anyone making a car payment in medschool?

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Supadupafly

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Does anybody have experience with this?

My car is about to die a miserable death. With my personal situation, I will probably need another in medical school.

Problem is the student budget looks like I'll only have about $500/month after paying rent. After all my misc living expenses, this is clearly not enough for a car payment and insurance.

What were you're experiences?

Maybe it would have been better to put this in fin aid, but I don't think I'll get many opinions there.
 

CharlesCA

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You can always buy a used car.

If you must buy new, the cheapest non POS car is probably a Toyota Corolla for a tick over $12,000 out the door (auto, a/c, no p/w, no pdl).
 

mlw03

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i'm gonna have a car payment. i plan to live cheaply, using less for rent and food than most budgets allow. this shouldn't be hard because in my estimation the living allowances schools have are ample to allow for a 200/month payment.
 

exmike

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Originally posted by mlw03
the living allowances schools have are ample to allow for a 200/month payment.

that really varies from school to school.
 

mlw03

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of course it does, and it also matters how you live. you don't need a luxury apartment, nor do you have to go out to eat 4-5 nights per week. that stuff adds up. the difference between $50/wk on food and $80/week is more than half a $200/month car payment. the point is, lifestyle "sacrafices" can allow you to have a car.

Originally posted by exmike
that really varies from school to school.
 

exmike

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Originally posted by mlw03
of course it does, and it also matters how you live. you don't need a luxury apartment, nor do you have to go out to eat 4-5 nights per week. that stuff adds up. the difference between $50/wk on food and $80/week is more than half a $200/month car payment. the point is, lifestyle "sacrafices" can allow you to have a car.

whats the point of having a car if you cant afford groceries when you go to the supermarket? :p

jk. yeah its pretty much just altering your personal budget.
 

fun8stuff

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i will have $300/month if i dont get mine paid off within the next 2 yrs...
 

Sharkfan

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I know next to nothing about buying a car. Is $200/mo reasonable? But then you have to consider insurance, gas, etc. And won't most dealships want a down payment??

I too might need to buy a car on my own (eeek!) and am frustrated trying to figure out how to make it work.
 

MzzMisty

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well what i think your talking about it that you want to finance or lease a new car and your worried about the payments but you can find a perfectly good "used" car that is being sold by a personal owner from the paper or even through a dealership or maybe on the internet.. then you would avoid making monthly payments and just have insurance to deal with.. If you cant find one or just want a new car you can find some pretty cheap new cars for around 10 grand to finance/lease you just have to look around
 

MichiMO

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Keep in mind that you don't get as good of interest rates with used cars as with new cars, so your monthly payment may end up being the same.

Also, little known fact that they don't advertise...I don't know if you are using all 38,000 of your student loan money but if your school has just set a limit on your cost of attendance...you can get your cost of attendance increased and get more loan money if you have a car payment.


However, it is definitly tough to have a car payment and if you can avoid it, I would.
 

JohnHolmes

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Supadupafly, lemme break yo off somethin'

Med schools fin aid offices dole out da benjamins to pay fo yo new wheels, fa sheezy.

Get a land rover, sho nuff. Betta get used ta livin da life of da bling bling.
 

supereagles

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Originally posted by Cooper_Wriston
Supadupafly, lemme break yo off somethin'

Med schools fin aid offices dole out da benjamins to pay fo yo new wheels, fa sheezy.

Get a land rover, sho nuff. Betta get used ta livin da life of da bling bling.

Holla, seriously guys you need to treat yourselves well in med school. Y'all deserve it after all you have been through.:rolleyes:
 

gildas

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you can also steal one!
hahahha
 

comatose

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Fortunately, my mom will be paying for my car payments. I love my mom.:D
 

JM.

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I am HPSP Army and can afford to make a car payment and an insurance payment. However - I livein a cheap part of town and I have taken out subsidized staffords to supplement living expenses, which gives me a slightly (but not much) higher living expense allotment than that which is granted by the school for those dependant on institutional funding.
 

Paws

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I have to get a car too, and I was debating getting something new and keeping for like, the rest of my life (if I'm lucky) or just buying something used and hope I don't break down on Route 80 coming out of NYC, into New Jersey.

But seriously, a second hand Volvo can be about $2,500 and that's a great car! I used to own one and it was like the most reliable thing I had ever know. A little triple AAA and you're all set.

I might not buy any other car second hand, but I definitely would buy a Volvo because at least I know them.

Second hand is good; plus you only pay liabality insurance.
 
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