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A student's guide to car buying Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and compare information for free to help you make sound 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 deals that are advertised on this site come from companies that compensate us. This compensation can affect the way and where products appear on this site, including such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does affect the content we publish or the reviews that appear on this website. We do not cover the vast array 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 to 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 editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down complicated topics into digestible chunks.









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If you're a student trying to purchase a car and you've found it more difficult than you expected. Although car loans for students do exist however, many lenders are cautious of lending money to first-time car buyers or those with a weak credit history. Still 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, good grades , or the trust of a family or friend member to co-sign on your behalf. What can you do to purchase an automobile as a college student Even when you're a student, or someone else with low credit score, there are options to finance the purchase of a car. Although you might not have the same alternatives as someone who has a long-established job and credit history however, it's possible. The process of obtaining an auto loan as a student looks just like the process would for a postgraduate seeking to finance. However, if you're in a lower-cost student budget, it, matters. This is especially true as average monthly costs are at an all-time high for used vehicles, which are $515, and new cars steeper at $677 in the second quarter of 2022 according to . Follow these steps when you begin your car purchasing process. Create a budget that is realistic. Make use of a car payment to determine what you can afford to pay each month. When budgeting, be sure to focus on the of the vehicle and not just the price on the sticker. Consider saving for a downpayment. While saving for a down payment may be a challenge as an undergraduate, it could mean lower rates and more frequent installments. If you have time to wait, the best-case scenario is to save at least 20% of the cost. But even if you can't pay that much, try to budget for a minimum down cost. Decide what car is right for you. It's crucial to be realistic about the right car for your requirements as a young adult. While it could be tempting to purchase a brand-new vehicle with the most recent technology, think about the location you'll park it, the amount of potential passengers you'll have and even the price of gas to get an option that is more luxurious. Secure financing. It's a good idea to apply for a loan prior to shopping for a car either in person or on the internet- to ensure you know the amount you are able to manage and to avoid markups at the dealership. Based on the lender, prequalification will mean a soft credit pull. You should also be prepared to submit the required documentation to confirm the details you have provided. Negotiate. It can be a bit intimidating, especially for children. If you are buying as a student, it is advisable to take an adult friend or someone from your family with you. So you can feel more confident to push for the deal you deserve. However, no matter what, remain assured and don't be afraid to walk away. What can you do to increase your odds of loan approval. Like any loan that you apply for, the best affordable rates, terms, and acceptance are available to those with strong credit. And as a student with only a little credit history, getting approval could be difficult. However, there are plenty of ways to improve your chances of getting approval for a car purchase as an undergraduate. Show a reliable source of income. The most effective way to secure a car loan as a student is to show a reliable source of income. Before giving you an auto loan, lenders will be looking to verify that you have a stable means of paying for the loan's monthly payment. If you're employed with a track record of at minimum a couple of months of income, you'll increase the likelihood of getting accepted. Contact banks and credit unions where you already have accounts If you don't have a steady source of earnings, or your income fluctuates or is not consistent and you're likely to have difficulty getting a car loan from most lenders. If you have an account with an institution in your area perhaps a credit union, it might be possible to contact it. They may provide students auto loans and other services geared towards those in your situation. You may be able to talk directly with an loan manager or officer with authority to approve. The primary advantage is that it will be more straightforward to present your case and convince that person in person. You can also get a co-signer. Another option is to find a trusted friend or family member to sign your car loan. When you have a co-signer then it is likely that the lender will also look at the credit history of the co-signer and income. The advantage can be the fact that your loan is much more likely to be approved. The downside is that your co-signer is also legally responsible for the car loan. If you're not able to pay your loan on time, it could cause tension in your relationship. Make sure you have good grades. Similar to lenders that consider credit background, some lenders consider the GPA as a way to determine loan approval. If you have a good GPA, consider sharing that with potential lenders. While not all lenders factor it, in some cases, good grades could mean more competitive rates. Where to shop for cars as a student Much has changed regarding the method that people buy and sell cars through the years, however one aspect remains the samewhen you're willing to shop around and compare prices, you'll often save money. The less time you have to look at all the options, the more money you're likely to pay for your vehicle. Family and friends Finding a vehicle from a family member is likely going to be the perfect situation. A car purchase by someone whom you know will reduce the chance that you buy the wrong car. In addition, depending on the person you're buying it from, they might offer some deals on the price. This could be an best scenario, if no one knows anyone who is looking to sell a car, you will be out of luck. Local car dealers Although a lot of instances have gone online, there is still a value in shopping around at local car dealers. Nearly all dealers have their inventory on the internet as well, so you can see what cars are 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 seeing and experiencing the car in person. Online In addition to looking at the online sites of local new and used dealerships, there are numerous alternatives . In the case of online buying, you can buy securely using dedicated online marketplaces for used cars, like or . Facebook Marketplace, Craigslist and eBay are just a few sites where you can look for people selling their vehicles privately, but be on the watch for . Other expenses to consider Keep in mind that it's not just the cost of your car loan which will impact your budget. You must ensure that you have the space to cover these other auto-related expenses as well. Sales tax and registration fees. The fees and taxes vary depending on the local and state jurisdictions, so check and see what they cost you. Expected costs: Between $400-$700 based on the state you live in according to . Insurance. Most states require you to be covered at least with liability insurance. Check around with a couple of brokers and agents to find the coverage that is most suitable for your requirements. Expected cost: $1,771 depending on your home state, driving history , and the type of vehicle according to . Parking. Particularly if you're a college student, you may need to pay to park on or near campus. Costs expected to be $362 annually or $181 per semester according to data compiled from several universities. Fuel. As prices for gas rise, the cost of fuel could significantly impact your budget. Estimated cost: $3.84 per gallon at the close of August 2022 according to . Repairs and Maintenance. Like other types of insurance, insurance for cars does not usually provide routine maintenance services, such as oil changes. You should ensure your budget is sufficient to cover these items. Expected price: $9,666 for new vehicles, according to . How to drive a car without buying If you are having trouble qualifying for a student car loan or have concluded that it's not most suitable option for you, there are other options. Leasing When you , you are given a vehicle to use for a predetermined period and a certain number of miles. After the period of the lease and as long as there is no damage to the vehicle or your mileage limit, you can give the car it back to your leasing provider and drive out. Since you don't actually own the car , and only own it for a specific periodof time, the monthly installment on a lease is usually lower than a loan. If you wish to pay close the lease instead then you could, opt to do so if it's included in the lease agreement. Renting a car only require a car sporadically, you can consider hiring a car whenever you need one. Although renting a car can be more expensive on a per-day basis than a car loan however, if you only require a car a few times per year, it could prove to be more economical. If you're renting a vehicle and you don't have to worry about maintenance or fees or taxes. Car sharing is another option. subscribing to the car sharing service. Turo is a peer-to-peer vehicle rental service that lets you rent cars directly from individuals. It's similar in cost and convenience as renting a car from an organization. If you're located in a region where they're supported, you can also join the car sharing services like Car2Go as well as Zipcar. These services typically require an annual or monthly membership and then allow you to rent cars for lower rates per hour or per day. The bottom line is that while it can seem challenging to get car loans for students in college but it's possible. Take your time to locate the best car for you and consider having a co-signer, should it be it's possible. You should also speak with various lending institutions to review rates to find the best possible deal. Consider all of the extra costs associated with owning a car and consider if you are able to make do with alternatives such as rental, 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 covered loans as well as home equity and debt management in his writing.



Editor: 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 their readers gain the confidence to manage their finances by providing clear, well-researched information that break down complex topics into manageable bites.






Auto loans editor




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