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Tips For Students Who Are Looking To Buy A Car

Tips For Students Who Are Looking To Buy A Car

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Nowadays, cars have become a necessity even to college students. Whether your parents have extra money to spare and are looking to buy a car for you (as an advance graduation gift) or you’re working part-time and have done countless extra shifts just so you can afford to buy one for yourself, this article will give you practical tips on how to get the best possible deal. 

Tip No. 1: Go for a Quality Used Car

If you can afford a new car then go for it. Otherwise, go for a well-maintained pre-owned vehicle. Doing so will allow you to save money not just from the total purchase cost but also for the car insurance that comes with is. Choose a car that’s not more than 3 years old. Unlike houses, cars depreciate over time. In fact, a brand new car loses 20 percent of its value as soon as it’s driven off the dealer’s lot. Also, chose a car with decent mileage. If you’re lucky, you might even find one whose mileage count is close to that of a new car.  Don’t forget to check its service records to know if it was properly maintained by the previous owner.  Ask nicely to go over its maintenance and repair receipts in order to check for recurring mechanical errors. Lastly, if you can afford it, get a thorough mechanical inspection. Though it will add unto your total expenses, it could also save you a lot of trouble in the near future. 

Tip No. 2: Look for a Good Dealer

Buying a used vehicle is a huge gamble; however, the odds slightly shifts towards your favor when you buy from a reputable car dealer. There are a lot of car dealerships in Canada that offer reasonable prices for slightly used cars. They offer wider array of vehicles compared to private sellers. 

If you are still looking for a trustworthy dealer, check out New Car Canada today. Our online application form is absolutely FREE and takes less than a minute to complete. As soon as you’re done, you can immediately browse good quality used cars in our inventory without the hassle of leaving your house.

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Tip No. 3: Payment Methods

If you can pay straight-up cash, then go for it. Just make sure that you have enough money left to pay for school fees, requirements, and other obligations. Given that you are still a student, it would be wiser to pay in cash since you don’t have a stable income yet. On the other hand, if you don’t have enough money to pay a car in full, you can look for a lending institution that offers auto loan financing even to those who haven’t established a good credit yet.

You can also ask help from relatives (or your parents) who can spare you some cash or maybe agree to co-finance your loan. By looking for a cosigner, the interest rate that a lender will charge you will be much lesser than taking up a loan on your own. Lenders see borrowers as risks and depending on your creditworthiness, a lender may offer a higher interest rate or a lower one.

Tip No. 4: Bring an Experienced Car Buyer With You

This is important especially if you are a first-time car buyer. Doing your own research before buying is fine but, just to be sure, ask someone you trust to accompany you during the negotiation. Car dealers are less likely to “give in” when haggling with an inexperienced client. They are experts at reading a person’s wants and needs. So ask your dad or uncle to go with you so you will have someone with more wisdom and experience when it comes to buying cars.

Remember, buying a car, whether new or used, incurs a huge cost especially for students.  Always do your research first before committing to a loan. Make sure to explore your options at New Car Canada, an online-auto loan approval company that specializes in no credit car loans. Apply for FREE by clicking the button below.

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