Tips for College Students Shopping for a Used Vehicle | OK Carz

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How to Finance for a Car on a Student Budget

The next school year is starting soon, which may mean that you need some reliable transportation to get to classes on time. If you are a student shopping around for a car, you’re likely on a tight budget. To help you find the right car at the right price, follow these simple steps.

[ READ MORE: Where Can Students Get Car Loans in Central Florida ]

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College tuition and textbooks are expensive. On top of that, students will need to pay for rent, utilities, food, and more if they aren’t staying with family throughout the semester.

Before you begin shopping, you must have a clear understanding of how much you can afford to pay towards your car. Determine your monthly income and subtract all expected costs, including any cash you put into savings. If you don’t have any income, consider finding employment as the search will be much harder without a job. Once you determine how much money you have left over, set this number as your budget. Remember that this budget should include the cost of the vehicle, interest, gas, and insurance.

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Unless you chose to go back to school as a non-traditional student, you likely only need the vehicle for commuting purposes. In other words, if you aren’t taking care of a family throughout college, you likely don’t need a large vehicle. Cars like sedans or hatchbacks are the most common choice among students as they are the most affordable to own and insure. However, if you are taking care of a family throughout college and need the extra space, then you should consider potentially selecting a larger vehicle like a crossover or SUV.

In addition to body style, students typically don’t have the funds to purchase a vehicle new. Instead, you can easily find a pre-owned model that can take care of your needs at a fraction of the cost. Many options could even be in like-new condition!

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Let’s assume that after budgeting and setting your requirements, your plan is to find a sedan or hatchback within $10,000. To get started, you will want to browse a variety of models, add potential candidates to your list, and research those models. At OKCarz, we offer hundreds of affordable options and dozens of popular and reliable brands that you can view right at home. Once you find a vehicle you are interested in, contact us to learn more, schedule a test drive, and review finance options. We’d love to help you select the right vehicle for your budget and requirements.

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