Buying a car when starting med school

[mmcnam]

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Has anyone done this and what were your experiences? I'm feeling a little uneasy about taking out a third loan to buy a car on top of loans to cover school, but I know that I can borrow up to the cost of attendance in Grad Plus loans to make car and insurance payments. I haven't owned a car in the past, but I'm thinking now might be the time. All the students at the school I'm going to said that they greatly appreciate their cars. If anyone wouldn't mind talking about their own car purchases during or right before med school on no income, that would be great.

 

[lemoncurry]

I just bought an '04 Accord, total financed amount is about 11K. Right now I am working so it isn't life or death just yet. I'm a bit nervous about when school starts, but I have some backup support from my wife's mom. I got it mainly so I would have a car that would fit my whole family in (wife and 3 kids). previous car was a '91 sentra.

 

[rgerwin]

I had to have a car, but will only need it for 2 years. So, I actually borrowed about $10K from a family member, promised them some interest, and said I'd give them everything it sold for in 2 years. I'll pay the rest back slowly in the future, but the bulk will be given back. If you have anyone who would do that for you, it works out well. Just emphasixe they aren't giving you anything. All will be paid back.

 

[LizzyBusyBee]

I had to have a car, but will only need it for 2 years. So, I actually borrowed about $10K from a family member, promised them some interest, and said I'd give them everything it sold for in 2 years. I'll pay the rest back slowly in the future, but the bulk will be given back. If you have anyone who would do that for you, it works out well. Just emphasixe they aren't giving you anything. All will be paid back.

I am glad that worked, but for some. Leaving money and family seperate would be the best for some!

They always have the option to bring it back up. The banks are not personally involved. Nor will they say they contributed to your sucesses... nor will the bank be coming back asking for help later??? Some have great heathy families though🙄