Get started on your car-buying journey as a college student and learn about everything from financing options to choosing between new and used vehicles.
Navigating the car-buying process as a college student can seem daunting, but with the right information and guidance, you can find an affordable and reliable vehicle that meets your needs. At Ed Hicks Nissan in Corpus Christi, we’re here to help students at Texas A&M, Del Mar, and Coastal Bend College drive away in their dream cars. This guide covers everything you need to know to get started on your car-buying journey, from financing options to choosing between new and used vehicles. Plus, we’re only about 15 minutes away from the Texas A&M campus!
Start by assessing your financial situation. Consider your monthly income, expenses, and how much you can comfortably allocate towards a car payment. Remember to include costs for insurance, fuel, maintenance, and registration fees. According to NerdWallet, the average monthly car payment is $735 for new cars and $523 for used cars.
While some financing options require no down payment, having one can lower your monthly payments and interest rates. Aim to save at least 10-20% of the car’s total price, and check out used vehicles under $15k at Ed Hicks Nissan. Consider that 10-20% of a $15,000 used car is only $1,500 to $3,000!
Check if Texas A&M, Del Mar, or Coastal Bend College offers transportation stipends or if there are local scholarships available to help with your car purchase. You can’t use a student loan to buy a car.
That said, “financial aid” can come from family, too! Consider asking for donations to your car fund at your next birthday or gift-giving occasion.
Think about how you’ll use the car. A compact car might be perfect for city driving, while an SUV could be better for off-campus adventures.
Do you need your car for daily commuting, weekend trips, or both? Would a hybrid be better than a truck for your side hustle as an Uber/Lyft driver? Do you deliver food or groceries sometimes when you need a few extra bucks? Don’t fall into the trap of getting a vehicle that “looks cool.” You’ll regret it when it comes time to do everyday life in your car.
List the features most important to you, such as fuel efficiency, safety, technology, and storage space. Group the features by “must-have” features and “nice to have” features. At Ed Hicks Nissan, we offer a range of new and pre-owned vehicles equipped with the latest technology and safety features to suit your needs.
Always request a vehicle history report to check for any accidents, repairs, or past ownership details. This helps ensure the car is in good condition and hasn’t been previously damaged.
Have the car inspected by a trusted mechanic. At Ed Hicks Nissan, our certified technicians thoroughly inspect each used vehicle to ensure it meets our high standards.
Take the car for a test drive to assess its performance, comfort, and any potential issues. Pay attention to how it handles, brakes, and accelerates.
Your credit score plays a significant role in determining your loan eligibility and interest rate. Obtain a free credit report and check for any discrepancies that need correction. Here are four places to start if you’ve never checked your credit score as a college student.
AnnualCreditReport.com
Credit Card Issuers and Banks
Credit Monitoring Services
Experian
Visit Ed Hicks Nissan to apply for pre-approval. Pre-approval helps you understand your budget and shows that you’re a serious buyer. We offer competitive financing options tailored to students.
Compare offers from different lenders to find the best terms. Consider the interest rate, loan term, and any additional fees.
A co-signer agrees to repay the loan if you default. This can help you qualify for a loan and secure better terms. Make sure your co-signer understands their responsibilities and is financially stable.
Having a co-signer can help you build credit, provided you make timely payments. This is beneficial for future financial endeavors, such as buying a house or applying for a credit card.
Choosing a co-signer should be a well-considered decision, as it can affect your relationship. Ensure open communication and a mutual understanding of the commitment involved.
Ready to find your perfect car in the Coastal Bend area? Visit Ed Hicks Nissan in Corpus Christi to explore our extensive inventory of new and used vehicles. Our friendly team is here to assist you with financing options and guide you through every step of the car-buying process. Visit our dealership at 3000 S Padre Island Drive, Corpus Christi, TX, and get ready to drive away with confidence and style. Let Ed Hicks Nissan be your trusted partner in your car-buying journey!
