Buying a car with student loans?

[HenryH]

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I will be starting graduate school in the fall and was wondering if it would be possible to apply and be granted a private student loan to purchase a car. I understand that Stafford loans permit you to borrow a very limited amount, which is why I'm interested in a private loan. If a private loan company would grant me a loan to purchase a car, how long would I have to pay it off? Could I actually stretch the payments out over 20+ years?

 

[TMP-SMX]

Your school is not going to raise your cost of attendance for a car. There are no above the CoA loans that I know of.

 

[HenryH]

So not even a private loan company would give a student loan for that purpose?

 

[TMP-SMX]

It's not a student loan. If you needed a loan it would be a car loan.

 

[alwaysaangel]

Sure you can get a private loan. A car loan. It wouldn't be deferred or eligible for forbearance during school.

Very bad idea to buy a new car and try to pay a car payment on student loans. This thread is an example of what happens: http://forums.studentdoctor.net/showthread.php?t=765206

if you need a car check The classifieds and buy a used reliable car with low miles. if you're patient and not too picky you could get a great car for under 5k.

 

[bravotwozero]

I second always angel. I got a '96 corolla for 4k (this included licence plate). The car needed minor repairs (tire replacement, timing belt change) but is runnin' fine. Don't even think about buying a new car or leasing.

Your school's coA is probably high enough for you to borrow the max and still get a used car without resorting to private loans.

 

[coup de chance]

Or live close to your place of study/work and use public transit or ask friends for rides on occasion.

Save time/hassle/$$ 😀