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04-20-2011, 05:42 PM
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#1 | | Meow
Join Date: Dec 2010 Location: Burnaby
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| Car Loan + Student Loan
Hey, so I am 19 years old, and im planning to go back to school this sept, its 2 years of school, totaling at 12,000. I want to get a student loan for it.
I also want to buy a $20,000 car now threw financing. I have no credit, but a co-sign with amazing credit. I know I could probably get a car. The big questions is, could i do both? If i can't its obvious i rather have a student loan.
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04-20-2011, 05:51 PM
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#2 | | Rs has made me the woman i am today!
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Every person is different, nobody is you. Go apply and find out. In theory of course you could, as long as your co-signer is strong like you say. You will probably have to be the co-signer though and use that person as primary if you apply forthe student loan first. If you don't make much money you won't be approved for the car because your debt-service will be above 40%, ie your monthly payments can not be over 40% of your income after adding a car payment. So if you make 1000/month, your max would be 400/month for all your monthly costs, like mortgage student loans rent and car payment. Posted via RS Mobile | |
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04-20-2011, 06:07 PM
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#3 | | Meow
Join Date: Dec 2010 Location: Burnaby
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Well i'm planning on getting the car first. I'm just scared i get the car and everything is good. Then when i go to apply for school, i can't get a loan and i'm fucked for the 5 years till the car is paid. If that's the case i rather take the risk with a cheap beater till i'm done school.
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04-20-2011, 07:15 PM
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#4 | | VLS Head Mod
Join Date: Sep 2002 Location: E Van
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Get a cheap beater. Things may have changed since I went to school but basically I remember that if you owned a car then they expected you to sell it to help finance schooling Posted via RS Mobile | |
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04-20-2011, 08:18 PM
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#5 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
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you are about to make the worst financial decision of your life by dropping 20k on a car before having a solid education/work. i dont understand why people out of hs do this, and then ask for help when they are stuck in a rut.
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04-20-2011, 10:59 PM
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#6 | | Raping Captured Dolphins since 2002 on EZ board days
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Why can't we fail you in this forum?!?
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04-20-2011, 11:04 PM
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#7 | | RS has made me the bitter person i am today!
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No point getting a nice car unless you have the money, school is more important and when you finish school, and land a good job, you can buy whateverfucking car you want.
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Originally Posted by Outreach Fuck your Mother, chump. | | |
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04-21-2011, 01:12 AM
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#8 | | #savethemanuals
Join Date: May 2008 Location: Richmond
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$32,000 in debt when you can be only $12,000 in debt. I don't understand why people like putting themselves in debt needlessly. Too much spending and too little saving. It sucks when you wake up and realize you owe someone money.
Its not worth it if you have to borrow for a car... If you had the cash or your parents were going to help you out go for it.
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04-21-2011, 01:45 AM
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#9 | | My homepage has been set to RS
Join Date: Aug 2002 Location: AB/BC
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It may seem like only $20000 but factor in tax, interest, newer cars are more expensive to insure, repair, maintain etc. This doesn't even factor in that your car is a depreciating assset.
Approximate numbers but consider the fact that you would have to actually "earn" $30000 pre-tax to pay $20000 post income tax. I don't know your financial situation but a decision to buy a car could last for years.
Get a beater civic, 87 octane, cheap insurance, cheap parts.
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04-21-2011, 08:53 AM
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#10 | | Revscene.net has a homepage?!
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school is definitely more important right now. If only you have the money to buy-out the car and maintain, then maybe.
As a student, you will most likely be going from point A to B, why need a 20 000 car that forcing you into more debt? insurance and gas isn't cheap too.
edit: i was in the same position as you before. I had the money to buy a car and go to school, but i chose school + a beater ( and this is still getting me broke)
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04-21-2011, 08:59 AM
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#11 | | Diagonally parked in a parallel universe
Join Date: Aug 2009 Location: Coquitlam
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First of all, if you're 19, your student loan funding is going to depend heavily on your parents income (unless you have children or have been out of their home for several years). You are not likely going to get the whole 12,000 you need, let alone enough to cover your living expenses.
Meaning you're going to have to find an alternate source of funding for the short fall + your living expenses as is.
On top of that, at 19 you can't possibly have a substancial reduction in your car insurance on a $20,000 car you'd be looking at a payment of $240/month in insurance + about $300/month in car payments... + gas (we'll say you drive a minimum and give you $200/month).
So before you feed yourself and pay the remainder of your living expenses, and your short fall for your school costs, JUST to to keep your car on the road $740/month.
Get the beater.
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~ Just another noob looking for a clue
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04-21-2011, 09:03 AM
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#12 | | How I Mod your mother
Join Date: Jul 2004 Location: Crayon Box
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Originally Posted by Energy $32,000 in debt when you can be only $12,000 in debt. | Dont you know? It doesnt matter how much debt you have in Vancouver, as long as everyone else thinks you're cool! Thats the trend, at least in this city...
I would agree with everyone else, the car can wait. You can get that anytime, an education not so much especially later on in life
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04-21-2011, 09:17 AM
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#13 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
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Don't listen to logic! Go for the car!!! Lol Posted via RS Mobile | |
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04-25-2011, 05:18 PM
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#14 | | Even when im right, revscene.net is still right!
Join Date: Feb 2005 Location: VEGAS
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I made a mistake when I bought a car when I was 21. Didn't really think about school actually. I just wanted a car of my choice. 4yrs later. Still paying for it and 2yrs ago. Wish I would have went to school instead. Do yourself a favour. Save up for school. Enough said!!!! Posted via RS Mobile | |
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