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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 better financial choices by offering you interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and to compare information at no cost - so that you can 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 Make Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on this site, including, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial deals that could be available 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 contributor to Bankrate. Dan wrote about loans, 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 late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-studied and well-researched content that break down complex topics into manageable bites.









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If you're a student looking to purchase a car and you've found it to be a little more difficult than you expected. While car loans for students exist, many lenders are wary of providing loans to first-time buyers, or those with less credit history. Still it is true that student car loans are possible and are especially appealing when you have a steady source of income, excellent scores or can find the trust of a family or friend member to co-sign on your behalf. How do you buy a car while a student when you're a student, or someone else with a low credit score There are many options to finance the purchase of a vehicle. While you may not have the same choices as someone with a long-established job and credit history but it's still feasible. The process for obtaining the right car loan as a student looks just like the process would for a postgraduate student looking to finance. But as you may be in a lower-cost student budget, it, matters. This is even more relevant since the average monthly expenses are record high and used cars costing $515 and brand new cars higher at $677 by 2nd quarter 2022, according to . Take these steps before you begin the car buying process. Create a budget that is realistic. Take advantage of a car payment to determine the amount you are able to pay each month. When you are budgeting be sure to focus on the value of the vehicle, not just the cost of the vehicle. Make a savings plan for a down payment. Although saving for a down payment can be difficult for an undergraduate, it could mean lower rates and more frequent installments. If you have time to wait, the best-case situation is saving at the very least 20% of the price. Even if you are unable to pay that much, try to budget to make at minimum a modest down payment. Choose the right car for you. It's crucial to be realistic about the right car for your requirements as a young adult. Although it might seem appealing to buy a brand-new car that has the most modern features, consider where you'll be parking it, the amount of possible passengers you'll be able to accommodate and even the price of fuel for the more expensive option. Secure the financing. It is advisable to apply for loan prior to going car shopping -- in person or on the internet- to ensure you know what you can manage and to avoid dealership markups. In the case of a lender it is possible to get prequalified. This could mean an easy credit pull. It is also important to submit the required documentation to confirm the details you have provided. Negotiate. It can be a bit difficult, particularly for a young person. If you are buying while a student, it is wise to bring a trusted adult or someone from your family with you. This way you will be more confident about pushing for the price you're entitled to. No whatever, be assured and don't be afraid to leave. How to improve your chances of loan approval As with any loan with the highest affordable rates, terms, and approval are offered to those who have good credit. For a student who has a small amount of credit history, approval can be a problem. There are a variety of ways to improve your chances of getting approval when you're buying a car as student. Provide a steady source of income. The best way to secure a car loan as a student to demonstrate a steady sources of revenue. Before giving you the car loan the lender will require proof that you have a stable means of paying for the loan's monthly installment. If you're employed with a track record of at the very least a few months' income, you will increase your chances of being approved. Talk with banks or credit unions with whom you already have accounts . If your income isn't steady source of income, or your income is fluctuating or seasonal, you may have trouble getting a auto loan from the majority of lenders. If you have an account at a local bank or , you might call it. It may offer student auto loans and other services geared towards those who are in your position. You might be able to talk directly with an loan officer or manager with approval power. The primary advantage is that it could be more straightforward to present your case and convince someone in person. Get a co-signer Another option is to get someone you trust like a family member to help you with your car loan. If you have a co-signer you, your lender will also take a look at your co-signer's credit history and income. The advantage of this is that your loan is more likely to be approved. However, one drawback is that your co-signer is legally accountable for the vehicle loan. If you're not able make the payments, that could create tension in your relationship. Have good grades. Similar to lenders that consider credit history, some lenders use the GPA as a measure of loan approval. If you carry a strong GPA, consider