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Financing for a Vehicle on a Student Budget

Tips for Students Shopping for a Car

Are you a student excited to get behind the wheel of your own car? While thinking about purchasing your first vehicle is a very exciting time, many students don’t know how to start. How do I pick a car when there are so many options? How do I finance for this vehicle on a student budget? If you are a student ready to start shopping for your car, here are a few tips you should follow.

[ READ MORE: What is the 20/4/10 Budget Rule for Purchasing a Vehicle? ]

Determine Your Budget

Before shopping for your vehicle, you should first determine your budget. See how much money you have available and feel comfortable spending. If you work, factor in your income when deciding on a budget. If you are not currently employed, consider searching for employment as holding even a part-time job will help you pay for your vehicle. Make sure to take note of all expenses that will come with the purchase of a vehicle, such as monthly payments, insurance, gas, and registration.

Happy young driver sitting inside a car and holding car keys

Consider Your Needs

When picking a vehicle, separate your needs from your wants. For example, while a new vehicle may have some of the best technologies available, like voice command and a large touchscreen, these features are not necessary for driving and may be out of reach financially. So, it may be wise to seek a reliable vehicle that is older and more affordable.

Another factor to consider is the vehicle body type and size. For instance, teenage students likely won’t need a large vehicle like an SUV since they are not usually transporting a family. Sedans and hatchbacks are the most common choices made by students due to their reliability and affordable prices.

Research and Finance

Make a list of your candidates, and then need research those vehicles. After all, not every vehicle is the same. Take note of the make and model and research various features you can find for that specific vehicle. Chances are, you will be shopping for a pre-owned vehicle, so you will also need to consider the vehicle’s mileage and condition. Test driving is also an important step to narrowing your choices.

[ Get Pre-Qualified Online at U.S. Auto Sales ]

Once you’ve found the right vehicle, use your budget to find a financing plan that is affordable to you. Our team at U.S. Auto Sales will be happy to help you get pre-qualified for a loan, even if you don’t have credit yet. To learn more, reach out to us and one of our representatives will be happy to answer any questions you may have.