Hello all,
I am a college student that has student loans from the government already and I won’t have to pay those off for another 4 years or more. I no longer have my old car and I am looking to purchase a new vehicle. I get a family discount (thanks to my brother working as an auto dealer) so I can get a new 2010 Ford Escape for around $18,500.00. Should I take out this loan and possibly a little more to pay off the school loans later? (i.e. consolidate)
I know I don’t have to pay off the other loans until later but I figured I could start paying early to avoid interest.
What do you think? Thank you for your time!!
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While it is a great benefit to be able to have a substantial discount as a result of nepotism, you really should consider buying used. $18,500 is a lot of money to tack on as a loan when you are battling (already) tens of thousands of dollars in student debt. Avoid buying used and buy a decent used car for $6 or $7 thousand dollars.
GOOD LUCK with your schooling!
no! the repayments will be a nightmare, especially for somebody still in school and not in regular employment. can’t you just get a second hand car for a few hundred dollars? a little run around until you are better equipped to pay off a substantial loan like that one. don’t start your life drowning in debt – it’ll all catch up on you one day. i speak from experiance.
That depends on your income and ability to pay. If you would have to leave school for any reason, your loans will become due immediately. Don’t base anything on intangibles, because none of us know what the future holds.
My advice? Don’t get in over your head. Get a used car that you can afford and pay off in a timely fashion. After you get out of school, get a full time job and draw up a budget based on your income and obligations, then you can look to buying new vehicles, a house or whatever.
I would recommend that you buy a used car instead of new. After paying back student loans myself, it is not fun! By keeping loans to a minimum, life will be much easier for you.
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Pay off one debt before opening a new one.
Sure it’s a sweet deal getting a discount but its very disappointing to
watch the repo man haul off your Baby because you couldn’t make the payment!
There will be plenty of time for a new car, right now you should just drive an A to B car
and save your money!!!
Have you checked to see what you will be paying for insurance? And also factored in what you will be spending weekly for the fuel bill? There is nothing like looking out at your truck and wishing you had gas money to drive it!
You do can take another loan.
hello
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