Can I buy a car with a student loan?

Question

i need a new car, my car just doesn't run anymore. i dont have the monwy right now to get a new car. can you help me? is there any student loan out there that will let me get money to get a new car. it is for school, i need the car to get back and forth to school.

Answer 1

NO

Answer 2

Depends on the type of student loan, I believe. It's been decades since I was in college, but my wife and I used one my student loan checks to but a good used vehicle. We were living out in the country and school was 15 miles away. That and we had a child on the way. Trying to get three kids and a very pregnant wife squeezed in to a Datsun B-210 hatch back was a logistic impossibility. So we bought a VW van. If you are able to buy a vehicle though, you do not need a brand new fresh off the lot vehicle. Buying a brand car is never smart anyway, because the greatest amount of depreciation takes place in the first 2 years. Buy yourself a used reliable car that will get good gas mileage. Something to get you to school and back is all you need. I would check with consumer reports and see what they recommend. The important thing is to get through college. After you graduate and you are the president of a Fortune 100 company you can buy yourself all the flashy cars you want.

Answer 3

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RE :Can I buy a car with a student loan?
i need a new car, my car just doesn't run anymore. i dont have the monwy right now to get a new car. can you help me? is there any student loan out there that will let me get money to get a new car. it is for school, i need the car to get back and forth to school.
3 following 9 answers

Answer 4

The car is being used to go back and forth from school, so you can definently use your student loans to purchase a car! The money doesn't necessarily need to be used on tuition and books only! Besides, there is nooo way that they can find out how you use the money, so you're fine! But in any case, the car is legitimate and ur good! :o)

Answer 5

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It would depend on what your "need" for that car is. If you are receiving student loans, while someone stated earlier that it is for tuition, books, and housing, it ALSO includes transportation, so that if transportation is a "need" for you, then I would. I certainly would NOT use the money for some gas guzzeling type of show piece, however a sensible, reliable used vehicle would be within your means. You will need reliable transportation to get to school, look for a job upon graduation and maintain employment afterwords. I think that it is perfectly acceptable to use it for that, as long as you aren't getting a lexus, I think that it is acceptable!!! And no, it isn't illegal. If you have been funded the money, and it has been given, as long as your school stuff is taken care of so that it doesn't interfere with you school needs GO FOR IT!!! Good Luck!!

Answer 6

Can you buy one? Sure you can, but I wouldnt' suggest it. Ideally you need to understand that you "HAVE" to pay this back. But I would evaluate "why" you "need" a car. Many times ppl confused wants with needs. In addition, that money is suppose to go towards housing, tuition, books and additional school expenses. Therefore I would make sure all of those obligations are paid for before even considering the idea. Nevertheless, it is easy to spend money when you don't' have to work for it up front. I would just say use your best judgment and evaluate why you think you need a car, because in the end this money will still be coming out of your pocket.

Answer 7

You can take out a federal loan to purchase your car, just go to your financial aid provider and fill out the necessary forms. The money is yours to do with what you want after the school gets what you owe them (of course they get theirs first). Just remember when taking out student loans you should be serious about finishing school, cause you will have to start paying them back 6 months after graduation. I know a lot of young people that take out the loans and then quit school. Then after they mature and realize they NEED that education to make a decent living they have all these loans to pay back before they can go back to school... Good Luck!!!!!!!!!!!!!!!!!!!1

Answer 8

If its the regular old fashion loan,yes.But dont do it unless you desperately need the car(i.e. for work,kids,etc).save your loan for school where then you can buy a new and improved model with that hard earned degree.In fact what you dont need from the loan give it back to the lender.You will be so much better off,trust me...or not.

Answer 9

yes u can! whoever said no has no idea what they're talking about. It also depends on the amount you are tying to spend on the vehicle. Each year, Financial aid gives you a budget. You must take out a loan that is higher than the amount u owe the university, but it cannot exceed the amount of your budget. All remaining funds will be handed over to you in the form of a check. Cash the check and go car shopping! you CAN do it.

Answer 10

You can, my fiance had her dad take out a parent loan and she got 25000 for a new car. The nice part is the interest is low and technically you paid off the car because you are not paying the bank for the car you are paying for the student loan so if you ever need to consolidate or take out a new loan it will work out great because you owe nothing for your car and its worth a lot. Instead you owe money for your education which is tax deductable! Good Luck!

Answer 11

on my loans i get a check about every 3 months from whats left over after tuition, books, etc. but that also may depend on the loan i am not sure