Everyone respects the financial struggles of the common university student. It’s not easy planning for your future while simultaneously staying away from debt. That is why when you need a new set of wheels, some creative thinking can bail you out of a tough situation.

Right To the Point

Spend wisely by not putting everything you have on a single car or truck. This requires thinking long-term by getting the lowest auto loan rates in Utah. Instead of overloading your finances with a single purchase, a low interest auto loan lets you stretch the cost out over several years. This is the most affordable way for a college student to get a new set of wheels without going in the red. It also incentivizes upping your credit over the multiple years you make on time payments. High debt and low credit scores are the Achilles heel of many college students after graduation. An affordable car will put you in the driver’s seat on the road and into a bright financial future.

Private Car Sale

Private car sales are now more accessible than ever, but also filled with a lot of scammers. Online classified websites have been replaced by Facebook marketplace – for better or for worse. By cutting out the car salesman, a student can get a pretty sweet ride at a big discount. But there is a giant asterisk on that statement, since it comes with no guarantees, and no protections. The lemon law isn’t an instant winner, and a bad decision will leave you penniless and without a car. Private car sales are a nice alternative to loans if you know the seller, and a big risk when you’re going in blind.

Mechanics Special

A mechanics special is a step above a private car sale from a stranger. You can purchase a car from the shop for a low upfront price. But there are no payment plans, and the car will usually have a couple of ‘unique’ problems. This is of course outlined by the mechanic since the vehicle is usually being sold at a loss. But even in the best-case scenario, you’ll spend more money upfront and get a car with the same number of guarantees as a private sale. The better alternative to a mechanics special is to see if car rental places are selling off their old cars. It doesn’t happen all the time, but is worth the look since the vehicles will be in great condition.

Tips

There are multiple opportunities for a struggling college student to get a new or used vehicle. The differences in the choices are between chances and guarantees. You can always take a chance with buying a used car and saving some money, or you can put your foot down and get a low auto loan rate. It’s less upfront money, and it puts the driver in a vehicle that can be trusted long-term.

Don’t Waste Your Money

You don’t need to put everything you have into a car. When a car requires you to go broke for ownership, then it is a purchase that should be avoided. Keep things simple by buying a vehicle that leaves your bank account happy.