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Old 04-20-2011, 06:42 PM   #1
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Car Loan + Student Loan

Hey, so I am 19 years old, and im planning to go back to school this sept, its 2 years of school, totaling at 12,000. I want to get a student loan for it.
I also want to buy a $20,000 car now threw financing. I have no credit, but a co-sign with amazing credit. I know I could probably get a car. The big questions is, could i do both? If i can't its obvious i rather have a student loan.
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Old 04-20-2011, 06:51 PM   #2
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Every person is different, nobody is you. Go apply and find out. In theory of course you could, as long as your co-signer is strong like you say. You will probably have to be the co-signer though and use that person as primary if you apply forthe student loan first. If you don't make much money you won't be approved for the car because your debt-service will be above 40%, ie your monthly payments can not be over 40% of your income after adding a car payment. So if you make 1000/month, your max would be 400/month for all your monthly costs, like mortgage student loans rent and car payment.
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Old 04-20-2011, 07:07 PM   #3
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Well i'm planning on getting the car first. I'm just scared i get the car and everything is good. Then when i go to apply for school, i can't get a loan and i'm fucked for the 5 years till the car is paid. If that's the case i rather take the risk with a cheap beater till i'm done school.
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Old 04-20-2011, 08:15 PM   #4
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Get a cheap beater. Things may have changed since I went to school but basically I remember that if you owned a car then they expected you to sell it to help finance schooling
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Old 04-20-2011, 09:18 PM   #5
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you are about to make the worst financial decision of your life by dropping 20k on a car before having a solid education/work. i dont understand why people out of hs do this, and then ask for help when they are stuck in a rut.
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Old 04-20-2011, 11:59 PM   #6
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Old 04-21-2011, 12:04 AM   #7
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No point getting a nice car unless you have the money, school is more important and when you finish school, and land a good job, you can buy whateverfucking car you want.
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Old 04-21-2011, 02:12 AM   #8
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$32,000 in debt when you can be only $12,000 in debt. I don't understand why people like putting themselves in debt needlessly. Too much spending and too little saving. It sucks when you wake up and realize you owe someone money.

Its not worth it if you have to borrow for a car... If you had the cash or your parents were going to help you out go for it.
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Old 04-21-2011, 02:45 AM   #9
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It may seem like only $20000 but factor in tax, interest, newer cars are more expensive to insure, repair, maintain etc. This doesn't even factor in that your car is a depreciating assset.

Approximate numbers but consider the fact that you would have to actually "earn" $30000 pre-tax to pay $20000 post income tax. I don't know your financial situation but a decision to buy a car could last for years.

Get a beater civic, 87 octane, cheap insurance, cheap parts.
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Old 04-21-2011, 09:53 AM   #10
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school is definitely more important right now. If only you have the money to buy-out the car and maintain, then maybe.

As a student, you will most likely be going from point A to B, why need a 20 000 car that forcing you into more debt? insurance and gas isn't cheap too.

edit: i was in the same position as you before. I had the money to buy a car and go to school, but i chose school + a beater ( and this is still getting me broke)
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Old 04-21-2011, 09:59 AM   #11
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First of all, if you're 19, your student loan funding is going to depend heavily on your parents income (unless you have children or have been out of their home for several years). You are not likely going to get the whole 12,000 you need, let alone enough to cover your living expenses.

Meaning you're going to have to find an alternate source of funding for the short fall + your living expenses as is.

On top of that, at 19 you can't possibly have a substancial reduction in your car insurance on a $20,000 car you'd be looking at a payment of $240/month in insurance + about $300/month in car payments... + gas (we'll say you drive a minimum and give you $200/month).

So before you feed yourself and pay the remainder of your living expenses, and your short fall for your school costs, JUST to to keep your car on the road $740/month.

Get the beater.
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Old 04-21-2011, 10:03 AM   #12
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$32,000 in debt when you can be only $12,000 in debt.
Dont you know? It doesnt matter how much debt you have in Vancouver, as long as everyone else thinks you're cool! Thats the trend, at least in this city...

I would agree with everyone else, the car can wait. You can get that anytime, an education not so much especially later on in life
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Old 04-21-2011, 10:17 AM   #13
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Don't listen to logic! Go for the car!!! Lol
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Old 04-25-2011, 06:18 PM   #14
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I made a mistake when I bought a car when I was 21. Didn't really think about school actually. I just wanted a car of my choice. 4yrs later. Still paying for it and 2yrs ago. Wish I would have went to school instead. Do yourself a favour. Save up for school. Enough said!!!!
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