Loan car+school+job=good idea?
Ok I will be starting school this sept. Need a car to go back and forth and have little cash to spend on it. Would taking a loan out for a car for lets say around 5-6k be a good idea? Only expenses I will have is gas, car insurance, and that car payment.. So it shouldn't be that bad of an idea in my eyes. It will also be in my name so I can build my credit to buy a house.
Originally Posted by MistaCee
determine how long it will take you to pay off that loan at your current payrate and hours, with school in mind. and determine how many hours you will be occupied each week with school and work. don't know how much your car loan is, or how much schooling your getting into, but you should find a pretty good paying part time job if you dont have time for a full time job that pays better.
just trying to say, dont spread yourself too thin. get your priorities straight. dont burn yourself out 24/7 so you can have a 5-6k car loan and school and a job. just get a $2k beater for a2b transportation and an easy part time job.
Are you going to be taking a school loan out also? It shouldn't be that bad, and you definitely need a car. Just remember, don't buy something out of your range that is going to make you struggle and stress out about paying it. The less stress you have on bills will make going to school and focusing easier on you.
Back to being stock and slow
No I wont be taking out a school loan...
Well good luck with it man! What school you going to be going to?
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Dekalb tech, then transfer to a university
That's cool. Hope it all works out man...
Back to being stock and slow
Car loan (from a bank) for 6k-7k will probably be just a little less than 250 a month (3 yr loan), plus insurance depending on what you buy, and then gas...
so around loan=250 insurance=100-150 a month depending gas= be prepared to get another loan just for gas, if prices go up anymore
Back to being stock and slow
I'm paying $170.00 per month on my $5k loan.
It depends on where you get your loan and credit history. Was just giving an guesstimate. Of course now, it is cheaper on interest rates then it was before. I'm paying $258 a month on a $7500 loan...
Back to being stock and slow
Sounds like I wont even have any extra money to do anything...
That sound like life to me dont it.
Lol true but that would suck if all I did was school and work...Gotta go out sometimeThat sound like life to me dont it.
Lol true but that would suck if all I did was school and work...Gotta go out sometime
Don't sleep. It's over rated anyways.
Back to being stock and slow
gas is a real bill these days too...so consider what kind of car you get as far as MPG
be worth it when ya finish school though...
Back to being stock and slow
I was considering the same. Now I dont HAVE one, but I would recommend a college loan over a bank loan, unless of course ur banks interest rate is lower and all that. But if u happen to qualify for a subsidized school loan then that is MUCH better.
The subsidized loan doesnt incur interest till after u graduate or drop out of college. So... u will be payin back exactly what u had taken out, while still in school, otherwise the interest withheld will be applied to that loan; Which is always good. All the other statements above are true. I may do it to get me another car myself, I really want somethin newer.
Just keep in mind of all ur bills and fukin gas. And also keep in mind, try to be sure that if that loan falls through for some unknown reason that u would be able to pay each month on that note with ur current income. Thats what I'm gonna do.
Consider how long you'll be in school vs. the part-time job you'll have. I've seen many examples of people taking out car loans and going to school at the same time. They just burn themselves out. As said before, you could get a beater car, go to school and work at the same time. That extra money you save would make a nice down payment or even buy the car you want outright.
Just keep in mind that **** happens and if you default on the loan, it'll ruin your chances for the house. Also depending on the car you get, go easy on the mods for insurance reasons. Other things tend to break or wear out, causing more bills.
^maybe not as far as the house, it'll just take forever to remove. Just take like 4 classes or whatever it is to become "fulltime" and leave it at that. Places like Lowes (i love this business) LOVE to help people who are in school. If u can get a job with them, they will work with ur schedule very very well. I'm never burned out and I go to work and school and still have time to do my homework.
Thanks for the advice guys reps given.
fuk j00 lol
Best rep eva
LOLZ
I'm thinking about working 2 jobs in the summer. lol
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