Monday, 15 September 2008

College Students Can Get a Car

By Paul J. Marshall

Not all loan companies are created equal. College students have just as good a chance of purchasing a car as nearly any other consumer. Certain car dealerships and manufacturers are more open to selling cars to college students because car loans are secured by the vehicle. Therefore, if a student is no longer able to make the payments on the car the dealership can simply retrieve the car. Therefore, there is no risk for those companies.

A college student has a number of different options when it comes to purchasing a car. They can buy a used car from another person. Generally sellers of these cars are looking for cash buyers. Very rarely will they actually finance the car. Therefore, you can get a loan from a bank or a credit union and pay for the car in full and then make payments to the bank, credit union or whoever loaned them the money. You may want to be on the lookout for cars advertised in classified ads.

Students can also purchase cars from used car dealerships. While it's cheaper to get a used car that is not certified, they may end up having more problems in the long run and it may require more money to get it fixed. Money may be tight for college students and therefore, certified used cars might be the college student's best option. Certified used cars generally have some type of warranty, and have been checked carefully for any major damage. This makes them a more reliable investment then the average, used car. Not an option you like?

College students may also purchase a brand-new car. However, because cars go down in value so fast and because there are generally higher payments associated with new cars, this may not be the best option for a college student, unless of course, they are given the car as a gift and don't have to make any payments. College can be stressful enough. The additional stress of making high car payments can make it even more so.

College students today, have a really good chance to get a car easily. Lenders are more apt to provide loans for cars because these types of loans are secured. However, depending on the particular student's credit history and age, they may be required to get a cosigner.

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