Anonymous
Anonymous asked in Education & ReferenceFinancial Aid · 1 decade ago

do you think its a good idea to take out a student loan to buy a car?

Update:

i need it to get to my work placements as im a student nurse

8 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    At first I thought that was an absolutely hellish idea, if you must know.

    Okay now I know a bit more detail I might JUST agree. But don't borrow more than you have to.

    I have got a lot of respect for nurses, so may I wish you every success in your chosen career. But as for using student loan money to buy stuff, we went through that with our daughter and she is still paying it off years later. Borrowing money is never a good idea. If you feel you need to , I support this idea.

  • 4 years ago

    Bad idea. I think, if your loan provider found out, you would be in trouble. Might put you on loan probation or something which would disable you from getting school loans in the future. I am still unsure so don't take this as a 100% answer. Just by a buzzer beater. Times are rough, you could get a decent car for 3k. Take out a loan from a credit union. Alot offer good interest rates.

  • hearts
    Lv 4
    1 decade ago

    You can't take out a student loan unless you actually get accepted onto a course at uni. In which case, you would probably need the loan to do the things you're supposed to do with it.. buy books, equipment, food, rent etc.

    However, if you have a job which could pay for the general things and live at home then a student loan is probably the best one to have. You don't have to pay it back until you begin to earn a certain amount of money and the amount you pay back is quite small. :)

  • dances
    Lv 7
    1 decade ago

    no, I would never take out any sort of loan to buy a car

    save up or borrow off family to buy a cheap car or you will never finish paying for it

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  • 1 decade ago

    sure. I have bought things before with leftover student loan money.

  • 1 decade ago

    I am :-) haha Do it if its what you want and need! Buses get boring after a while...

  • 1 decade ago

    Only if its something you really need

  • 1 decade ago

    only if you can pay back the money

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