Buying a Car as Student

Answer 1

Buying a car is one the most exciting events for a student. The kind of car that you choose can say a lot about you. Not only will you gain independence but with a car, you also gain a new way to show off more of your personality. The color, the shape, and the make are what some pride themselves on and in some ways makes them who they are. Find out what you need to how before you shop for a car as a student and get the best car for your lifestyle.

Long-term Costs vs. Price Tag

Pull up to any car dealership and cruise the lot and you are sure to find the price tag plastered in each window to catch your attention. Give or take a few thousands you are bound to find something that fits within your budget. Finding a decent priced car is great but what many a college student has failed to realize when buying their first car is what it will take to keep the car up. Car upkeep includes maintenance (oil changes, tires, brakes, etc.) and everyday usage costs (gas and insurance). During the car buying process, one must take consideration for what the car will cost them overall to know if they are truly getting a bargain. If the car takes a lot of gas and you must travel a ton of miles per week, are you going to be able to keep the gas hand above a quarter of the tank more than half the time? If the answer is no then the car does not fit the criteria for affordability even if its sticker tag is something you can afford. Avoid ending up being one of those people who gets a car at a good deal but cannot afford to pay the insurance or replace a flat tire without having to take a second job or work overtime.

Have a Cosigner

You may have enough money to buy the car but in the eyes of the finance company, you may not have enough credit or large enough income to keep up payments. Finance companies are not keen on doing business with students unless they have a cosigner. Ask your parent or a close relative if they will lend their John Hancock to your car cause. Beware; cosigners are only worth their own credit score as far as the finance companies are concerned. Choose someone to ask who has good to better credit and you should be fine. Avoid the credit and cosigner horse and pony show by saving up to pay in cash for your new ride. This may prove to be a harder row to sow and you probably will not have the freshest wheels on the yard but it may better for you in the end. Remember those upkeep costs discussed earlier. No car note means more money for gas and if you have a bit more left over, how does splurging on that custom paint job you wanted sound?

Avoid the Car Rental Marts

Little or no credit by no means resolves a car shopper to buying with a lot that finances you for weekly or biweekly payments. A payment schedule of this type may be convenient as it fits with your payroll but it can be expensive. Interest and other unnecessary fees are likely to be attached to your final contract costing you thousands more that you could have kept in your pocket for school or your life after college. Do not let yourself be taken in by how easy is it to be financed at an establishment of this type (all you need to show is a work history and current paystub in most cases). That which seems too easy frequently is just that and no more than smoke and mirrors used by a shady car dealer to cover up your worst nightmare.

The best car advice around is to buy with sensibility first and pick a car based on what you like second. You can never go wrong when you go for practicalities when making such a important purchase.Buying a car is one the most exciting events for a student. The kind of car that you choose can say a lot about you. Not only will you gain independence but with a car, you also gain a new way to show off more of your personality. The color, the shape, and the make are what some pride themselves on and in some ways makes them who they are. Find out what you need to how before you shop for a car as a student and get the best car for your lifestyle.