Paying off a car during med school

[BigBOSS1851]

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I'd be more than willing to accept 43.6k more in debt at the end of residency to increase my monthly income by 18%.

Not humbly or eloquently stated. But i i understand your point and I do think that it is valid. Not necessarily right or wrong but understandable.

 

[Darkskies]

Hi everyone,

I'm in a similar situation except my new car was bought by my parents on a lean a little more than 2.5 years ago. Once I got into med school they decided to have me pay the monthly bill using my loan money. I know next to nothing about cars and it was not my choice to buy the car that I have. I was thinking about selling it and purchasing an older, cheaper yet reliable car but my dad told me I shouldn't and that if I tried doing that any 5k car would have tons of functional issues and break down on me. The car I have was purchased at 16k and I guess my parents paid the first year of that but I've been paying 250 dollars a month on it using loan money since last year.. What should I do? I'm likely to have 250k+ in loans even without the car/car payments.

 

[Darkskies]

Sorry for bumping the thread but does anyone have any advice for me?

 

[Dr SunDai]

Sorry for bumping the thread but does anyone have any advice for me?

If you can afford the car payments with your loan, keep the car

 

[Flamen04]

I'd keep the car. Yes, making the monthly payments suck, but its not such a crazy financial decision.

 

[Darkskies]

Thanks guys! I just wanted to be sure it's not an absolutely terrible decision.

 

[Cats007]

hey....yalls topic popped up on the main page when i was logging in....you should get a toyota corolla...i got one for 15,000, 0 down, 0% percent financing for 6months, my payment came out to be 269.00 a month....toyota has good incentives and i only had to do oil changes and air filter change....good reliable car

How did you get approved for the car financing? Did they accept your student loans as income ?

 

[stickgirl390]

How did you get approved for the car financing? Did they accept your student loans as income ?

Student loans do not generally count as income, in my experience. They may have used their current pay stubs prior to attending med school to get approved.

someone please correct me ifI’m wrong