It is inevitable while in college. You need reliable transportation. To get to campus, work, and back to your dorm/apartment/or home (if you commute), it is important to have a means of getting there. Most decide to get car and have some type of car payment while in college. I am one of those students who tried to go without a car freshman year and ended up starting to lease a car using the money I had earned from my job while in my second semester. It was one of the best decisions I have made! However, there are some things to consider when managing car payments and how to go about picking out the best car for you! Here are some tips on managing a car payment and how to go about picking out your car!
1. Shop Around
There are so many dealers around (Honda, Ford, GMC, etc)! It is so important to go around to each dealer, ask questions about the vehicles, test drive them, and most importantly... COMPARE PRICES! This will help you get the best deal possible! You might be able to negotiate better sales when you bring up that another dealer was going to give you a better price for a similar car! Also, check out online sites that do the comparing for you! It will save you some time and help you find the best deals quickly!
2. Make sure you have a reliable income
Car payments are typically monthly. This means that you need to make sure that every month your monthly income is enough to cover each monthly payment. If your paycheck is bi-weekly, take one of your paychecks and multiply it by two. This will give you your gross monthly income and can help you decide how much you are willing to spend on a monthly car payment while also having some left over for other necessities as well.
3. Make the payments automatic
After your second monthly payment, most car dealers will give you the option of setting up an automatic withdrawal. This means that each month the car payment will automatically be taken out of your bank account. I highly recommend this! This makes sure that you do not miss a payment! All you have to do is fill in your bank account information and the date of each month you want it taken out. I recommend checking your bank account the time that the payment is due just to make sure that have enough to cover it. This way you will know for sure that your payment is on time and that there was enough to cover it!
4. Don't forget about insurance
With a car payment also comes insurance. Talk to your insurance provider prior to purchasing the car to see how much the payment would be. Typically, car insurance is due every six months, or twice a year. However, some providers also allow you to do monthly. Me personally, I like the monthly because it reminds me to keep up with it and to remember that I also have that expense as well. When I was paying every six months, it would completely slip my mind until I got the statement in the mail!
5. Be responsible
Having a car is super beneficial However, some things might have to be given up in order to pay for it. Save more, spend less! Maybe instead of going out to eat, you eat in on the weekends. In addition, instead of getting that morning coffee at your favorite coffee shop on campus, make your own coffee at home before heading to campus. This will help you spend less and save more for your car!
Getting a car is super exciting and gives you a lot of freedom! In addition, it is extremely beneficial, especially for college students, to have that means of transportation. I hope these tips helped you learn a little bit about managing a car payment and how to go about finding the right car for you!
1. Shop Around
There are so many dealers around (Honda, Ford, GMC, etc)! It is so important to go around to each dealer, ask questions about the vehicles, test drive them, and most importantly... COMPARE PRICES! This will help you get the best deal possible! You might be able to negotiate better sales when you bring up that another dealer was going to give you a better price for a similar car! Also, check out online sites that do the comparing for you! It will save you some time and help you find the best deals quickly!
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| This is the Ford EcoSport I just started Leasing! |
2. Make sure you have a reliable income
Car payments are typically monthly. This means that you need to make sure that every month your monthly income is enough to cover each monthly payment. If your paycheck is bi-weekly, take one of your paychecks and multiply it by two. This will give you your gross monthly income and can help you decide how much you are willing to spend on a monthly car payment while also having some left over for other necessities as well.
3. Make the payments automatic
After your second monthly payment, most car dealers will give you the option of setting up an automatic withdrawal. This means that each month the car payment will automatically be taken out of your bank account. I highly recommend this! This makes sure that you do not miss a payment! All you have to do is fill in your bank account information and the date of each month you want it taken out. I recommend checking your bank account the time that the payment is due just to make sure that have enough to cover it. This way you will know for sure that your payment is on time and that there was enough to cover it!
4. Don't forget about insurance
With a car payment also comes insurance. Talk to your insurance provider prior to purchasing the car to see how much the payment would be. Typically, car insurance is due every six months, or twice a year. However, some providers also allow you to do monthly. Me personally, I like the monthly because it reminds me to keep up with it and to remember that I also have that expense as well. When I was paying every six months, it would completely slip my mind until I got the statement in the mail!
5. Be responsible
Having a car is super beneficial However, some things might have to be given up in order to pay for it. Save more, spend less! Maybe instead of going out to eat, you eat in on the weekends. In addition, instead of getting that morning coffee at your favorite coffee shop on campus, make your own coffee at home before heading to campus. This will help you spend less and save more for your car!
 |
| As someone who loves getting coffee in the morning, I have had to give it up (and make it at home instead) in order to help ensure that I can make my car payment |
Getting a car is super exciting and gives you a lot of freedom! In addition, it is extremely beneficial, especially for college students, to have that means of transportation. I hope these tips helped you learn a little bit about managing a car payment and how to go about finding the right car for you!
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