Owning a car can be a huge asset for any student. It allows you to get to university and work easily, go on spontaneous trips with friends, and visit family easily throughout the year. It can be daunting to purchase a car, as it is likely the largest purchase you will have made yet.
Fortunately, there are plenty of ways to make this significant purchase while ensuring that it doesn’t have too great an impact on your student finances. You should look for ways to save money in your everyday life, financing options, and smart ways to earn money to help you buy a car fast.
Get A Zero-Interest Credit Card
Credit cards can be excellent tools for anyone wanting to make a larger purchase. You’ll need a good credit score to be eligible for the best rates, so you should start building your score as soon as possible. A credit card with a long zero per cent interest rate is the best choice for large purchases.
Once you have made the purchase on your credit card, you’ll need to be strict with paying it off before the zero per cent interest rate ends. Work out exactly how much you need to pay each month and ensure you always pay it on time. If possible, pay off more than necessary per month to bring the balance down faster.
Take On Some Extra Gig Work
If you already have a part-time job while you study, taking on some gig work can be an ideal way to supplement this. This will allow you to save for your car purchase faster without taking on additional financing.
There are many gig jobs you could take on as a student, and most are ideal to fit around your studies, work, and social life. You could consider delivering food orders if you have a bike, offering dog walking services to local dog owners, or starting a blog to earn money through sponsors and affiliate marketing.
Save Money On Your Grocery Shopping
Saving money is just as important as earning money when you plan to make a big purchase. The more you save on regular expenses like grocery shopping, the more you can add to your car fund. One of the best ways to save money on your grocery shop is to switch from branded to generic items and produce. You could also shop in discount grocery shops like Aldi or Lidl.
Take Out A Personal Loan
A personal loan can give you a quick cash injection that allows you to buy a car. The downside of this option is that it might be challenging to find a lender willing to offer a loan to a student. You should get in touch with your bank to discuss your needs and find out what kind of personal loan they would be willing to offer. Like a credit card, you will need to make your payments on time to avoid penalties.
Consider A Short-Term Loan
A short-term loan can be an excellent option for anyone wanting to make a quick purchase. Unlike personal loans, short-term loans often come with fast approvals and accept more applicants, making them ideal for students.
You should ensure you pay back the loan within the agreed timeframe and understand the payment terms fully. You can find plenty of excellent options for short term loans from the expert brokers at Sunny.
Buy And Sell Items Online
If you’ve got a good eye for valuable items, you could begin buying and selling products online for a quick profit. Things like electronics and designer clothes or handbags can fetch good prices provided they’re in good condition. You could also buy and sell collectors’ items like Lego, comic books, art and more.
Earn Money Through Paid Surveys
There are countless options out there that offer money, discounts or vouchers in exchange for completing surveys. Many students opt for the cash paying surveys, but it is a good idea to use a selection of the above options. Vouchers and discounts can help you save money, leaving more in your pocket to put into your car fund.
Self-Publish An E-Book
If you’ve always loved the idea of becoming a published author, you’re in luck. Self-publishing is now easier and cheaper than ever before. One of the most significant expenses for publishing books in the past has been printing the hard copies, but with e-books, this cost is eliminated unless you want to go down that route. You can also do the proofreading and editing yourself to save even more.
Tutor Other Students
If you have a knack for a particular subject, becoming a peer tutor can be an excellent way to make more money. You could advertise your services on your university’s website, on university social media groups, or on the student union and library noticeboards. This is often a better option for students in the later years of their degree. For instance, in your second year, you could tutor freshers on a module you got a 2:1 or above in.
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