I'm getting ready to start college as a freshman, and I was kind of thinking about taking out a student loan to get a new car. Do you think that's a bad idea? The car I have now is a 1999 Chevy Metro, and there's nothing wrong with it, I just don't feel safe driving it since it's so small and I will be driving on the highway to get to college. So my question is, do you think it's a good/bad idea to take out a student loan since you don't have to start paying it off until you graduate college? Or should I just keep my car and save me money?
2007-08-05 17:30:54 · 9 answers · asked by Sarie89079 2 in Education & Reference ➔ Financial Aid
Well you cant take out a "Student Loan" to buy personal items that do not have a thing to do with school. Student Loans are for paying for the costs of classes, books, room and board. But you should save your money to pay for school, then you should buy a car when you get out of college. Education is the sucess for the future, and dont make money a factor, because you have all your life to pay back school, its a simple, and the best investement a person can make. If you car is working fine, you dont need one. A car gets you from point a to point b, and if your car does this, you dont need a new one~!
2007-08-05 17:38:57 · answer #1 · answered by Tyler F 2 · 0⤊ 0⤋
It all depends on what your going to school for. If you feel confident that you will be ablr to pay the loans back after college go for it. The intrest rate will be lower on a student loan than a car loan. If you do take out a students loan do it through the federal program. If that is not enough take out a parent plus loan. Youdo not need to be a parent. Try to combine these loans with scholarships and you'll get the maximun refund. I owe about 20,000 in students loans and I use to get refund checks for about 5,000+. Be careful though to make sure your spending the money on educational related expenses. Yes a car is considered an educational expense
2007-08-08 04:17:41 · answer #2 · answered by myclark2002 1 · 0⤊ 0⤋
I would keep your car u have and save your money. A bigger car is just going to cost you more money and more gas. A student loan sometimes requires u to show expensive s. "like where the money went" But I always said don't fix something thats not broken" u have a car and it gets to from point A to B why change it. Good luck!
2007-08-05 17:36:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
When my husband took out student loans for college, it went straight to the registrars office at the school. He didn't get a huge check. He did get a little check to pay for books. So I don't know if your plan will actually work...
I think you should just sell your Metro and get a different car.
2007-08-05 17:36:13 · answer #4 · answered by Cat 6 · 0⤊ 0⤋
First dont listen or respond to ANY of the above posts that say they are lenders!
Second, do you have money to pay for school outright? I mean meet all your expenses, books, etc?
Third, if so, you can take out a loan and do what you want with it, but dont get the loan if its for a car. Be Wise!!!!
2007-08-08 14:47:09 · answer #5 · answered by John 3 · 0⤊ 0⤋
We give out long and short term loan and our interest rate
is 4%.
A new car gives you comfort and heighten your social value
apply for a loan ragardless ot the repayment duration.
freedom_gate@yahoo.com
2007-08-07 11:37:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
contact mr famous smith he can help you.
his email address is famousloan_offer@yahoo.com
Contact him today and get a loan now.
2007-08-07 12:54:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Spend your money so the you can get trapped in debt for no good reason.
2007-08-05 17:33:55 · answer #8 · answered by Anonymous · 0⤊ 1⤋
save money
2007-08-05 17:35:50 · answer #9 · answered by Anonymous · 1⤊ 0⤋