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Can I use my financial aid money to buy a car?

Should I use my financial aid money to buy a car?

  • The car that I have now is older than I am, and it's about to fall apart. I'm surprised it hasn't yet. I use it to get to school and I need a newer one. I should be getting the rest of my financial aid money in two weeks. I don't have to show them that I'm using it for school expenses. I can do whatever I want with it. I know that I will have to pay it back after grauduation plus interest. But I NEED a car to get to school.

  • Answer:

    It sounds like you're already considering it. If that's what you need then I would do that. Transportation is a necessity for going to school. I'd make sure I had everything else I needed for school first. if you just sit on the money you might just end up spending it little here and there and have nothing to show for it

Desiree at Yahoo! Answers Visit the source

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When you established a budget for the financial aid, was buying a car part of it? I suggest you wait until the car dies - that will be your official sign to make a move. In the meantime, do some research as to what cars are out there so when you do make the move, it is a smart move. Particularly buying a used car, you can still have issues. And just check with yourself - and honestly answer - do you need it or do you want it? Are there other ways to get around? car pooling, bus, bike, etc. Money in the bank for emergencies is a NEED.

Lizabeth

I actually bought a new car last year. I thought the process would be easy, but it wasn't. I heard that as long as you have good credit, they would give it to you without any proof of income. That is totally different now. They wanted every type of proof that I was working and that I made a good amount of money. If you are planning on buying a car that's a few 1000 dollars then it would be more than possible, If you are planning on buying a new car, or a used car that's more than a few 1000, they wouldn't sell it to you with financial aid alone. Unless you received a large amount enough to just buy the car without financing it. Good Luck

Jayfresh

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