Life at Yale: Buying a Car

One of the most important decisions that recent college students need to make is whether or not they should own a car. Students may think that appearing in a shiny new car will enhance their learning experience at Yale, but there are also some very practical reasons for owning a car whilst studying. Getting to and from the place of study is perhaps the most crucial reason, but a car also makes it easier to move things around, go to the workplace, and travel to and from home, if a student’s family home is a little far away from Yale. We have put together some tips that we think may be helpful to Yale students who are looking for their first car. First and foremost, a student must choose a reliable and reputable mortgage broker.

Life at Yale Buying a Car

Why Use A Mortgage Broker?

A mortgage broker is qualified to look for the best mortgage for a student looking for a new car. Students would get unbiased advice and could choose from a range of lenders and subsequent cars, as opposed to being restricted. A broker would be on their side. A mortgage broker deals with lenders on a day-to-day basis, so they will know what the application process is like for each one, and can tell the students which lender can process their application the fastest. If a mortgage broker’s advice is not up to the mark, Yale students can complain and be compensated.

Now that we know why a mortgage broker would be helpful, let’s move on to some more advice for students who are looking for a new car:

What Matters the Most When Buying a Car?

  • Your dream of driving a racy sports car would have to wait. When you are a student and on a low budget, you have to be realistic in your choice of vehicle. Go for a safe, affordable, and sturdy car.
  • Most car loan companies will only lend to people who are full-time employees and earning a certain amount of money each year. As a student, you may not have any credit before, and this is not a good sign for lenders. Taking on a pre-paid student credit card will allow students to build up a financial reputation whilst not getting into any debts.
  • There are many relative costs related to maintaining a car, including, but not limited to fuel, replacement tires, mechanical repairs and yearly servicing. Students should search for a car that they can afford to look after.
  • Students should always buy their car from a recognized seller, and get some sort of guarantee for their own peace of mind. They should also seek advice from experienced car buyers. Students should remember to buy with their head and not with their heart.

Bottom Line

Buying a car is an important decision for recent college students. When buying a car, students should ensure to get in touch with a reputable mortgage broker. They also need to consider their convenience, credit history, maintenance costs, and should pick the right seller.

For more information, visit: http://www.collegexpress.com/articles-and-advice/student-life/articles/living-campus/how-buy-your-first-car/