College Advice 101: How to Get Your First Car in 12 Steps

  1. At least 6 months early open a student account with your local credit union. (Ask about their in-house financing for car loans, explained below).
  2. For your credit union YOU WANT:- a free account with no maintenance fees, -interest on savings, -APR rates ranging from 2.99%-15.99% at the most. (In layman’s terms look at APR as x% on the dollar = 15.99% is 0.16 cents per dollar).
  3. Deposit money into that savings account regularly. (best are accounts that pay you: ally bank, state farm bank etc)
  4. Determine your credit score. No credit? Build it with a cosigner. No cosigner or reliable source? Do it yourself WITHOUT traditional retail cards. I detail how here.
  5. Search for better deals to haggle and barter on prices. Get a car that is nice enough to make you proud 😎 but doesn’t break the bank. Why pay three or four years on a car?
  6. Build your credit score by making payments IN FULL & ON TIME. Repeat for 6 months before car shopping.
  7. Save 1500 as a possible down payment. It would be better to pay in full with cash, for a smaller asking price, but I digress…
  8. Attain a credit score of 700 at least. (Fico Score 719 I was able to get a used car with no down payment).
  9. Before you sign a damn thing remember your account with your credit union. A magical word like IN HOUSE FINANCING. Basically means that the place your at, whether a dealership or your bank, is looking to tell you how much you should pay on a car loan if you cannot pay in cash. So that means, ask yourself, who would have your best financial interest at heart? Certainly not a car dealership. Therefore, do your own in house financing at a lower rate between 2.99%-15.99% no more.
  10. Stay on your family’s car insurance plan. Save money for car repair and one full set of tires.
  11. Schedule your payments for your loan at a time that’s best for you. You can usually change this date ONLY once. Know your due date and grace period.
  12. Make the Wise Choice: Set reminders in your phone so you will be on time

My baby is the The Dragon bc we smok’in and always in motion. She’s a v6 with a heavy body that doesn’t shake past 90 miles per hour. A used car with about 40k miles on her; three years later we’re almost to 100,000. I love her to death!

With a credit score of 719, and a cosigner, I received a 14,000 State Farm car loan.

My notes are $265.00 and my insurance is 150.00. I prefer my due date to fall in the middle of the month.

Athena’s Purse | Make the Wise Choice


Any wise words?

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