How Students Can Afford a Car in College?

February 21st, 2020 | Comments Closed | Blog

A car is a critical purchase for most young people. The fact is that not all cities have a developed transport infrastructure. Imagine that you have to walk about 30-40 minutes to find the bus station. Surely such a quest is not included in your plans, even if you are a student. But how to afford a car in college? Here are some good ideas to help you get the job done.

Buy a Used Car

Perhaps you have a couple of thousand dollars in savings for a rainy day. In this case, you can buy a used car. This idea seems especially relevant if you need to move around the city for long distances. There are many cheap cars that even first-year students can afford. Check out auto sites and auctions like Copart. Surely you will even find cars for $800. Such a purchase will allow you to save money even for delegating your assignments. Find writing services in advance, and you can forget the academic routine. But don’t forget to read 99papers reviews to know about all the nuances and possible pitfalls.

Start Saving Early

Most young people dream of a car. As a general rule, many states allow people to drive at 16, so you should start saving early. Don’t waste your parents’ money on all sorts of knick-knacks. In addition, you can earn money in the summer and save money to buy your first car. As a rule, it will take you 3-4 years to raise enough money to buy a used car.

Ask Your Parents for Help

In some cases, you can ask your parents for help. For example, they can lend you a certain amount, and you will repay your debt in installments as soon as you find a job. You can also offer your services in exchange for purchasing a used car. You can discuss the type of services with your parents. It all depends on how much you need and what concessions your father or mother can make. In any case, this is a good idea and worth your attention.

Boost Your Credit Score

Alternatively, you can choose a car loan. Contact your nearest bank or credit union to discuss the details. Generally, your loan will be approved if your credit score is good (around 700 or higher). But what if you haven’t taken out loans, and the banks refuse to lend you large sums? Then it would help if you boost your credit score as quickly as possible. First, you must show that you are solvent and ready to make timely payments. Then, ask for a small amount and return it on time. Usually, students need to repeat this procedure 3-5 times to increase their credit score.

Secure a Steady Income

A steady income is another must. Firstly, you can save money every month without looking for lenders. Secondly, banks and credit organizations will be more willing to give you money if they know that you are a solvent client. Finally, look for jobs at your college or university. You can usually become a teaching assistant, campus transportation driver, or resident assistant very quickly. Your income level may not be too high, but you can meet all the criteria for a car loan.

Get a Cosigner

You should find a co-signer. Such a person will receive a guarantee that all payments will be made on time. As a result, banks will be more loyal to you. In most cases, your bad credit or no credit will not matter. In addition, you will receive more loan options and improved interest rates. Some banks and dealerships may give you a better car or give you a chance to improve your credit further. As you can see, things will get better if you find a co-signer. But do not forget that you will still need to pay for your car monthly. Don’t let your cosigner down because this person will have to pay for your loan if something goes wrong.

Look for the Best Auctions

Auctions are a goldmine for people on a budget. For example, suppose you need a classic sedan or hatchback. Visit the nearest auction in your city or region. You can usually find very cheap cars that are no longer suitable for their owners. You also should not be afraid to buy crash cars, as sometimes the damage can be minor. As a result, you can buy a cheap car and gradually repair all breakdowns.

Conclusion: As you can see, buying a car is not something fantastic for modern students. However, you can afford a vehicle even if you don’t have a stable source of income. Follow the instructions above, and you will see how quickly you can buy a car and enjoy the freedom of movement. Consider all the options and choose the paths that seem most obvious to you.