Financing a car with student loan payments?

[HenryH]

I was fortunate enough to have my entire undergrad. BS paid for with a scholarship, but I'm going to be starting classes for a second degree program during the spring 2013 semester. I'm also interested in getting another car and was just wondering how feasible it it would be (if even possible at all) to finance all/the majority of the cost of a new car with student loan payments. Hypothetically speaking, if I pay for each semester's tuition up-front and have my living situation covered (financially speaking), could I just spend 100% of each month's loan payment on the monthly car payment? Has anyone done this before?

Thanks in advance for any advice anyone would be willing to offer...

---

Members don't see this ad.

 

[albertross]

When you mention a second degree, I'm assuming the loans you would receive are graduate Stafford loans @ 6.8%? I'm not too familiar with financial aid for CRNAs. If you have good credit, you can probably get a car financed at a lower rate using dealer financing. Doing it with undergrad Stafford loans at 3.4% wouldn't be that bad of a deal, though.

 

[sazerac]

When you mention a second degree, I'm assuming the loans you would receive are graduate Stafford loans @ 6.8%? I'm not too familiar with financial aid for CRNAs. If you have good credit, you can probably get a car financed at a lower rate using dealer financing. Doing it with undergrad Stafford loans at 3.4% wouldn't be that bad of a deal, though.

I think the point is, when one is in professional school one doesn't have an income. So you get the car loan at a nice small rate, and then then first car payment is due, ... and then what?

To answer the original question, yes med students make their car payments this way all the time.