Im a college student thinking of buying a used car should I use a personal loan or a student loan?
Oct 23rd, 2008 by admin
I was thinking of a $6000 loan. Oh and I dont have a credit history.
Student_Loans_And_Grants » Im a college student thinking of buying a used car should I use a personal loan or a student loan?
6 Responses to “Im a college student thinking of buying a used car should I use a personal loan or a student loan?”
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Definitely a student loan…interest rates will be much lower, especially if you have no credit history…just make sure you do well in school so that you can pay it off!
student loan in UK is very low interest, and only has to be paid back when you have a job earning at least £15k a year, i don’t know if its the same in the USA
If you dont have a credit history you will have a hard time getting a loan. You will probably need a co-signer for it. I would never recommend anyone get a student loan for anything but school, and even then only if absolutely necessary. Studen loans often carry very high interest rates and I promise you that you will thank yourself later in life. Apply for a car loan through a bank or credit union and they will tell you what you are going to need to do to be able to get the loan. You may want to see if a parent or anyone would be willing to co-sign before you apply so you know ahead of time.
If you possible can, a student loan would be best. However, without a credit history, a private student loan will be hard to come by, and your government loans will probably go to cover tuition, housing, books, etc. But if you can, go for it, as the interest rates are low, payments are low, and you typically don’t have to start repayment until well after you graduate. Car loans, as opposed to general personal loans, are usually easier to get for people with no credit history, so you;re likely to get a car loan one way or another. Just make sure you can afford the payments!
Also - you don’t need a cosigner 100% of the time. whe I got my first car loan, all I had was a credit card with a low limit I’d had for just over a year. I could only get it if I got it myself, if I dad co-signed, I wouldn’t have got the loan, his credit is that bad. Take care of your credit, don’t screw it up!
STUDENT LOAN !!!!!!
YOu are not the only one,I have met this type of problem before.I have good experience here to solve the problem though.http://carloan.onlineidea.info/auto-finance-calculator-used-car-loan-values.html