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Saving For A Car With Student Loan Debt

If you are trying to balance student loan payments with monthly expenses, you may be putting off larger purchases such as a home or vehicle. Fortunately, we've created a workflow that can help you manage your school debt while also saving up for a car. Learn how to prepare for a big ticket purchase and how refinancing your existing private and federal student loans may help you reach your goals.

Tips for saving money for a car while paying down student loans

A tight budget may make it difficult to save for a down payment on a car, and to meet the minimum monthly payment on a vehicle loan. This can be frustrating, especially if you need a car to get to work, take your children to school or simply make errands more convenient. Before you consider purchasing a car, take some steps to make that the added expenses fit into your budget:

Consider refinancing or consolidating student loans to help you save

Whether you've just graduated or are well into your career, refinancing your student loans may be a smart way to manage your finances. When you refinance your student loans, you may be able to lower your monthly payments, which can make saving and paying for a new car easier. Refinancing can also simplify your repayment schedule by converting multiple loan payments into one. Before applying to refinance, carefully review the interest rates, features, and benefits offered by your current lenders. This is especially important with federal student loans which offer repayment options most private lenders may not.

Check out 'Should I Refinance?' for more information on the factors to consider when refinancing. To learn more about how a Citizens Bank Education Refinance Loan® could help you call 855-247-5557 and speak with a Student Lending Specialist today.

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