Buying a car while in Med school?

[roesnerna]

My car runs O.K. now, but I've learned to be prepared for the worst. Is it possible to buy a car while in Med school?

Do you have to get a car loan like anyone else would...can you defer payment...is it even possible to get a loan without any real income?

Any info is greatly appreciated.

Thanks
NATHAN

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[drewdo]

I was able to get a car loan last summer while I was unemployed. I had good credit and could prove that I was starting a new job in over a month. I don't know how you're paying for med school, but a FAFSA loan might give you enough money to make car payments, particularly if you have other scholarships, grants, trust fund money, etc that you're using towards school. I plan on using leftover federal loan money to make my car payments while in school. It helps to buy a cheaper used car and finance your car loan over as many years as possible - to help lower your monthly payments.

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Drewdo

 

[adismo]

Isn't that somewhat illegal... using federal school loans to make car payments??

 

[Djanaba]

FAFSA and nearly all specific loans clearly state that you CANNOT use their money for car payments. Based on the financial info you submit and they cross-check with both your school and your tax history, you are given no more than your estimated cost of living minus what they determine you can contribute (which, too often, you really can't). Car payments are not included in cost of living. Find a way to keep your car running, or live close to campus or a bus line or make friends with your bike.

 

[Billie]

For what it is worth, when I started med school, I had a car, not new, but I was still making payments on it. And with financial aid I had no problems continuing making my payments as well as paying rent and eating. So I don't know how other schools work, but I wasn't hurtin' for money.

As far as not being able to buy a new car, I know PLENTY of people that buy new cars while they are in med school. Whether it is illegal or not, it is happening. Unfortunately I am still stuck with my old one...sigh..

Billie

 

[SDN]

Try to live as cheaply as possible while in medical school. If you buy a new car, there are a lot of taxes and associated fees you'll need to pay. In most cases, it's cheaper to just keep repairing the old clunker.

When you've made your first paycheck as a resident, then go buy something new. It'll be a nice reward for the past 4 years of pain.

 

[adismo]

you mean 8 years of pain.... lol

 

[Cobragirl]

When I started my application process last year I had an '88 5.0 Mustang with 175,000 miles on it. I'd had the car since '91 and even though it was in REALLY good shape (it was a show car most of it's life, so it was well-tended!) it was getting to that FORD (fix or repair daily

) stage of its life. I "thought ahead" and decided that I needed a new, warranteed, good-on-gas-and-insurance car before I headed off to medical school....so I went out and bought my little Turbo Bug. I wish I had kept my Mustang. Not that there is anything wrong with my Bug (actually, it's a BAD little car...Eclipses eat your heart out!) but it does have a $300 car payment. I'm worried about keeping the payments up on it (we have to pay for my Hubby's car too). In addition, I probably won't be driving all that much anyway so it makes the payment even more "painful". Take it from me...KEEP the clunker if you can....just make sure to set aside $$$ for repairs. If it does poop out on you THEN worry about getting a new one!

PS- I'll be "congratulating" myself after residency with a big fat Viper/Vette/Porsche etc! My hubby & I have decided that we'll need at LEAST a 4-car garage...since we won't have any kiddos to put through college!

[This message has been edited by Cobragirl (edited April 01, 2001).]

 

[JThomas88]

<font face="Verdana, Arial, Helvetica" size="2">Originally posted by roesnerna:
My car runs O.K. now, but I've learned to be prepared for the worst. Is it possible to buy a car while in Med school?

Do you have to get a car loan like anyone else would...can you defer payment...is it even possible to get a loan without any real income?

Any info is greatly appreciated.

Thanks
NATHAN•

---I may end up purchasing a car this summer, just for the seminars i wil have to attend outside of new paltz. Should I wait until med school to purcahse one or should I look to buy one now?