I Got A Question On Student Loans And Car Notes

[The Unknown Hype]

i have these options to where i can get a loan my last 2 years of school since the pact program will cut tuition in half and pay what i owe back later( dad was helping me out and it helps alot but this summer money doesnt last 2 semesters)

with the car i can borrow it during the semester but not enough to have a job thats off campus. and on campus doesnt pay to well or give many hours.

I know logically i should stay with what i have but how bad is having a car note if i work during school. ill be able to save close to 2000 this summer so how bad would a car note be and maybe 2 years of loans to pay back?

the cost of freedom is it worth it?

 

[The ADD]

What would be the term on the car loan?

 

[The Unknown Hype]

wasn't planning on getting a loan just putting a down payment and financing it and the terms on the school loans should be the general amount

 

[sm0ke]

wasn't planning on getting a loan just putting a down payment and financing it and the terms on the school loans should be the general amount

I don't understand. Financing = getting a loan... And I wouldn't do it. Not if you dont already have a guaranteed source of income for the full term of the loan. It'll be less fun and tougher to get around without it, but trust that it's a whole lot better than suffocating in debt.

 

[The Unknown Hype]

I don't understand. Financing = getting a loan... And I wouldn't do it. Not if you dont already have a guaranteed source of income for the full term of the loan. It'll be less fun and tougher to get around without it, but trust that it's a whole lot better than suffocating in debt.

oh i see what your saying i was planning on saving enough to put a down payment and then some months after. I guess i figured it wasnt much of a loan if i could cut down on the interest hurting my pockets. But i hear stories about how that debt can set you back alot. i guess it seems simpler than it seems

 

[jalamanta]

Its YOLO ma nigguh. You know what to do.

 

[sm0ke]

oh i see what your saying i was planning on saving enough to put a down payment and then some months after. I guess i figured it wasnt much of a loan if i could cut down on the interest hurting my pockets. But i hear stories about how that debt can set you back alot. i guess it seems simpler than it seems

You got a long life ahead of you, unless you get murdered or something else terrible happens.

Unlikely. So keep your savings and be frugal. You'll end up ahead.

edit: and don't listen to the dude above me.

 

[winb83]

fukk a car note student loans are bad enough

 

[Yagirlcheatinonus]

lol good luck

 

[obarth]

A car creates a variable that can create even more variables, with all of those variables costing you money. $2000 sounds good when you don't really have bills. A car creates two bills (assuming you're paying the insurance yourself) from the start.

lol good luck

 

[The Bilingual Gringo]

Car note would be stretching it there under those circumstances. Car notes aren't bad if you can pay them down early and the interest is low enough. But it does seem like a monthly sucker punch in the back of the head.

 

[winb83]

Car note would be stretching it there under those circumstances. Car notes aren't bad if you can pay them down early and the interest is low enough. But it does seem like a monthly sucker punch in the back of the head.

the cost of ownership of a car is more than just the monthly payments. maintenance, insurance, gas. lots of people take car notes and later regret them because the cost is more than they realized.

 

[MrNoFlyZone]

I see getting a car loan as a set up to getting a mortgage. Most of the time you aren't going to be approved for such if you don't have what lenders consider "substantial" loans on your credit report. Like people have said, it depends on your current income...but think of it as a set up for even greater possibilities in the future.