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January 22, 2022
After graduating college, one way to start building credit is by purchasing or leasing a car. Fortunately, most car brands offer cash incentives to students and recent college graduates to win over brand loyalty early in life.
Let's take a closer look at how to qualify and the requirements for each of these college auto savings programs.
At the bottom, we also list all the current discounts for students and grads offered by each manufacturer.
Related: See our picks for best cars for students
Table of Contents
To qualify for a student car discount you typically have to meet two main requirements.
Qualifications vary from manufacturer to manufacturer but they generally apply to those who have graduated in the past two years or will graduate within the next six months.
Chevrolet (other brands from GM used to offer student discounts but removed them in 2022) goes through the GM College Discount Program and this special applies to:
While most require diplomas from a two or four-year college or university, Ford, Lexus, Lincoln, and Toyota specify that any student from a technical or trade school is also eligible for their discounted program.
Most, if not all programs require that graduating or recently graduated students have a job or an employment commitment after graduation. The employment period must start within a range of 90-120 days of contract. You will need to show proof of employment (pay stub) or proof of firm commitment from an employer.
Some companies do not ask for employment but will make sure your monthly payment doesn’t exceed your total monthly income (along with living expenses). For example, BMW will make sure your debt-to-income ratio does not exceed 45%.
Not many of the manufacturer bonus programs ask for a credit requirement, but those that do specify your credit must be in good standing with no adverse history and typically at least 6 months of credit history. Audi is the only program to offer deals to graduates with no credit history and without a co-signer.
All national dealerships should recognize manufacturers' recent graduate discount programs. You will need to bring the following with you:
GM College Discount requires an authorization code before purchase which can be obtained through their site.
Out of all the different bonus programs for students and graduates, Lexus offers the program to the widest range of students including nursing and trade school students, and it has a higher than average cash back deal of $1,000.
The main caveat to most of these student discounts is that you are required to finance or lease through the manufacturer’s financial service.
|Manufacturer||Program Name||Special Offers & Discounts||Eligibility & Requirements||Expiration|
|Acura||Acura College Graduate Program||$500 off purchase/lease on 2021 or newer (excludes NSX)||Graduated in past 2 years or next 6 months, Full-time employment or commitment||Ongoing|
|Audi||Audi College Graduate Program||Eligible for flexible terms and rates||Graduated in past 2 years or next 6 months, Full-time employment or commitment, Monthly payment cannot exceed 25% of monthly income||Ongoing|
|BMW||BMW College Graduate Program||$1,000 off purchase/lease on new or pre-owned||Graduated in past 2 years or next 6 months, 6 months of credit history, Debt-to-income ratio below 45%||Ongoing|
|Chevrolet||GM College Discount||Up to $1,000 off purchase/lease on 2020 or newer||Current college student or graduated in the past 2 years||1/3/2023|
|Ford||Ford Drive U||$500 off lease or $750 off purchase on 2021 or newer||Current college/trade student or graduated in the past 3 years, High School Seniors||1/3/2023|
|Honda||Honda College Graduate Program||$500 off purchase/lease on 2020 or newer||Graduated in past 2 years or next 6 months, Full-time employment or commitment||Ongoing|
|Hyundai||Hyundai College Grad Program||$400 off purchase/lease||Graduated in past 2 years or next 6 months, Full-time employment or commitment||1/2/2023|
|Infiniti||Infiniti College Graduate Program||Eligible for flexible financing options||Graduated in past 2 years or next 6 months, Full-time employment or commitment||Ongoing|
|Lexus||Lexus College Graduate Program||$1,000 off purchase/lease||Graduated in past 2 years or next 6 months, Full-time employment or commitment||1/3/2023|
|Lincoln||Lincoln College Plan||$500 off lease or $750 off purchase on 2021/2022||Current college/trade student or graduated in the past 3 years, High School Seniors||1/3/2023|
|Mercedes-Benz||Rising Star College Graduate Program||Eligible for special finance offers, under $50,000||Graduated in past 2 years, Proof of Income||Ongoing|
|Nissan||Nissan College Grad Program||$500 off existing offers||Graduated in past 2 years or next 6 months, Full-time employment or commitment||Ongoing|
|Subaru||Subaru College Graduate Program||Eligible for special finance and lease offers||Recent and soon-to-be graduating||Ongoing|
|Toyota||Toyota College Grad Program||$500 off purchase/lease||Graduated in past 2 years or next 6 months, Full-time employment or commitment||Ongoing|
|Volkswagen||College Grad Bonus||$500 off purchase/lease||Graduated in past 2 years or next 6 months, Full-time employment or commitment||1/3/2023|
|Volvo||Volvo Graduate Program||Eligible for flexible financing options||Recent graduates with full-time job||Ongoing|
These offers may vary based on location, credit score, and financing terms and are not guaranteed. So use my free service to Check Discount Car Prices to get the best prices that include current manufacturer offers and incentives.
What car companies give student discounts?
Chevy, Ford, Honda, Hyundai, Subaru, Toyota, and several others.
How much is a student discount for cars?
Discounts range from $500 to as high as $1,000 depending on the brand.
What are the requirements to qualify for a student discount?
Terms vary by brand but generally, you must be graduating within the next six months or have graduated within the past two years.
Do two-year degrees or trade schools qualify?
Yes, certain manufacturers like Ford and Lincoln offer discounts for two-year and trade school students.
Do high school seniors and high school graduates qualify for car discounts?
Ford and Lincoln extend student discounts to high school seniors or recent high school graduates with a letter of intent to attend a university.
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