New car dealers with programs for recent graduates make it easy for you to save money on a new vehicle. It's no secret that a diploma can open a lot of doors, and one of those can be the door to a new car.
Recent grads can expect incentives like great interest rates, cash back, and in some cases, reduced pricing on new vehicles. You may also be able to receive credit with less money down and lack of credit history. Some automakers may offer special leases designed for new grads.
Qualifying for Recent Graduate Programs
To qualify for special deals on a new car, you typically need to have recently graduated from college. Requirements vary by automaker, but in general, you'll qualify if you received your degree less than two years ago. In some cases, you can also get the deal if you'll be graduating in the next six months.
In addition to being a recent graduate, you'll need to meet a few other criteria. In order to qualify, you'll have to have a source of income or employment, a good credit history, and an auto insurance policy. For some automakers, lack of credit history will not immediately disqualify you from financing deals, although they will not likely overlook bad credit.
Advantage for Automakers
It's easy to see what recent graduates get out of dealer's new car incentives, but how does it benefit the auto dealer? For car dealers, new graduates represent a stable, relatively affluent future customer base. If they get your business now with an entry level vehicle, they expect you'll stay with them as you work your way up in your career.
In addition, automakers have identified college-educated people as a good bet when it comes to financing. They expect that new graduates will be responsible and will make their car payments or lease payments on time. They're willing to work for your business with good deals for recent graduates.
How to Find New Car Dealers with Programs for Recent Graduates
Before you look for a car dealer, it's a good idea to have an idea of the make and model you'd like to buy. Do some research online to determine which car best fits your driving needs and your budget. Then use the manufacturer's website to find a dealer near you.
Automakers' incentives will have an influence on the overall price of a vehicle, so they may affect your buying decision. A good interest rate can lower you car payment significantly, and rebates can put money in your pocket. Most carmakers offer some kind of deal for recent grads.
Good Deals for Grads in Five Easy Steps
New graduate incentives change all the time, so the only really reliable source for information on these programs is the manufacturer's website. Here's how you can find a great deal on your next car if you're a recent graduate.
- Make a short list of cars that would work for you and your monthly budget.
- For each model, check out the automaker's website to determine if there are special deals for recent grads.
- Call your local car dealer to see if they offer any additional incentives.
- Use an auto loan calculator to determine how incentives will affect your monthly payment.
- Choose your new vehicle!
Search By Incentives
For a list of current incentives in your area, including deals for new college graduates, check out Edmunds.com. This is another great way to find new car dealers with programs for recent graduates. Searching by incentives will give you an idea of a car company's willingness to negotiate, as well as their current special offers. Recent college graduates are in a great position to buy a new car, and car companies are willing to deal on the price. You can save significant money by taking advantage of deals for recent graduates.