Overhaulin'

Can I use money for a student loan to buy a new car?

I want to know if a take out a loan in my name can i use it for a new car. If i don't want to go to college anymore?

Public Comments

1. Can you say fraud?
2. You have to be enrolled in a school in order to take out a student loan. Read the terms and conditions of the loan. Once you get the money, you can use it for whatever you choose, but you do have to start paying it back usually 6 months after you leave school.
3. Don't do that , Why don't you just go to your bank and ask for a car loan? You don't need to trouble this will cause. They will track you down and you wont get out of paying them back.
4. and THIS is the kind of question that has America in debt right now....and full of fraudulent practice cases...
5. Don't do it. It is fraud. Plus, you may be able to get a better rate on a car loan anyway. Also, if you ever have to file bankrupcy, you can never get rid of a student loan, but a car loan is different. It's a complicated issue, talk to a financial advisor.
6. First of all you should only buy a car that you can pay cash for! Get back to school and get learning again...you will NEVER have a good paying job without education or skills that are special. Please don't waste this opportunity!
7. get a car loan dude
8. Frankly, no. This would be fraudulent misrepresentation of federal student loan funding. The student loan provisions were not designed to provide credit to finance personal consumption, such as cars, to non students. You risk regulatory sanctions and possible prosecution if you are caught. I would professionally advise you not to do this. Get financing through a commercial lender if you can. What you are talking about is simply not worth the risks.
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10. May be u can, if u have taken the loan for learning driving. So for practicing it , u need one, don't u? Reasonable ...... But not possible.
11. Haha, you know, cause all reputable money lenders advertise on Yahoo Answers. Man what a joke.....