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Student Car Loans Can Get You Behind the Wheel

The process of buying a car has become much easier for students than it used to be. While you can still search the classifieds to find the perfect clunker, you also have many student car loan options at your fingertips. These car loans for college students help to make used cars, certified used cars and brand new cars more accessible. And Student Finance Domain has highlighted the basics that could save you money and time.

Private Student Loans

Over the past decade car loans for college students have become much more prevalent and readily available. Some student car loans are available directly from car manufacturers and car dealers and offer cash rebates, low interest rates and generous payback terms. In addition many banks and online lenders are willing to finance car loans for college students and provide them with a check that can be used towards the purchase a vehicle from a dealer or a private seller.

Before you look for the best student car loan options, you should make a short list of the vehicles you'd consider. If you choose a larger vehicle like an SUV, you may end up spending a big chunk of your student budget at the pump. If you choose a sportier vehicle, you may have to pay extra for auto insurance premiums and repairs. As a student you should be looking for the most reliable vehicle you can find. So use reference magazines and online car research sites to get information on the most reliable vehicles.

Secondly you should decide whether to buy a new or used vehicle. It's no secret that the value of any new vehicle depreciates significantly the instant you drive it off the dealer's lot. So it might make a lot of sense for a student to buy a used car. A dealer or manufacturer certified pre-owned vehicle can save you thousands over a new vehicle and can be just as reliable. And buying used might enable you to get more car for your money.

Another option to explore when considering used vehicles is the private sale. Whether you find a car from the classifieds or through a friend, a student car loan from a bank or online lender will help you pay for it. The process is relatively easy. First you should get pre-approved for a certain loan amount. Then you must negotiate and finalize the cost of the car with the seller and have your lender cut the check in that specific amount. But before you do you should protect yourself by checking the car's history. Get the car's vehicle identification number (VIN) and use it to research its full service history online. You may find that the car that looks perfect on the outside has had flood damage that you couldn't see the naked eye.

Once you determine which car models and years interest you, you can check your student insurance options out with a few different auto insurance companies. After that you'll be ready to research your loan options or get car finance for bad credit. Although car loans for students can come in any number of combinations, there are some basic things you can look for to save you money:

  • Dealer or manufacturer backed rebates and cash back bonuses
  • No down payment, or flexible down payments
  • Deferred payments from one month to one year
  • Complimentary roadside assistance
  • Zero percent financing or low interest rates

Purchasing a car is a process that can be simple or long and arduous. You'll be much better prepared if you use the tips outlined in Student Finance Domain before you start searching for a car or an auto loan. Also, to avoid insurance scams, thoroughly research your insurance company and make sure that it has positive customer reviews.

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