Is anyone aking car payments while in school?

[brookliner7]

Thinking about getting something newer and nicer (well, most importantly, something with a warranty) before I leave to Missouri in the fall. I have been working on cars for years, but, I feel like I won't have the patience or time to repair my Honda while I'm in school shall it fail me. And I also doubt that I would have an easy time finding a mechanic who can work on my turbo setup if it starts acting up. Don't get me wrong, I heart my Civic, but, I was just curious if anyone is able to make payments on a car and not be starving.
So, I was just wondering how affordable it is while on school loans and how much you are paying.
Thanks!



I would miss you lil civic, you have served me well.

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[FizbanZymogen]

Yeah, my wife and I just bought a 2004 Trailblazer which we will be making payments on. Its possible.

 

[MD/DO ALMOST]

im not giving up my truck! I will be paying on a 2006 Tundra 4wd..... used to need it for work, but I can't think of not having it, so.....

 

[Orthodoc40]

Paid off my car a year ago & if I don't have to have payments through school, it will be a happy thing. It could be tough budgeting that expense into everything and I don't think any school loans will allow you to include it.

 

[DPS319]

Ill be paying off my mazda 6. Only 200 a month.

 

[Packamylase]

Thinking about getting something newer and nicer (well, most importantly, something with a warranty) before I leave to Missouri in the fall. I have been working on cars for years, but, I feel like I won't have the patience or time to repair my Honda while I'm in school shall it fail me. And I also doubt that I would have an easy time finding a mechanic who can work on my turbo setup if it starts acting up. Don't get me wrong, I heart my Civic, but, I was just curious if anyone is able to make payments on a car and not be starving.
So, I was just wondering how affordable it is while on school loans and how much you are paying.
Thanks!



I would miss you lil civic, you have served me well.

I recently bought a Red 2003 Saturn Vue, on which I will be making car payments. I am hopeful my budget will handle it.

 

[PlasticMan]

It's another thing to worry about w/ budgeting. If you're car is already paid off, I'd stick with it, especially if you do your own work. I made sure that the place I'd be renting had a garage specifically for this reason. It seems like I have a small project lined up for after every exam. Having a spare car and/or roommates who drive to school helps when projects go a little longer than anticipated (aka every project). I would still rather have things like this then worry about making an extra payment every month. Don't forget, on top of the car payment, the bank will require you to have collision insurance on the car until it is paid off, and collision on a new car is not cheap.

 

[babyruth]

I bought a brand new civic right before med school and I believe a car payment was "figured" into our budget. I got a really good deal on it and only have 0.9% financing on it so I only pay $125 a month (I put a down payment on the car as well). It's definitely doable but it depends on how reliable your car is right now. Honda's are usually pretty good, but that's after researching consumer reports back in 2003.

It's doable but I would keep your car if it is still in good condition. Remember that the car loan payments you will be making will be money taken from another larger 30-year loan (unless you have a spouse with a second income making the payments). So that new car you buy will actually cost you quite a bit in the long run if you look at it in that light.

 

[GoodbyeTemecula]

Go turbo civic! I hate those lawnmower ricers made even more hideously popular by the fast and furious. Vroom Vroom-is that a john deere?

 

[Quakkilla]

Don't forget, on top of the car payment, the bank will require you to have collision insurance on the car until it is paid off, and collision on a new car is not cheap.

I paid my car off last year during m y firts year and agree it is easier not to have a payment.

As for car insurance, I would suggest full coverage on anything you drive if you are moving to S. FL. Damn near everyone in my class has had a wreck since they have been here. You talk about a area where people can't drive, it is like bumber cars 24/7 here! My time is coming I can just feel it.

 

[brookliner7]

I bought a brand new civic right before med school and I believe a car payment was "figured" into our budget. I got a really good deal on it and only have 0.9% financing on it so I only pay $125 a month (I put a down payment on the car as well). It's definitely doable but it depends on how reliable your car is right now. Honda's are usually pretty good, but that's after researching consumer reports back in 2003.

It's doable but I would keep your car if it is still in good condition. Remember that the car loan payments you will be making will be money taken from another larger 30-year loan (unless you have a spouse with a second income making the payments). So that new car you buy will actually cost you quite a bit in the long run if you look at it in that light.

wow, $125 a month is great! You must have put a lot down.


good point with the 30 yr loan since I don't have a spouse with a second income.

