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3 Tips for Financing a New Car While in College

Apr 6, 2017

Having a set of wheels in school makes a big difference. The alternative is often being stuck on campus. This article will explore simple finance options that don't just include borrowing. Some of those options include:

  • Pay cash & work
  • Borrow no longer than on a 36 month loan
  • Find a good place for mechanic work

Pay Cash & Work

Some parents worry that working will make it harder for students to graduate. Well, this Boston University article says the exact opposite! Students who work have higher GPAs because they value what time they do have around work, and make sure to get to studying when they have to. If a student just worked as a babysitter for 10 hours a week he or she can make $200. Just one week's pay would cover the loan on a used vehicle. Just be sure that you don't let the loan follow you through graduation.

Borrow: 36 Months or Less

There is definitely nothing worse than having debt hanging over your head for years upon years. You want to make sure that you pay back your car loans as soon as you can. This may mean working a few extra hours at work, but it can be well worth it in the long run. It is also a really good idea to make sure that you aren’t borrowing any longer than 36 months. That way you can avoid having way too much debt and getting yourself stuck financially for years to come. You really want to make sure that you are planning for the future as much as you can.

The Right Mechanic

It is amazing how much money finding a quality mechanic, such as those at City Limit Tire & Service, can save you. When it comes to things like this it is a good idea to do your research and find a quality mechanic that fits within your price range. You may also want to take the time to watch out for good deals in your area so you know when the cheapest time to go in is. Also, if you stay loyal to just one mechanic you may even be able to get deals or discounts for being a solid loyal customer. There are always perks when it comes to things like that.

Overall, there is nothing better than being able to own your own car while you are in college. It definitely helps make your life a lot easier. It is also a good way to be able to spend more time with family and friends. Believe it or not financing a car while in college is possible. All you have to do is take the time to do your research and find the best financing options for you.

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