Overhaulin'

Should I use a Student Loan to buy a car?

Hey, I need a car to get to and from school. I am pretty broke, I will have a good job for about 3 months and they will pay me 15 an hour 40 hours a week. I want to buy a used car around $3-8,000, should I take out a student loan to pay for this? Is it a good idea? I am really clueless as to how to go about doing so.. Thanks in advance

Public Comments

1. NO!!!! Listen to Dave Ramsey. You should be able to save some money and buy a $2000 car before too long. Don't go in debt for a car!
2. Just make sure that you're going to be able to pay it back...student loans are way too convenient because you can use them for whatever you want but you really just have to think of the long run and decide whether it's worth the interest you'll have to pay back. You don't have a secure job so what if you can't make payments?
3. it depends, if you have everything else settled [housing, tuition] if you need a loan to get a car you might as well get a new one so it will be a better value.
4. no! dont get in debt to pay off another debt.
5. no that would be a bad idea save up the money
6. no, I have a student loan and the interest is killing me. I suggest taking a bus to school, save the money for the car over the 3 months of working and THEN buy it! Peace <3