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Student’s Finances: First Car Buying Guide

Student’s Finances: How to Buy your First Car

Many years when I was a student, I was confused on why I could not own a car even. To be honest, many of my school mates had cars. Some being close to me, I was dropped home almost daily. I enjoyed it until one day a friend asked why I did not own a car. I thought silently. Something dawned on me. I needed a ride! But wait, what about my status as a student? A college student’s finances? Buying a car is one simple thing but owning it is not the totality of the deal! It is just a start.

 

It is true that having a car would boost my learning. I would save time thus create more time to be in the library. Spending time at a bus stop is no fun! It will not improve my grade. After a considered thinking process, it was time for me to take a bold step. Speaking truthfully, there were uncertainties in making the first step. I, however, made the decision and learned my lessons, though the hard way.

 

During the first days, I enjoyed carrying all the learning materials home. I carried as many books as I wished. What a change in life? I, however, noted that the investment had effects on a student’s finances. Directly indeed! There are some questions you need to answer honestly to yourself.

 

What exactly do you need?

The most critical thing to discern is the kind of vehicle that you need. The keyword is “need” and not “want”. If you go for what you want, rest assured that you might have to cough more money. We all desire the best that we could get in life! You might drive the Mercedes-Benz. Does that support student’s finances and low budgetary capabilities?

You might be eyeing something classy, safe and more importantly, affordable. One thing is for sure, the looks of your first car’s should not matter. This where you have to console yourself that your dream car is on the way! It will come after school!

 

How will you Finance the Car? Will you depend on the Student’s finances or otherwise?

Given that you may not have the best bank statement or financial record that would guarantee you a loan, you must think outside the box. Most and almost all car loan companies only serve people with a pay slip. In some instances, they choose people with full-time employment status who are above a certain earning benchmark. Are your student’s finances within this requirement?

Honestly, even when you want to borrow a few bucks from a friend, the first thing that comes in their  mind is your credit worthiness. In case of companies, they usually do a background search of your financial welfare. The best way to counter this challenge is to take a pre-paid student’s credit card. Yes, let all your savings pass there!

Acquiring the card will allow you to create and build a financial reputation without necessarily entering a debt zone. The process takes time. It won’t help you finance a car in a month. It will however materialize with time.

If you get the credit, please ensure you pay on time. Defaulting means denting your credit ratings and eventually losing the car. I am sure this is not what your initial aim was!

 

Buy In Cash

Truthfully speaking, we are not equal in the society. Some of my college mates had running businesses. They were financially stable and their student’s finances statuses were advanced in a way. That meant that in case anything went wrong, they would not be indebted abruptly. Even if they lost the car, they wouldn’t pay loans for cars they no longer owned.

 

What Insurance options do you have?

Insurance is expensive especially for young car owners. In America, a young car owner would pay more premiums as they are presumed to be high risk clients. Their installments could run into thousands of dollars. Will this affect your student’s finances status?

 

The model, age and engine size will also affect the amount of premiums that you will remit. This is where modest on your part should apply. The smaller the car, the lesser your insurance charges will be thus becoming lenient to your student’s finances.

 

Did you Consider Maintenance?

After buying your car, you will solely have the responsibility to foot the maintenance bills. Your parent or guardian knows about school fees only! I bet you do not want to carry your luggage on the street when your car stalls in the middle of the road. Maintenance includes fueling, repairs, checkups, and tyre and oil replacement.

 

Given that you are still riding on a tight student’s finances model, always thinks about the cost of spare parts that your car might require. Do a little window shopping. Some cars are so expensive to maintain so a little research will inform you! This will allow you to buy a car that you can comfortably afford to look after.

 

Be extra careful in where you Buy

There is no any sure way of getting the best place to buy your ride! Some people argue that buying a car privately reduces chances of being ripped off. That might be true. I would advise guys not to buy from sellers they just bumped into a bar.

 

It is also wise to seek for a guarantee. Do not rush to buy a car from someone who does not care to share losses if something happens to the car shortly after closing the deal!

 

Given that this is probably your first car and it might be dependent on your student’s finances, it is wise to seek the opinion of someone who has experience in cars. It might be your elder brother or your local mechanic. Losing a few bucks to them is not equivalent to losing the totality of your investment especially at a young age.

 

Owning a car is fun but there is more fan in getting the best services out of it.

Read on how a student can make and manage money when college.

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