Helpful Hints for College Students Financing a Used Car

Whether you are heading for your first year of college or you have a few years behind you, having a reliable car makes it easier to get around to your classes and your job, as well as to maintain a healthy social life. However, most college students can’t buy a reliable car outright. For these individuals, financing a used car approved by your mechanic at a local car service shop can be the right option.

Get a Co-Signer

Even if you have been in college for a few years, you probably have little or nocredit established and that won't be enough to qualify you for financing. To resolve this issue, ask your parents to co-sign for you. The interest rate will still be higher than someone with good credit, but it will bring your monthly costs into a more manageable range. This will allow you to more easily pay for your vehicle while establishing credit.  

Consider Buying in the Second or Third Year

It can be tempting to invest in a vehicle as soon as you leave for college because you want a way to get around. For most college campuses, freshman stay onsite and don’t require the same transportation as upper classman. If you wait until your second or third year to invest in a quality used vehicle, you won’t have to deal with taking it to an auto repair shop in Sussex or have the stress of car payments in your early years. It also means the vehicle will last longer after you graduate so you can focus on saving money and finding a good job.

Set Aside a Down Payment

While it is possible to buy a vehicle without a down payment, it is best to put down as much as possible to reduce your payments. Talk to your parents about the possibility of helping with this payment. If you can pay a portion of the cost upfront, you will be able to buy a better car for the same monthly payment.

Create a Budget

When you go to college, it is likely your first experience in creating and following your own budget.Many college students are often on a tight budget because they are living off of student loans or are only working part time for a low rate of pay. This makes it even more important to set a budget before you go car shopping. Keep in mind you will need to set aside money in case your car needs work done at a car service shop during the course of ownership.

Buying a used car when you go away to college is just another step toward your independence. When you follow these tips, including having a mechanic at an auto repair shop in Sussex check it out before you buy, you will enjoy a reliable car that gets you where you need to go.

If you would like more tips on buying a car for college kids, click here. Our eBook offers the information you need to get you the wheels you want. For service of your vehicle, keep DeBoer’s in mind, the auto repair shop in Sussex county that caters to college students on a budget. 

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