Car Shopping!
Posted by Rebecca Brown
Here's another way for college grads to get into even more debt and yet another payment to make.
If you're not working and living in a city with public transportation, you need a car to get to work. If you're like most college grads, you will have to start to make student loan payments a few months after May 15. Why not add a car payment into the mix?
I've recently learned about car companies with special offers to recent graduates. For example, Nissan offered $500 cash back if you bought or leased a new Nissan from a select group of vehicles like the Altima, Rogue, Versa, etc and were a recent graduate. "Recent graduate" varies by car company--for Nissan you had to be graduating and have proof you were (transcript w/expected 05/09 date) graduating in 6 months or graduated 2 years ago. If you can't buy a car right away, they give you 2 years to save and still get the deal.
Other companies have similar offers. Volvo offers special financing for those graduating in 3 months or 24 months ago. They state they want to help new graduates start building credit...aka getting into more debt! Still though, it's nice to know car companies are offering college grads a break especially when it comes to financing because most of us don't have any credit. Also, in the fine print of a car company's web site you will find out exactly what you need as proof. Usually it is a transcript or diploma stating when you will or did graduate, from an accredited 2 or 4 year institution, and proof of income--even if its the formal job offer letter.
Who wants to go find a new car now??
Posted: March 20, 2009 10:18 am | 2 comments
Tags: car, financing, graduate, new car
Comments
no thanks. i'll continue to take the T... thus avoiding the car payments, tolls, gas, insurance, maintenance, yada, yada, yada...
said Love Nickerson
I know so many people who get cars after graduation, even if these people live in the city and can make it to their new job using public transportation. The car itself is expensive, plus then there's gas, insurance, registration, and probably a few parking tickets if you are living in the city.
I can't believe the car companies are using the recent "grads" spin to get us to buy cars. I hope people don't fall for it. Especially since buying a new car is not an investment in the slightest. If you are going to get a car, better going with a used one, at least you won't be losing money on it.
said Ashley Haight
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