Getting a car

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Stephanie765

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Hey all!

I am going to be a second year med student at Indiana and really need to get a car. Any advice on what to look for? I would have to purchase it through loans... Thanks!
 
You will probably need your parents to cosign the loan since you have no income.

I had to buy a car in December because my old one died. I ended up buying a new honda accord. A nice car for the price (20K new).

Basically either buy a new car or one at least 3-4 years old. With a new car you get an awesome interest rate (like 2%). With a used car it will be double to triple that interest rate. Buying a one year old car means you pay more than the new car in the long run (dumb idea).

You could probably get a 5-10 year old Honda or Toyota for around $5-10K which would be the smartest 'financial' move since paying a car loan with student loans is costing you a lot of money in interest upon interest (i.e. in the long run my 20K car will probably cost me closer to 30-40K when all the interest is added up).

Go to edmunds.com and start reading up about cars and see what fits your needs.
 
Thanks for the advice! My old car was a clunker and this time around I don't want to worry about whether or not it will actually start.
 
i am worried about the financial part but i dont want to live through another clunker
 
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