Did you know that certain car manufactures have cash allowances and special financing options for recent graduates looking to buy their first car? A tough economy and competitive job market may make it difficult for new college grads to purchase certain necessities, such as a new car. Fortunately, many manufacturers offer special incentives such as: special cash discounts, targeted leasing, and flexible financing offers for new graduates! These incentives may include discounted percentage rates, lower down payments, or even deferred payments on a new car.
When deciding to purchase a car, remember to weigh all your options. Research the dealerships, and the manufacturers of the car you’re interested in. If possible, call ahead and ask if they offer any incentives or discounted rate for recent graduates or college students. Also, try to take a copy of your transcript and your school ID with you, in the event you want to purchase a car on the spot.
The qualifications to participate in these special graduation incentive programs tend to vary by dealership and by manufacturer. Keep in mind that not all places may advertise this promotion, but it doesn’t mean they do not offer one, or that it wouldn’t have any effect on the price of the car. Be prepared to validate your information, you may not be able to get the discounted rate until your credentials have been verified.
Qualifications/Requirements may include:
• Graduating from a four-year university, accredited two-year college, nursing program, graduate, or doctorate program within the next 4-6 months or have graduated within the last two years.
• A copy of your diploma or an enrollment verification for may be required as proof of enrollment.
• Knowing that students and recent grads may have a limited credit
history, some programs may reduce their requirements for a stellar credit rating, though many still require a positive rating with no major derogatory entries within the last 24 months.
• The manufacturers typically require proof of employment or an offer letter from a prospective employer to make sure participants will be able to make their car payments on their new car.
• Read the fine print at each of the links in the cart above to help you determine the requirements for each program.
Purchasing your first car as a recent graduate doesn’t have to be another major financial burden on your pockets. Remember to shop around, research dealerships, and ask your salespersons about promotions or incentives for research graduates. Follow us on Twitter and Facebook for more great advice for young drivers!