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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 smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and to compare information at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.
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7 minutes 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, home equity and debt management in his writing.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into digestible chunks.
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If you’re a student looking to buy a car it’s possible that you’ve discovered it to be a little more difficult than you thought. Although the possibility of car loans for students exist but many lenders are wary of lending money to first-time car buyers, or those with less credit history. Still it is true that students’ car loans are feasible particularly when you have a steady source of income, excellent grades , or an amiable friend or family member to co-sign for you. How to buy a car while a student if you’re a student or someone else with a poor credit score, there are options to finance a car. While you might not have the same alternatives as someone who has an established job and credit score, it is feasible. The process of obtaining an auto loan for a student is exactly like what it would for a postgraduate driver who is looking to finance. But as you may be with a smaller budget for your student this is a factor to consider. This is even more relevant since the average monthly expenses are at an all-time high, with used cars at $515 and brand new cars more expensive at $677 in 2nd quarter 2022 according to . Follow these guidelines when you start your car buying process. Set a realistic budget. Take advantage of car payments to determine what you can afford to spend each month. When you are budgeting be certain to concentrate on the of the vehicle and not just the price on the sticker. Save for a down payment. While saving for a down payment may be difficult for an undergraduate, it could mean lower rates and monthly installments. If you’re able to wait, the best-case option is at least 20% of the purchase price. However, even if you cannot afford that amount, aim for a minimum down payment. Choose the right car for you. It’s important to consider the right car for your needs as a young man. Although it might seem appealing to buy a brand new car that has the most modern features, consider where you’ll park it, the number of possible passengers you’ll be able to accommodate and even the price of gas to get the more expensive option. Secure the cost of financing. It is smart to apply for a loan ahead of car shopping — in person or online -to make sure you know the amount you are able to afford and skip out on markups at the dealership. Based on the lender it is possible to get prequalified. This could mean the pulling of a credit card. You should also be prepared to share necessary documentation to confirm the information you supply. Negotiate. Negotiating can be quite intimidating, especially for young people. In the case of car purchasing as a student it is recommended to bring an adult who is trustworthy or a someone from your family with you. So you can feel more confident to push for the deal you deserve. However, no matter what, remain positive and don’t hesitate to walk away. How can you increase your chances of loan approval. As with any loan, the most competitive rates, terms and acceptance are given to those with strong credit. As a student with very little credit history, getting approved can be a challenge. However, there are plenty of ways to boost your chances of approval when purchasing a car as a student. Show a reliable source of income. The most effective way to secure a car loan as a student is to prove a reliable earnings source. Prior to granting you a car loan the lender will require proof that you can demonstrate a solid way of making the loan’s monthly payment. If you have a job and have a record of at the very least a few months’ income, you will increase your odds of being accepted. Contact banks and credit unions with whom you have accounts if your income isn’t stable sources of revenue, or if your income fluctuates or is not consistent it could be a problem getting a auto loan from a variety of lenders. If you already have an account with an institution in your area it is a credit union, you could call it. They may provide student auto loans or other programs targeted towards people who are in the same situation. You may be able to talk directly with an loan manager or an officer who has approval powers. The major advantage is that it will be easier to plead your case and convince that person in person. You can also get a co-signer. Another alternative is to ask a trusted friend or family member to for your car loan. When you have co-signers you, it is likely that the lender will also look at the credit history of the co-signer and income. The benefit of this is that your loan is much higher likelihood of being approved. One drawback, however, is that your co-signer is also legally responsible for your car loan. If you’re unable to pay the loan, it can cause friction in your relationship. Make sure you have good grades. Similar to lenders that consider credit history, some lenders rely on their GPA as a measure of loan approval. If you carry a strong GPA you should consider sharing it with potential lenders. While not all lenders factor it, in some circumstances, good grades may provide better rates. Where can you shop for cars when you’re a student Much has changed regarding the method people buy and sell vehicles through the years, however one part has remained the same -If you have the time to look around, you can often save money. The shorter time you have to look at all the options, the more money you’ll pay for the car you want to purchase. Family and friends Getting a car purchase from a family member is likely going to be the ideal situation. Buying a car from someone you trust limits the possibility that you’ll purchase an unsatisfactory product. Additionally, depending on who you’re buying it from, they may be willing to cut you some deals on the price. This could be an ideal scenario, if there’s no one that you know 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 merit in visiting local dealerships for cars. Most dealers will have their inventory online as well and you’ll be able to see the available cars before heading to the dealership to test drive. While using the internet to help you with your search for a car is a good idea it is also a popular method of visiting the vehicle in person. On the internet, in addition to looking at the sites of local new and used car dealers, there are a variety of other . In the case of buying online, you can buy securely using dedicated online marketplaces for used cars such as . Facebook Marketplace, Craigslist and eBay are all sites where you can find people selling their vehicles privately and other items, but keep an eye on what to watch for . Other expenses to consider Keep in mind that it’s not only the cost of your car loan which will impact your budget. You must ensure that you have space for these other car-related expenses as well. Sales tax and registration fees. These taxes and fees vary depending on the local and state jurisdictions So, make sure to check how much they will cost you. Expected cost: Between $400 to $700 based on the state you live in according to . Insurance. The majority of states require that you have at minimum liability insurance. Take a look at a couple of different agents and brokers to find the insurance which best meets your requirements. Expected cost: $1,771 based on the state you reside in, your driving history , and the type of vehicle according to . Parking. Particularly for college student, you may have to pay for parking on or near campus. Expected cost: $362 for the year or $181 per semester according to data compiled from numerous universities. Fuel. As prices for gas rise and the price of fuel can be a major factor in your budget. Expected cost: Average $3.84 per gallon by the date of the end of August 2022 according to . Repairs and maintenance. In contrast to other types of insurance, insurance for cars typically does not cover routine maintenance, like oil changes. You should ensure your budget has enough money to cover these items. Expected cost: Average of $9,666 when buying new vehicles as per . How to drive without purchasing If you’re having difficulty qualifying for a student car loan or you’ve decided that it’s not the best option for you There are alternatives. Leasing When you lease, you receive a car to use for a specific period and a certain number of miles. When the lease is over, term of the lease and as long as there is 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 walk away. Since you don’t actually own the car and only have it for a specific time, the monthly cost on a lease is usually lower than a car loan. If you’d like to take it off at the end of the lease then you could, if the option is stipulated in the lease contract. Renting a car if you only require a car sporadically, you can consider renting a car when you’re in need of one. While renting a vehicle is 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 could end up being more economical. When you’re renting a car, you also don’t need to be concerned about maintenance costs or tax or charges. Car sharing is another option, as is subscribing to the car 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 the company. If you live in a region where they’re accepted, you can subscribe to an auto sharing service such as Car2Go or Zipcar. They 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 is that while it can seem challenging to get car loans for students in college but it’s possible. Do your homework to find a good car and explore the possibility of a co-signer if possible. It is also advisable to speak with different lenders to compare rates and find the best deal. Be aware of all the additional expenses that go with owning a car and decide if you can get by with alternatives like rental, ride-sharing, or public transportation. Learn 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances with clear, well-researched information that break down complex topics into manageable bites.
Auto loans editor
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