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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 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.

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If you’re a college student who wants to buy a car it’s possible that you’ve discovered it more difficult than you anticipated. While automobile loans for students are available, many lenders are wary of providing loans to first-time buyers or those with a weak credit history. Still, student car loans are possible particularly in the event that you have a stable source of income and good grades , or a trusted friend or family member to co-sign for you. How do you buy a car while a student if you’re a student or have a limited credit history There are many options to finance the purchase of a car. Although you might not have as many options as someone with a long-established job and credit score but it’s still feasible. The process for obtaining the right car loan as a student looks exactly like what it would for a postgraduate 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 for used vehicles, which are $515 and brand new cars higher at $677 by the 2nd quarter in 2022, according to . Take these steps before you begin the car buying process. Set a realistic budget. Take advantage of a car payment to determine the amount you are able to spend every month. If you’re budgeting, make sure to focus on the car’s value and not just the price on the sticker. Consider saving for a downpayment. Although saving for a down payment can be a challenge as a student, it can result in lower rates and monthly payment. If you’re willing to spare, the ideal option is 20 percent of the purchase price. However, even if you cannot afford that amount, aim to make at minimum a modest down amount. Decide what car is right for you. It is important to consider the ideal car for your requirements as a young adult. While it may seem enticing to buy a brand-new car that has the most modern features, consider where you’ll be parking it, how many potential passengers you’ll have and even the price of fuel for the more expensive option. Make sure you secure financing. It’s a good idea to apply for loan prior to shopping for a car either in person or online -to make sure you know what you can pay and avoid dealer markups. In the case of a lender the prequalification process will be an easy credit pull. You should also be prepared to provide the necessary documents to verify the information you supply. Negotiate. It can be a bit intimidating, especially for young people. In the case of car buying while a student, it is recommended to bring a trusted adult or someone from your family with you. This way you feel more confident to push to get the deal you want. No matter what, stay positive and don’t hesitate to walk away. How to improve your chances of loan approval. Like any loan, the most affordable rates, terms, and acceptance are given to those who have good credit. For a student who has very little credit history, getting approved can be a problem. There are a variety of methods to increase your chances of getting approval when purchasing a car as an undergraduate. Show a reliable source of income. The most effective way to secure a car loan for a student is to show a reliable sources of revenue. Prior to granting you the car loan, lenders will want to see that you can demonstrate a solid means of paying for the loan’s monthly payments. If you’re employed with a track record of at the very least a few months’ income, you’ll have a better chance of increasing your odds of being accepted. Talk with banks or credit unions with which you already have accounts If you don’t have a reliable source of income, or if your income is fluctuating or seasonal, you may have trouble getting a car loan from a variety of lenders. If you have an account at an institution in your area perhaps a credit union, it might be possible to call it. They may provide students automobile loans as well as other financial programs targeted at people in your situation. It is possible to talk directly with a loan manager or officer with authority to approve. The main benefit is that it may be more straightforward to present your case and convince an individual. You can also get a co-signer. Another option is to find an individual who is a trusted family member to sign your vehicle loan. If you have a co-signer, the lender will also look at the credit history of the co-signer and income. The advantage will be that the loan is much better able to get approved. However, one drawback is that your co-signer is legally accountable for your vehicle loan. If you’re unable to pay the loan, it can cause tension in your relationship. Make sure you have good grades. Similar to lenders that consider credit history, some lenders use your GPA as a way to determine loan approval. If you have a high GPA you should consider sharing it with potential lenders. Because while not all will consider it, in certain circumstances, good grades may provide better rates. What are the best places to look for cars as an undergraduate A lot has changed in the ways people buy and sell vehicles through the years, however one thing remains the same- if you’re able to look around and compare prices, you’ll often save money. The less time you’ve got to look at all the options, the more you’re likely to pay for the car you want to purchase. Friends and family Finding a vehicle from a family member is most likely to be a perfect scenario. A car purchase from someone you trust reduces the chance that you buy an unsatisfactory product. Additionally, depending on who you’re purchasing it from, they may be willing to make some deals on the price. This could be an best scenario, if no one has ever tried to sell their car, you will be out of the market. Local car dealers Even though a lot of experiences have gone online, there’s still some value in shopping around at local dealers in the car industry. Almost all dealers will have their inventory online , too and you’ll be able to see the cars available before you head to the dealership for a test drive. While using the internet to help you in your car search is a good idea, many people enjoy visiting the vehicle in person. On the internet, in addition to looking at the websites of local new and used car dealers, there’s a variety of other . If you are interested in purchasing online, you are able to buy with security using marketplaces for used cars online, like or . Facebook Marketplace, Craigslist and eBay are just a few sites where you can find people selling their cars privately and other items, but keep an eye on what to watch for . Other costs to consider Keep in mind that it’s not just the cost of your car loan which will impact your budget. Make sure that you have the space to cover these other auto-related expenses as well. Registration and sales tax. The fees and taxes vary depending on the local and state jurisdictions Check and find out the amount they’ll cost you. Expected price: between $400 to $700 based on your state, according to . Insurance. A majority of states require you to have at minimum liability insurance. Check around with a couple of brokers and agents to find the coverage that is most suitable for your needs. Expected price: $1,771 based upon your state of residence, driving history and vehicle type according to . Parking. Particularly for college student, you may need to pay for parking on or near campus. Expected cost: $362 annually or $181 per semester according to research conducted by numerous universities. Fuel. As prices for gas rise, the cost of fuel could be a major factor in your budget. Estimated cost: $3.84 per gallon at the date of the end of August 2022 according to . Repairs and maintenance. Unlike other forms of insurance, car insurance typically does not include routine maintenance items, such as oil changes. You should ensure your budget is sufficient to cover these things. Expected price: $9,666 for new vehicles as per . How to drive without purchasing If you’re having difficulty qualifying for a student car loan or have thought that it’s not the best option for you, there are other options. Leasing When you lease, you are given a vehicle to drive for a specified period and a certain number of miles. At the end of the lease term in the event that there’s no damage to the vehicle or your mileage limit and you’re not in violation of the lease, you can hand the vehicle back to the leasing company and walk away. Since you don’t actually own the car and only have it for a specific periodof time, the monthly installment on a lease is usually lower than a car loan. If you want to close the lease, you can choose to, if you are allowed in the original lease agreement. Renting a car if you only require a car often, you might consider hiring a car whenever you need one. While renting a car is higher on a daily basis than a car loan but if you just need a car a few times a year, it might prove to be more economical. If you’re renting a vehicle and you don’t have to fret about maintenance, tax or charges. Car sharing Another option is subscribing to an auto sharing service. Turo is a peer to peer car rental service, where you can rent cars directly from individuals. It’s similar in price and convenience to renting a car from a company. If you’re in a region where they’re available, you could subscribe to the car sharing services like Car2Go or Zipcar. These services typically require a monthly or annual membership and permit the use of cars at lower rates per hour or by the day. The bottom line: While it may seem difficult to obtain auto loans for college students but it’s possible. Do your homework to find an affordable car, and think about the possibility of a co-signer if possible. You should also speak with various lending institutions to review rates and get the best possible deal. Take into consideration all the additional costs associated from owning a vehicle and determine if you could save money by using alternatives such as renting, ride-sharing or public transport. 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 as well as home equity and debt management in his writing.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that break down complex topics into digestible chunks.

Auto loans editor

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