should i use my student loan money to pay off my car?

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 6 years ago '10        #1
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shadydre85 34 heat pts34
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should i use my student loan money to pay off my car?
 

 
i wanted to kno if anyone has ever done this and is it a good idea? right now i owe 14k my 2010 carrola s... intrist rate in kinda highand i pay $450 month in payments plus insurence. if i use my student loans to pay it off i wont have to deal with the high intrist rate and be able to save moneyimage

28 comments for "should i use my student loan money to pay off my car?"

 6 years ago '06        #2
Sammyboi22 
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Ok. Really? A loan is a loan. How will you live if you blow that money? Your just gonna fall into debt with whoever loaned you the student loan. Sell your car and take the buss if you can't afford the payments.
 6 years ago '10        #3
shadydre85 34 heat pts34 OP
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 Sammyboi22 said:
Ok. Really? A loan is a loan. How will you live if you blow that money? Your just gonna fall into debt with whoever loaned you the student loan. Sell your car and take the buss if you can't afford the payments.
yea true but i have the chance to get out of a sh*tty loan and into a better one pluse i dont have to pay the student loan off untill after i graduate and in the mean time ill be saving money on the side. and i cant take the bus i need my car, some of my college friends have done this.
 6 years ago '08        #4
Andre3stacks 20 heat pts20
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Thats cool as long as its the one that doesnt accrue interest till graduation. My school caps that type of loan and only lets u borrow an X amount for that. My school only let me borrow like 7000 for that loan type. The rest was the other kind.(subsidized vs unsubsidized) get them confused by name sometimes. Also if ur majoring in something that can get u a job when u graduate go for it. I never did it for a car tho. If u dont mind me askin what year r u in?


Last edited by Andre3stacks; 01-22-2012 at 06:30 PM..
 6 years ago '10        #5
NYR1199 
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techinlly most people will tell you not take use a loan to pay off another; however i would go for it and pay off your high rate car note. I'm a.ssuming your student loan is in between 6-9%? You could always take out a little more if you need to survive through a student loan but make sure you at least paying the $450 back on it that you would be paying for your car.
 6 years ago '10        #6
shadydre85 34 heat pts34 OP
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 Andre3stacks said:
Thats cool as long as its the one that doesnt accrue interest till graduation. My school caps that type of loan and only lets u borrow an X amount for that. My school only let me borrow like 7000 for that loan type. The rest was the other kind.(subsidized vs unsubsidized) get them confused by name sometimes. Also if ur majoring in something that can get u a job when u graduate go for it. I never did it for a car tho. If u dont mind me askin what year r u in?
i think with my loan the intrist dosent start untill i graduate i thinks its 4% and im a softmore in college but im 26 yea i kno a old head but whatever. also my major is criminal justice i dont wana be a cop i hate them thinking bout getting into law.


Last edited by shadydre85; 01-22-2012 at 09:10 PM..
 6 years ago '10        #7
shadydre85 34 heat pts34 OP
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 NYR1199 said:
techinlly most people will tell you not take use a loan to pay off another; however i would go for it and pay off your high rate car note. I'm a.ssuming your student loan is in between 6-9%? You could always take out a little more if you need to survive through a student loan but make sure you at least paying the $450 back on it that you would be paying for your car.
thats exactly what i was thinking of doing thanks bro!
 6 years ago '06        #8
Sammyboi22 
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 shadydre85 said:
i think with my loan the intrist dosent start untill i graduate i thinks its 4% and im a softmore in college but im 26 yea i kno a old head but whatever. also my major is criminal justice i dont wana be a cop i hate them thinking bout getting into law.
Law is a bad idea unless your going to a great law school. Your spelling is pretty bad so good luck on the LSAT. Criminal justice is a dead major (I have that and jobs are scarce).
 01-22-2012, 10:11 PM         #9
illicitx 
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 shadydre85 said:
i wanted to kno if anyone has ever done this and is it a good idea? right now i owe 14k my 2010 carrola s... intrist rate in kinda highand i pay $450 month in payments plus insurence. if i use my student loans to pay it off i wont have to deal with the high intrist rate and be able to save money
Consider this perspective.

