Since my parents are paying my college tuition fees; if I get a car loan the interest rate might as well be higher than the interest of my student loan, so I think taking college loan is better than taking a car loan to buy a car.
Seven answers:
Stupid Flanders
2013-03-19 07:02:49 UTC
Student loans are for education.
If you don't need a student loan for education, you shouldn't get yourself in debt.
Why does a full-time college student need a brand new car?
Sheila
2016-09-26 11:58:58 UTC
1
Lovely Marie
2013-03-19 07:20:30 UTC
Student loans are for the purpose of your education. If you live in a dorm and do not have a car, you can rent a car if your school offers the daily car rental services from campus. However, it would not only be illegal but foolish to buy a car this way. Why don't you try taking out a personal loan from a credit union which tend to have low interest rates or better yet save the money from a part time job to buy you a car from a private owner in cash rather than get in debt and have to make car payments while in school.
Why not save about 800 and have your parents help you with another 800 to buy a decent used car for 1600. I found a great used car for 1600 and it is reliable and you can to. It just takes patience.
2016-08-11 06:11:57 UTC
Is determined by the variety of student loan, I believe. It can be been many years considering the fact that I used to be in college, but my spouse and that i used one my scholar mortgage tests to but a just right used car. We have been residing out within the nation and university was once 15 miles away. That and we had a baby on the way. Seeking to get three kids and an extraordinarily pregnant spouse squeezed in to a Datsun B-210 hatch again was once a logistic impossibility. So we purchased a VW van. If you are equipped to purchase a automobile though, you don't want a company new recent off the lot vehicle. Buying a manufacturer auto is on no account wise anyway, for the reason that the finest amount of depreciation takes location in the first 2 years. Purchase your self a used secure vehicle on the way to get just right gasoline mileage. Whatever to get you to university and again is all you want. I might investigate with client reports and see what they endorse. The important thing is to get via college. After you graduate and you're the president of a Fortune a hundred organization that you would be able to buy yourself all the flashy cars you want.
mccoyblues
2013-03-19 07:34:44 UTC
NO, student loans are for your education, not to go buy a car.
You are abusing the system and defrauding the government if you take that money and spend it on something that isn't college related.
The difference in interest rates wouldn't make that much difference in the monthly payment.
$10,000 at 3.9% for 4 years is $225
$10,000 at 8.9% for 4 years is $248.
$20 difference is not enough to defraud the government and misapply your tuition money on something as frivolous as a car.
David14
2013-03-19 07:13:43 UTC
That's not how it works.
2013-03-19 07:05:12 UTC
No it's illegal
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