sharing that with potential lenders. Because while not all will consider it, in certain cases, good grades could provide better rates. Where can you shop for cars as an undergraduate A lot has changed regarding the method that people buy and sell cars throughout the years, but one aspect remains the sameIf you're able to look around, you can often save money. The shorter time you have to explore all your options, the more money you'll have to shell out for your car. Friends and family Finding a from a friend or family member is likely going to be the perfect situation. If you purchase a car by someone whom you know limits the chance that you purchase the wrong car. In addition, depending on the person you're buying it from, they may be willing to make an offer on the cost. This could be an ideal scenario, if there's no one has ever tried to sell a car and you're not able to sell it, you're out of the market. Local car dealers Even though a lot of experiences are now online, there's still some value in shopping around at local dealerships for cars. Nearly all dealers have their inventory online , too, so you can see the cars available before you head to the lot to take a 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 seeing and experiencing the car in person. Online In addition to checking out the online sites of local used and new car dealers, there are a variety of other . When it comes to purchasing online, you are able to purchase with confidence using online used car marketplaces such as . Facebook Marketplace, Craigslist and eBay are among the sites on which you can find people privately selling cars, but be on the watch for . Other costs to consider Keep in mind that it's not only the price of your car loan that can impact your budget. Make sure that you have room for these other car-related expenses as well. Taxes on sales and registration. The taxes and fees are different depending on the local and state jurisdictions So, make sure to check what they cost you. Expected costs: Between $400-$700 based on your state according to . Insurance. The majority of states require that you have at least liability insurance. You can consult a number of different brokers and agents to find the insurance that is most suitable for your needs. Expected cost: $1,771 based upon your state of residence, driving history and vehicle type, according to . Parking. Particularly for college student, you may have to pay for parking near or on campus. Expected cost: $362 per year or $181 per semester as per data from numerous universities. Fuel. As gas prices rise and the price of fuel can have a significant impact on your budget. Estimated cost: $3.84 per gallon at the close of August 2022 according to . Repairs and maintenance. Unlike other forms of insurance, insurance for cars does not usually cover routine maintenance, like oil changes. You'll want to make sure your budget is sufficient to cover these things. Expected cost: Average of $9,666 when buying new vehicles, according to . How to drive without purchasing If you're having difficulty being eligible for a student auto loan, or if you've concluded that it's not right move for you, there are other options. Leasing When you , you get a vehicle to use for a specific time period and a specific amount of miles. At the end of the lease term in the event that there is no damage to the car and you're under your mileage limit, you can give the car over to leasing firm and drive away. Because you don't own the car and only have it for a certain periodof time, the monthly installment for a lease will typically be less than that of a car loan. If you wish to pay close the lease rather, you can if the option is in the original lease agreement. Renting a car If you only need a car very sporadically, you can consider hiring a car whenever you require one. While renting a vehicle is costlier on a daily basis than making a car payment, if you only need a car a few times a year, it might be more affordable. When you're renting a car and you don't have to worry about maintenance or taxes or fees. Car sharing Another option is subscribing to an auto sharing service. Turo is a peer-to-peer car rental service, where you can hire cars directly from people. It will be similar in cost and convenience as renting a car from an organization. If you live in a region where they're supported, you can also subscribe to an auto sharing service such as Car2Go as well as Zipcar. These services usually require an annual or monthly subscription and permit the use of cars at cheaper rates by the hour or throughout the day. The bottom line: While it might seem difficult to get auto loans for students in college, it is possible. Take your time to locate an affordable car, and think about having a co-signer, should it be possible. You'll also want to talk with various loan providers to evaluate rates and find the best deal. Take into consideration all the additional costs that come with owning a car and determine if you could make do with alternatives such as rental, ride-sharing, or public transport. Find out more


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The article was written by an expert contributor to Points and Miles.

Dan Miller is a former contributor to Bankrate. Dan covered loans as well as 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 since late 2021. They are dedicated to helping their readers feel confident to manage their finances by providing concise, well-studied and well-researched content that break down complex topics into digestible chunks.






Auto loans editor




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