College Student Car Loans - Some Helpful Advice
A college student car loan is just another one of those financial obligations that college students have to deal with. Students are often considered high risk borrowers, and since high risk auto loans tend to become more expensive, college students should be extra careful when applying for and choosing a auto loan. College Student Car Loan - Choosing a Car Although a used car would cost less than buying a new car, college students are bound to incur more expenses with used cars in the long run, since a used car is bound to require more maintenance than a new car. There are many factors to consider in the maintenance of a car. These include depreciation, insurance and financing costs, maintenance costs, fuel, and state fees. In addition, the interest rates for used cars are usually higher by one or two percentage points over the interest rates for new cars, and used cars don't come with rebates that are available with new cars. For college students who really want to buy a used car, the best option is a certified pre-owned plan. A lot of manufacturers offer enhanced certified pre-owned plans that come with comprehensive warranties. Another option is the demo cars offered by dealerships. These cars have a mileage of less than 10000, and have been used in demonstrations, test drives and as transportation in special events. These cars can save consumers thousands of dollars while still including the original factory warranty. Best-selling cars also make for reliable used cars. In addition, the borrower has a wider selection of styles for these cars, as there are bound to be more of this type being resold. Some car dealerships have a so-called "young buyer" incentive, which offer college students low financing rates and rebates. September may also be the best time of the year to get good deals on new cars, as it is during this time when car dealers are preparing for the incoming car models. College students should conduct some research before purchasing a car. The Internet is a great tool for getting information on the reliability, price performance and safety of different models. It will also help for these students to consider their budget, personal needs, and driving habits. Written by: Mika Villanueva
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