How can a college student get a cheap car?

Can college students get discounts on cars?

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.

How much should a college student spend on a car?

So, spend 25% of the total cost of your 4 years of college, minus 50% of your student loan debt. Therefore, today, an average year at MIT is $65,000 and the average MIT student graduates with $30,000 in debt. Therefore, she/he could spend $50,000 on a brand new car…………

What is the cheapest car for students?

For more options, read our list of the cheapest cars to insure and out best cars for learner and new drivers.

  1. Skoda Citigo. …
  2. Dacia Sandero. …
  3. Skoda Fabia. …
  4. Vauxhall Corsa. …
  5. Hyundai i10. …
  6. Ford Ka+ …
  7. Renault Twingo. …
  8. Peugeot Partner Tepee.
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Can I buy a new car as a student?

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.

Should a college student lease or buy a car?

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.

What is a good SUV for a college student?

Best New Cars and SUVs for College Students

  • 2021 Toyota Corolla. Starting Price: $20,780 | Rating: 4.4. …
  • 2021 Hyundai Elantra. Starting Price: $20,645 | Rating: 4.8. …
  • 2021 Honda Civic. Starting Price: $22,005 | Rating: 4.7. …
  • 2021 Mazda3. …
  • 2021 Subaru Crosstrek. …
  • 2021 Kia Seltos. …
  • 2021 Hyundai Kona. …
  • 2021 Honda HR-V.

What kind of car should a college student buy?

Top Affordable Cars for College Students

  • Ford Fiesta.
  • Chevrolet Sonic.
  • Jeep Wrangler.
  • Mazda3.
  • Toyota Yaris.
  • Honda Fit.


How much car can I afford on 50k salary?

Dave Ramsey takes a balance sheet approach. Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make $50,000 a year, you should not spend more than $25,000 for a car(s).

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What car can I afford on 60k salary?

Multiply this by 5 and you need to make at least $6000 a month, after taxes. This next part is incredibly simplified, and may not apply to your situation directly. That leaves $72,268.75 per year, divided by 12 is about $6022 per month. So, to afford a $60,000 new car, you need to make around $90,750 a year.

What type of car is best for students?

Top Cars for College Students

2019 Vehicle model IIHS safety ratings Safety features
Hyundai Elantra Hyundai Elantra safety features
Mazda CX-5 Mazda CX-5 safety features
Subaru Impreza Subaru Impreza safety features
Toyota Camry Toyota Camry safety features

How do you get free cars for college?

The among the best according to reviews is NPO organization which offers free care for Student is Car angel. they will request legal documents and great academic scores. They give it, in addition, to accept cars for charity and donate.

What is the best car for a 16 year old?

The best cars for teenagers

  1. Honda Civic (2012-2016) …
  2. Toyota Camry (2012-2014) …
  3. Hyundai Sonata (2011 or newer) …
  4. Nissan Altima (2014 and newer) …
  5. Volkswagen Jetta (2016-2017) …
  6. Ford Focus (2015-2017) …
  7. Ford Escape (2018-2019)


Can you buy a car with student loan money?

You can use student loans to pay for a college’s cost of attendance, and the cost of attendance includes transportation, so can you use student loans to buy a car? You cannot use student loans to buy a car. If you live off campus, having a car may be a necessity, but the college doesn’t require it.

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Do student loans affect buying a car?

Like getting a mortgage, getting approved for a car loan depends on your debt-to-income ratio (DTI) and credit score. … Some lenders will work with higher DTIs and lower credit scores. That’s great for those with student loan debt, but it means they’ll likely end up with higher interest rates and longer loan terms.

Can I use my student loan refund to buy a car?

So first let’s cover the surprising news. Yes, you technically could use part of your student loans to purchase a car. … But any student loan money that’s left over will be disbursed directly to you to be used to cover books, supplies and living expenses such as campus housing, food, and transportation.

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