How can a student with a low budget get a car? Many people need cars as a means of commuting daily without going through the public transportation issue, but most can’t really afford it, so they take the easiest route and get a car loan. But as a student, it might be a little difficult if you are definitely living off an allowance; it might be practically impossible, so what do you do to get your dream car?
Buying a car is a lifelong investment because there is a need for continued maintenance and care for the car, and having that consideration checked before you buy will ease you into the process. As a student, how do you be able to afford a car, especially when you are on a budget? It can be really hard, but you can get this deal if you follow a few of our guidelines.
As a student with a low income or no income at all, you would need to know that getting a car wouldn’t be a swift or easy process because, apart from planning, your income isn’t as predictable as that of salary earners. It might take a couple of months to a year for you to be able to achieve this goal. We have written more essential blogs if you are a first-time car buyer, and you would get more knowledge from reading them on how to get the right step for a car. Let us inform you how you can get your dream car as a student.
Should a Student own a Car?
Whether or not a student should own a car depends on various factors, such as the student’s financial situation, transportation needs, location, and lifestyle. Here are some factors to consider:
- Financial situation: Owning a car can be expensive, with costs such as car payments, insurance, gas, maintenance, and repairs. If a student cannot afford these costs, they may want to consider other transportation options.
- Transportation needs: If a student lives in an area with reliable public transportation, owning a car may not be necessary. However, if they need to commute to school or work, or have other transportation needs, owning a car could be beneficial.
- Location: If a student lives in a city with limited parking or high traffic, owning a car could be more trouble than it’s worth. On the other hand, if they live in a rural area with limited public transportation, a car could be essential.
- Lifestyle: If a student enjoys weekend trips or outdoor activities, owning a car could make it easier to get around and explore. However, if they prefer to stay close to home and don’t have much use for a car, owning one may not be worth the investment.
Whether a student should own a car depends on their individual circumstances and priorities. They should carefully consider the costs and benefits before making a decision.
How To Buy A Car As A Student With Little Or No Income?
One thing people would tell you to do to get money as a student is to get a side hustle. Finding a side hustle as a student isn’t as easy as most would make it seem, as you would need an income and preparation for other things like training, and this would take a while before you got your car keys. So we have a good idea of good side hustles that need little income to start you can begin selling perfume oils with a low income such as N30,000, and you can start a toast bread business if you live in the hostel at your school; all you need is a good toaster and the supplies for bread and other condiments, or you can begin selling pastries or snacks. All these small businesses can fetch you a good income, which you can save minus the recurring expenses to keep the business afloat. You need to keep in mind that improvements are necessary for the business to succeed; you shouldn’t get the impression that it is solely to get profit from getting a car. Because if you encounter any form of difficulty, you might not want to continue.
If you are a part-time student, this burden might be easier on you, as you would be able to get a job and, through the payment of a salary, you might even be able to afford a car loan. If you already have a business, then you already have a means of buying a car. What you need to know is how to save up to actually get your car key. If you are a student living on allowances, you might also want to save up to start a small business and, in turn, be able to get a car.
How To Save For A Car As A Student
This is the most important step to carry out. First, you must open a savings account, whether at a bank or through some savings apps such as Piggyvest or Cowrywise. Saving is the most unfortunate way to get your car keys. When opening an account at the bank, you must have a savings account and make sure you are well-informed about the interest rate. At this point, it is very important that you do not have the means to get a debit card. Having a debit card would make you stray away from saving because you would be able to debit the account at any time.
Having a savings plan is important. But knowing the amount of the car you want to buy is very essential. To see the most affordable cars, check out Carmart.ng, where we sell cars for as low as N600,000. You might want to get a good car for a higher amount, and this would mean a bigger savings plan that can go up to N100,000 per month, but if you are in need of a cheaper car, N60,000 and upwards is a good way to start. You may be in a position to save more or get approved to go to a dealership that allows for instalments, but before this occurs, they would need to look at a lot of things and identify if your income is stable.
What to Consider When Buying a Car as a Student
One thing to consider as a student if you wish to buy a car in the near future, apart from saving up, is the type of car you wish to buy and how frequent use it would get. Thankfully, we have written a blog on the nesting cat for first-time buyers, which would be helpful. Getting to what the car would be used for is needed; would it only be for commuting to lectures and other near places or would it be doing any strenuous travelling, which can take hours, you would want to buy an economical car is absolute; going for a Toyota or Honda car, which is known for not only being affordable but also easily maintained, Apart from this, you would also need to know if the university allows for student parking or look for a place to park a car in the right place after hours.
Buying a car as a student might be an easy process if you buy it from Carmart.ng, the best automotive marketplace where you can get the most affordable and best cars on your student’s budget.
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