting the vehicle in person. Online In addition to browsing the sites of local used and new car dealers, there’s a variety of other . If you are interested in online buying, you can buy with security using online used car marketplaces such as . Facebook Marketplace, Craigslist and eBay are among the sites on which you can find people selling their cars privately, but be on the lookout for . Other expenses to consider Keep in mind that it’s not only the cost of your car loan that can impact your budget. You must ensure that you have room for these other car-related expenses as well. Sales tax and registration fees. These taxes and fees vary by state and local jurisdiction Check and find out what they cost you. Expected costs: Between $400 and $700 depending on the state you live in as per . Insurance. Most states require you to be covered at least with liability insurance. Take a look at a couple of brokers and agents to find the coverage that best suits your needs. Expected cost: $1,771 based upon your state of residence, the driving record and type of vehicle as per . Parking. Particularly for college student, you might have to pay for parking on or near campus. Costs expected to be $362 annually or $181 for a semester according to data compiled from various universities. Fuel. As prices for gas rise and the price of fuel could be a major factor in your budget. Expected price: $3.84 per gallon at the date of the end of August 2022 according to . Repairs and Maintenance. Unlike other forms of insurance, insurance for cars doesn’t usually include routine maintenance items, such as oil changes. You’ll want to make sure your budget allows money for the above items. Expected price: $9,666 for new vehicles as per . How to drive without buying If you’re having trouble being eligible for a student auto loan, or if you’ve decided 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, as long as there’s no damage on 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 vehicle over to leasing firm and drive out. Since you don’t own the car , and only have it for a set time, the monthly cost for leases is typically less than that of a car loan. If you want to terminate the lease it is possible if the option is stipulated in the lease contract. Renting a car If you only require a car occasionally, it is worth renting a car whenever you’re in need of one. While renting a car is more expensive on a per-day basis than a car loan however, if you only require a car a few times throughout the year, it could end up being more economical. When you’re renting a car and you don’t have to fret about maintenance, tax or charges. Car sharing is another option. joining an auto sharing service. Turo is a peer-to-peer vehicle rental service, where you can hire cars directly from people. It’s comparable in price and convenience as renting a car from an organization. If you live in an area that is supported, you can also join an auto sharing service such as Car2Go and Zipcar. These services usually require an annual or monthly subscription and permit the use of cars at lower rates per hour or by the day. The bottom line is that while it may seem difficult to get auto loans for college students, it is possible. Do your homework to find an affordable car, and think about the possibility of a co-signer if possible. It is also advisable to speak with different loan providers to evaluate rates and get the best possible deal. Take into consideration all the additional costs associated with owning a car and consider if you are able to save money by using alternatives such as rental, ride-sharing, or public transportation. Learn more
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Authored by Points and miles Expert Contributor
Dan Miller is a former contributor to Bankrate. Dan wrote about loans, home equity , and debt management in his writing.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with clear, well-researched information that break down complex topics into digestible chunks.
Auto loans editor
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