Can you get a college car loan?

Best loan to get a car for a college student?

• Hi, I am a college student and I have to commute and work so I am in need of a car for next semester. I was wondering what types of loans would be best to buy a car? I'm only looking to pay at MOST $2000 for a car. So I don't need a big loan. HOWEVER I need to be able to pay the loan back AFTER college. Not during. Please do not say "get a bank loan" or "google it". I want advice from people with personal experiences with it. What loan did you get? How long did it take to get it? How much interest? Thanks!

• Answer:

  No legitimate bank or private loan company, will give you a "student" loan for a car that will let you defer payments while in school. You might possibly get someone to do it, but I'd be VERY leery and check those interest rates. Any loan that someone gets while in college (besides student student loans) are a bad idea. Reason? because you quickly become a slave to working to make the payments on the car and not studying to graduate from college. Once you have debt over your head, your chances of dropping out shoots through the roof!! Don't take out a loan to buy a car. Don't even use a student loan to borrow either, think about it.... you'll borrow $2,000 for a car that prob won't be still running by the time you pay it off ten years AFTER you graduate. That would be 14 years from now if you are a freshman. A 2K car will be dead by then. You asked for personal experience: I worked my butt off in high school 30 hours a week at McDonald's for two years and stashed my cash in the bank while the rest of my friends were eating out, going to the movies and buying expensive clothes. I saved a decent amount by the time I moved off to college. Then, when the transmission went out in the 400 dollar car I bought in high school, I was able to buy a newer one for $2000.00 cash with No payments and I went on to graduate from college... everyone I knew in school who had car payments to make never did. Good luck. Here is a good publication about student loans and the interest rates on them.