If I kept the Civic, before left, I would replace my motor with a lower mileage used one, a new clutch, and rebuild the turbo.
This would add up to about almost a years worth of payments on a nice new car.
After the first year, then I would be saving the $$$/month on a car payment.

 

[NolanDNA]

I just moved from at 2004 MINI Cooper to a 2007 Camry SE V6, it is totally possible to make the payment, and I say that with my payment being around $350, but my parents pay Ins. so that is a help. Other then that I live on my own and manage fine. I think what helps is taking all the payments out that i need when I get my loan. For example -- In Jan of 07 i took all the payment due up till August of 07 out and placed them in a bank account that I use only for my car. This makes sure that I never run out of the money for the payment!! Good luck!

 

[Quakkilla]

.....I think what helps is taking all the payments out that i need when I get my loan. For example -- In Jan of 07 i took all the payment due up till August of 07 out and placed them in a bank account that I use only for my car. This makes sure that I never run out of the money for the payment!! Good luck!

Yeah that is a big key to having the money. I did the same thing, and still do the same for my rent. I pay everything through my next disbursment, just take the worry out of it for me.

 

[Lfribble]

My husband and I both have to sell our cars to get a vehicle more practical and to only have 1 payment. Of course, I kinda have a benefit as we'll have his income to cover the payments of the SUV we'll have to get.

 

[MJB]

I'm in a weird situation..>We have both our cars paid off, but my vehicle is an F-150 and hers is a Civic. It looks like I'll be driving about 40 miles to school every day, and I don't want to drive the Civic (can't stand that car). We will be needing a more "family" car in the future, so we're looking at maybe buying a new Sedan, but not sure. I can put a lot of gas into my truck for what a car payment would be.

If I was going to be living 5 or 10 minutes from school...no way I'd choose to make a car payment...If the car broke down, I might just go to the bike...or a motorcycle...

Might go for a motorcycle anyway.

 

[Lfribble]

40 miles in the rain is a looonnggg drive on a motorcycle...

 

[MJB]

That's when the truck would get pulled outta the garage..
Motorcycle not likely since it's in the mountains/hills.

Have to see how things work out.

 

[Red Beard]

If the civic isn't chopped to the point that the dealer's mechanics won't touch it, I'd say keep it.

Take it in for a complete service, have them test and go through everything. Take it in for regular service starting now. In the long run, you will save a lot of money over buying a new car right away, and the regular service will keep it fairly reliable. There is no reason for a civic not to reliably last 150,000 miles or more if it is maintained properly. By "maintained properly" I mean having expert mechanics with the right tools under the hood checking it out periodically like the dealer suggests.

As far as working on it yourself...I used to fix my own cars too, but have found that I just don't have the time to deal with it since starting school. The last thing I want to do if I have a relatively free day is spend it busting my knuckles and getting greasy!

 

[Red Beard]

Might go for a motorcycle anyway.

My EP friend calls them Donor Cycles.

You couldn't pay me enough to do a regular long commute on a motorcyle, what with all the crazies on the freeway.

 

[MJB]

My EP friend calls them Donor Cycles.

You couldn't pay me enough to do a regular long commute on a motorcyle, what with all the crazies on the freeway.

Yep, likely go for a car over a motorcycle...I don't think they are inherently dangerous....just too many *****s on the roads to worry about.

 

[Buckeye(OH)]

Thinking about getting something newer and nicer (well, most importantly, something with a warranty) before I leave to Missouri in the fall. I have been working on cars for years, but, I feel like I won't have the patience or time to repair my Honda while I'm in school shall it fail me. And I also doubt that I would have an easy time finding a mechanic who can work on my turbo setup if it starts acting up. Don't get me wrong, I heart my Civic, but, I was just curious if anyone is able to make payments on a car and not be starving.
So, I was just wondering how affordable it is while on school loans and how much you are paying.
Thanks!



I would miss you lil civic, you have served me well.

I know a thing or two about cars and typically switch cars every two years. My current ride is a CSVT, before that was a GTi VR6 S/C, and before that a 300zxtt....

About every 6 months I toy with the idea of getting something newer and nicer. Last week it was the Mazdaspeed6/Legacy GT Spec B because both have amazing deals currently. It always sounds like such a great idea in my head....but when I talk to my friends, people on the outside world with real jobs and real world financial experience, not a one of them has said, gee, that sounds like a great idea.

Always remember, that 99.99/100 its going to be cheaper to fix an older car. If push comes to shove, part out your turbo - although that would be horrendeous - probably much akin from going from a Ferrari to a Yugo...