￼A car makes your college life easy. You get to move around however you want and carry your study materials with ease. But buying a car is a huge financial decision, so you must get it right the first time.
If you're tired of walking for miles in your old Nikes or riding in your friends' cars, get yourself a car. There are many car financing options available for students. But if you have a little money saved, you don’t need to get a loan.
Do a lot of research so you don’t end up with a clunker or a pricey new car you already hate before emptying the first gas tank. We’ve done the research to help make the car-buying process easy for you. Here are 3 best practices to keep in mind when shopping for your first car.
1. Consider Your Needs and Expectations
Cars are pricey. They come with recurrent expenses like maintenance and insurance costs. That’s why you should get one that strikes a balance between your needs and expectations.
Assess your commuting needs and think of your hobbies. Do you love camping? Do you want a car with enough space for your huge art canvases? Get a car that meets your needs perfectly. If you intend to use it for a long time, think of your needs after college, then research the best cars for students.
Once you have a car in mind, assess your finances. Check whether your earnings and savings will be enough to take care of your car. That way, you will get a clear picture of the type of car you can afford.
2. Do Your Homework
Find out the finer details of your preferred car: how much fuel it consumes, how frequently the tires need changing, and how long the car is estimated to last. The internet has all the information you need.
Also, find out the technical specifications of the car. Read customer reviews, check its price on different dealership sites, know the MPG, the insurance costs, the availability and cost of spares, and the resale value. If you’re buying a secondhand car, have a qualified mechanic assess it before buying.
3. Know Your Credit Options and Get a Co-Signer
Many students don't have $10k lying around, so you may have to consider getting auto financing. You will be required to pay a deposit, and the dealership will lend you the remaining amount--which you’ll repay via monthly installments.
The chances of getting an auto loan are usually slim for students. Their credit history is usually insufficient for lenders to assess the risk of lending to them. To steer clear of rejections, get a co-signer, a guarantor who will pay back the loan if you default on payments.
GET THE RIGHT CAR
When it comes to buying a car, your needs and the price should take preference. A vehicle offers a lot of independence, but at a cost. Compare new and used cars and look at the features carefully. And the good thing is, when you have your own car, you can get out of a tough money situation with an instant title pawn A used car with low mileage is almost as good as a new car, and you get to save some money.
About The Author:
Aqib Ijaz is a content writing guru at Contentrist. He is adept in IT as well. He loves to write on different topics. In his free time, he likes to travel and explore different parts of the world.