How to find a \’good\’ Personal/Student loan?
Sep 20th, 2008 by admin
Hi, I am a 18 year old High School Senior and currently considering taking a personal loan for $3000 to $4000 for a new flute. I currently make about $400 a month (part time) and plan to work full time next summer also. Ideally, I would be able to pay off this loan within a year or before leaving for college. Is this a good plan or should I look for other options?
Also, as I will be using this for school, is it possible that I may be able to take out a student loan to cover it? I’m unsure of the terms of both personal and student loans, but as I am 18 I have no credit.
Thanks for your answers!
Thanks for all your answers guys! But to clear up a few things, I require this flute within a month or 2, as I am going to be auditioning for scholarships and the flute I currently have is not up to par. So far, with a personal loan it looks like the interest starts at 10.5%, no idea how that would adjust for me however.
Save to buy the flute, rent one or find a nice used one. pay cash if you can. The interest rate on the loan will add a lot of extra money to the cost of the flute.
regarding your student loans, check out this website, it will give you lots of information.
Students who are looking for a bad credit student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad creditdepending on whether you are a homeowner or not. The rate of interest to be paid on unsecured bad credit student loans is higher than that on secured bad credit student loans. This is because the secured bad credit student loans are backed by your home as a security.
Go to your bank first and ask them. If the interest rate is very high, maybe you can try to save some money and buy a second hand flute. I wouldn’t take a loan if I can avoid it.
Some student loans are possible without co-signer
there are private loans with very low interest.
I found interesting information about your answer, college loans with low interests, scholarships, college grants here.http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.htmlGood luck!