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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 smarter financial decisions by providing you with financial calculators and interactive tools that provide objective and original content. We also allow you to conduct research and compare data for free — so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home loan products. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial offers that may be open to you.
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7 min read Published August 31, 2022
The book was written by Dan Miller Written by Points and Miles Expert Contributor
Dan Miller is a former contributing 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.
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If you’re a student looking to purchase a car it’s possible that you’ve discovered it to be a little more difficult than you anticipated. While the possibility of car loans for students exist but many lenders are wary of offering loans to first-time buyers or those with a weak credit history. Still it is true that student car loans are feasible particularly in the event that you have a stable source of income and good grades or can get the trust of a family or friend member to co-sign on your behalf. How to buy a car as a college student Even if you’re a student or someone else with a limited credit history, there are options to finance the purchase of a car. Although you might not have as many alternatives as someone who has an established job and credit history, it is possible. The process of finding the right car loan for a student is exactly like what it would for a postgraduate student who is looking to finance. But if you’re on a tighter student budget, matters. This is even more true as average monthly costs are at record levels and used cars costing $515 and new cars even higher at $677 by the second quarter of 2022, according to . Follow these steps when you begin the car buying process. Figure out 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 car’s value and not just the price on the sticker. Make a savings plan for a down payment. While saving for a down payment may be difficult for a student, it can result in lower rates and monthly installments. If you’re able to spare, the ideal situation is saving at least 20% of the price. But even if you can’t spend that amount, you should aim for a minimum down cost. Decide what car is right for you. It is important to consider the best car to meet your needs as a young person. While it may seem enticing to buy a brand-new vehicle with the most recent technology, think about where you’ll park it, how many potential passengers you’ll have and the cost of gas for a more luxurious option. Make sure you secure the cost of financing. It is advisable to apply for a loan prior to shopping for a car whether in person or online -to make sure you know the amount you are able to manage and to avoid markups at the dealership. Based on the lender the prequalification process will be the pulling of a credit card. It is also important to submit the required documentation to verify the information you supply. Negotiate. can be very daunting, especially for children. In the case of car buying as a student, it is advisable to take an adult friend or family member with you. This way you feel more confident to push for the deal you deserve. However, no matter what, stay confident and do not hesitate to walk away. How to improve your chances of loan approval. As with any loan, the most affordable rates, terms, and approval are offered to those who have good credit. As a student with a small amount of credit history, approval can be a problem. But there are a number of ways to boost your chances of approval when purchasing a car as a student. Show a reliable source of income The best way to secure a car loan as a student is to prove a reliable source of income. Before giving you the car loan, lenders will want to see that you can demonstrate a solid means of paying for the loan’s monthly payment. If you have a job and have a record of at the very least a few months’ income, you’ll have a better chance of increasing the likelihood of getting accepted. Speak to banks or credit unions where you already have accounts If your income isn’t stable source of income, or if your income is fluctuating or seasonal it could be a problem getting a auto loan from a variety of lenders. If you have an account with a local bank or perhaps a credit union, it might be possible to reach out to it. They may provide student auto loans as well as other financial programs targeted towards people who are in the same situation. You may be able to speak directly to a loan manager or officer with approval powers. The main advantage is that it will be easier to plead your argument and convince someone in person. Find a co-signer A different option is to get a trusted friend or family member to for your vehicle loan. If you have a co-signer you, it is likely that the lender will also take a look at the credit history of your co-signer as well as income. The advantage of this will be that the loan is better able to get approved. One drawback, however, is that the co-signer is legally accountable for your car loan. If you’re not able to pay the loan, it can cause friction between you. Make sure you have good grades. Like lenders who consider credit background, some lenders consider their GPA as a metric for loan approval. If you carry a strong GPA, consider sharing that with prospective lenders. Because while not all will factor it, in some circumstances, good grades may provide better 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’re able to shop 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 the car you want to purchase. Family and friends Getting a car vehicle from a family member is likely going to be the perfect situation. A car purchase by someone whom you know reduces the chance that you buy a lemon. Additionally, depending on who you’re buying it from, they may be willing to make some deals on the price. While this may be the ideal situation, if nobody knows anyone who is looking to sell their vehicle, you will be out of the market. Local car dealers While many experiences are now online, there’s still value in shopping around at local dealerships for cars. Most dealers will have their inventory online as well and you’ll be able to see the cars available before you head to the showroom for a test drive. While using the internet to help you with your search for a car is an excellent idea, many people enjoy taking a look at and experiencing the car in person. On the internet, in addition to looking at the websites of local used and new dealerships, there are a variety of alternatives . In the case of buying online, you can buy securely using dedicated online used car marketplaces, like or . Facebook Marketplace, Craigslist and eBay are just a few sites where you can search for individuals privately selling cars, but be on the watch for . Other costs to be aware of Remember that it’s not only the price of your car loan that will affect your budget. You must ensure that you have space for these other car-related expenses too. Taxes on sales and registration. The fees and taxes vary depending on the local and state jurisdictions, so check and see what they cost you. Expected cost: Between $400-$700 based on the state you live in as per . Insurance. Most states require you to have at minimum liability insurance. You can consult a number of different brokers and agents to determine the type of coverage that is most suitable for your needs. Expected cost: Average of $1,771 based upon the state you reside in, your driving history , and the type of vehicle, according to . Parking. Especially if you’re a student at a college, you might need to pay to park on or near campus. Expected cost: Average of $362 for the year or $181 per semester according to research conducted by several universities. Fuel. As prices for gas rise and the price of fuel can be a major factor in your budget. Expected price: $3.84 per gallon at the end of August 2022, according to . Repairs and Maintenance. Unlike other forms of insurance, insurance for cars doesn’t usually provide routine maintenance services, such as oil changes. It is important to ensure that your budget has enough money to cover these things. Expected cost: Average of $9,666 for brand new cars, according to . How to drive without purchasing If you’re having trouble getting a student car loan, or if you’ve thought that it’s not the best option for you, there are other options. Lease When you lease , you get a vehicle to use for a specific time period and a specific amount of miles. After the lease term, as long as there is no damage to the vehicle and you’re not exceeding your mileage limit, you can give the car back to the leasing company and drive off. Since you don’t own the car , and only hold it for a certain time, the monthly cost for a lease will typically be lower than a car loan. If you want to close the lease instead then you could, opt to do so if it’s stipulated in the lease contract. Renting a car If you just require a car occasionally, it is worth renting a car whenever you’re in need of one. Although renting a car can be more expensive on a per-day basis than making a car payment, if you only need the car for a few times throughout the year, it may be more affordable. If you’re renting a vehicle it is also not necessary to worry about maintenance or taxes or fees. Car sharing is another option. joining a car sharing service. Turo is a peer-to-peer car rental service, where you can hire cars directly from people. It’s comparable in cost and convenience as renting a car from the company. If you’re located in a region where they’re accepted, you can sign up to an auto sharing service such as Car2Go or Zipcar. These services typically require a monthly or annual membership and then allow the use of cars at less per hour or by the day. The bottom line: While it might seem difficult to get auto loans for college students It is not impossible. Take your time to locate an affordable car, and think about getting a co-signer, if feasible. You’ll also want to talk with different loan providers to evaluate rates and find the best deal. Take into consideration all the additional costs that come when you own a car, and decide if you can get by with alternatives like leasing, ride-sharing or public transport. Find out 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 work.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances by providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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