A few days ago
holdinyou07

Stundent loans and buying a car…good idea?

Ok I have an 84′ Plymouth Horizon and the transmission is about to go out, my timing belt is shredding, and the things the timing belt sit on are out of line (main reason belt is shredding). I got out 6,000 in student loans (Private). My schooling is only about 3,000 and I was going to use 2,000 for a cheap little used Jetta. Its in good shape, and between working fulltime and school fulltime, i am trying to find something a bit more reliable. So is it a good idea, or bad idea.

Top 4 Answers
A few days ago
Anonymous

Favorite Answer

Good idea. You would still have the title and your loan is tax deductible.
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A few days ago
orwellian987
I am highly anti-debt; it’s ruining the country and turning college grads into indentured servants who have to take an “easy,” soul-crushing cube-job to survive. Minimize your debt, struggle if you must so that when you get out you can take a low-paying job that will offer more fulfillment and more opportunity for growth (financial and otherwise).

Have you filed a FAFSA? Have you maxed out low interest federal loans? Have you let your financial aid office know that your are struggling (always appeal for more)? Do all of these things–maximize your aid.

Do you really, really need a car? If it’s a necessity, do what you have to do, but don’t buy your car from a dealer (no chance at getting a deal, and the chance of getting screwed at your price range increases when you buy from a dealer). Buy from an original owner with lots of maintenance records in a well-to-do area. Buy the best Honda Accord you can with the money you have (and let the owner know you are struggling, maybe they’ll have a heart and cut you a deal).

Realize that even if all you want to do after school is get rich, that having les debt still helps because you can seek jobs with company’s on the ground floor. Debt kills dreams.

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A few days ago
Anonymous
Your idea is good but it is rather difficult. There are many student loan lenders.Before you go for one check the rate of interest and also see that the lender is a legitimate one.

Don’t pay any money to get the laon. You can also try for some scholarship online.

To know more you can visit

http://www.easystudentloan.blogspot.com

and

http://www.scholarshipgrants.blogspot.com

and

http://www.myowncar.blogspot.com

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A few days ago
jateef
The only thing I have to add…. keep in mind, foreign cars are more expensive to repair.
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