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Many car manufacturers offer special discounts to help current college students or recent college graduates get into a new car. These deals change all the time, usually on a monthly basis, and your best bet is to check the manufacturers' and local dealerships' websites to see what is available.
Many college students lack regular income and have little or no credit history. As a result, conventional banks and lenders won't approve them for loans. Some lenders offer special car loans, which allow college students to purchase a car independently.
Then again, many colleges do encourage you to bring your car. In fact, 48% of students have a car on campus, according to a 2016 survey from U.S. News & World Report. And at 14 of the 215 schools surveyed, at least 90% of students have a car.
In a Nutshell
It's possible to get a car loan as a student if you have a good credit history and reliable income. If not, you may have trouble getting approved. Fortunately, there are steps you can take — such as adding a co-signer and saving for a down payment — that can help improve your chances of qualifying.
The short-term cost of leasing is always cheaper than buying, by about 30%. This is because your lease payments are usually lower than your loan payments if you have a loan. Also, depreciation of a car is always the most in the first year. In the medium-term, 2-4 years, leasing and buying costs are about the same.
Chrysler, Dodge, Jeep, and Ram. Select local dealerships may offer cash discounts or special incentives for recent and soon-to-be college graduates. If you've recently graduated or are a current college student, you may be eligible to participate. Proof of graduation or school enrollment is required.
What car companies give student discounts? Buick, GMC, Chevy, Ford, Honda, Hyundai, Subaru, Toyota, and several others. Here are all the current student discounts.
It's important to remember that the average annual cost of car insurance in the United States is about $900 per year. That's $75 per month. But that's the average for everyone. The average cost for college students is roughly $3,816 per year, or $318 per month.
Cheapest for College Students: Geico
When compared to other national insurance companies, Geico routinely offers cheap auto insurance for college students. Geico's low rates and abundance of discounts make it what we consider the best cheap car insurance for college students.
Mileage will vary between vehicles, but a decent rule of thumb to follow is that people drive an average of about 12,000 miles a year. Therefore, 120,000 miles would be a good mileage for a used car that's about 10 years old. Of course, some cars will have less or more miles on the odometer.
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