My car broke down on me and I need to get a new one but I don't make enough to pay a monthly payment plus insurance. So I was wanting to get a student loan to buy a car and that way I can pay it off after I graduate and get a better job.
2007-04-13 12:48:25 · 7 answers · asked by spyvixen17 1 in Cars & Transportation ➔ Buying & Selling
well yea and no, Student loans are payed to the school. If your school is charging you 4000 and the loan is 6000 you can use the overage for school supplies and transportation which would be the car. Only any overage though. The proceeds of the loan itself automatically go to the school itself.
2007-04-13 13:00:50 · answer #1 · answered by asccaracer 5 · 0⤊ 0⤋
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2016-09-26 14:15:43 · answer #2 · answered by Wally 3 · 0⤊ 0⤋
I don't believe you can do that. A student loan is for school purposes only. As for a car, there has to be something out there that you can afford. You don't need a new one and you can get a good deal on one that is 5-7 years old. If you buy from someone selling a car via your local ads, then make sure you take the car for a test drive and also run it by your mechanic so he can check it out first. These kind of sales are "as is" so you don't want to be stuck with a lemon. You can get a loan from your bank for a used car still and just spend a few thousand dollars.
2007-04-13 12:52:46 · answer #3 · answered by Michelle 4 · 0⤊ 0⤋
Yes accually u can , if u go to http://www.salliemae.com/ , call the number on the website and ask them about the tution awnser loan this should help .. i cant recall the the other site off hand but they will tell u : )
2007-04-13 13:26:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
OMG no wonder our social security will not exist.....if you are relying on a student loan to buy a car....your future is in a world of hurt......I'd rather walk then be in debt to my ears
2007-04-13 12:53:21 · answer #5 · answered by Anonymous · 0⤊ 1⤋
No, you can't do that. If caught, you will be fined and possibly have charges brought against you.
2007-04-13 12:54:58 · answer #6 · answered by Irish 7 · 0⤊ 0⤋
dont listen to those f a gs, yes you can but dont get caught
2007-04-13 13:01:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