If something happens and you can't afford to make payments in the future (whether it's your car or student loans), you will still be forced to pay for your student loans. In regards to your vehicle, in most cases, they repossess it and ding your credit report. It still does damage, but it's FAR more of a risk to apply student loans to cover auto/personal loans.
 6 years ago '09        #10
jtread 16 heat pts16
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 shadydre85 said:
i think with my loan the intrist dosent start untill i graduate i thinks its 4% and im a softmore in college but im 26 yea i kno a old head but whatever. also my major is criminal justice i dont wana be a cop i hate them thinking bout getting into law.
: wadesad:


Last edited by jtread; 01-22-2012 at 10:57 PM..
 6 years ago '10        #11
SoFresh170 27 heat pts27
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this n*gga sure hes in college? he probably owe some goon money.
he needs a dictionary, not a loan.
 01-23-2012, 12:54 AM         #12
DrX 
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all jokes aside....hell no!!!!!!!!!


student loans arent a joke, u cant discharge that through chapter 8..ur stuck with it for life.,...once those interest rates add up youll be their slave forever


ur #1 problem was getting a car u couldn't afford....if u pay if off u still gotta figure out how to pay for ur school, rent, insurance, books, food etc,,,


not only will u have to pay off that first loan but probably another one thats for ur schooling...then youll end up with some degree that might not be not worth be anything....

jobs are impossible to find, so then you might end up settling for less and making min wage....paying back 20 plus k with min wage will be impossible...



im not being a as*hole im just trying to tell u how ruthless this game is...sh*t will eat u up if u dont play it right
 01-23-2012, 12:55 AM         #13
DrX 
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 SoFresh170 said:
this n*gga sure hes in college? he probably owe some goon money.
he needs a dictionary, not a loan.
yall bx dudes crazy man
 6 years ago '06        #14
D.O.H. 
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14k? thats about the blue book value on it to sell, ull reach a point where u owe more on it than its worth. I'd say do one of 2 things. One would be sell it for 14 and pay off the loan, take like 5k of ur student loan and buy like a 96 or so. Or if ur just dying to keep that car, pay it off with the student loan, sounds like u overextended urself getting that car
 01-23-2012, 01:10 AM         #15
StatisticZ 
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 Sammyboi22 said:
Law is a bad idea unless your going to a great law school. Your spelling is pretty bad so good luck on the LSAT. Criminal justice is a dead major (I have that and jobs are scarce).
Where you stay at because they're always hiring for police in the DC Metro area. I'm halfway through a cert for it - not going any further. Homeland Security degrees I here can take you pretty far right now as far as federal and local. Got a security management joint to fall back on.

And to TS use the money on your degree not a car. Even if you *had* to had one you can find reliable joints for fractions of that price. Student loans aint a joke. I'm paying out of pocket for my education and paying back the government for my girlfriends.
 6 years ago '10        #16
shadydre85 34 heat pts34 OP
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 SoFresh170 said:
this n*gga sure hes in college? he probably owe some goon money.
he needs a dictionary, not a loan.
yea becuase goons live in the suburbs? stupid n*gga when grown folks are talking you keep your fu*king mouth shut! got it?
 6 years ago '10        #17
shadydre85 34 heat pts34 OP
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 D.O.H. said:
14k? thats about the blue book value on it to sell, ull reach a point where u owe more on it than its worth. I'd say do one of 2 things. One would be sell it for 14 and pay off the loan, take like 5k of ur student loan and buy like a 96 or so. Or if ur just dying to keep that car, pay it off with the student loan, sounds like u overextended urself getting that car
yea what happend was i got laid off back in sept was maiking 45k a year im getting unemployment 1200 a month but im trying to plan for when that runs out pluse im in school. i really dont want to sell the car. i payed 17k for it now i owe 14k payed 3k off already. had the car for year half.
 6 years ago '04        #18
hockeythug 66 heat pts66
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edit: wrong thread


Last edited by hockeythug; 01-23-2012 at 05:58 AM..
 6 years ago '10        #19
SoFresh170 27 heat pts27
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 shadydre85 said:
yea becuase goons live in the suburbs? stupid n*gga when grown folks are talking you keep your fu*king mouth shut! got it?

[video - click to view]


right, im not the one who bought a car i couldnt afford...
you're a sophmore in college and cant spell, and you're taking advice from some other idiot who can spell. your mom should have swallowed you.
 6 years ago '06        #20
Sammyboi22 
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 shadydre85 said:
yea what happend was i got laid off back in sept was maiking 45k a year im getting unemployment 1200 a month but im trying to plan for when that runs out pluse im in school. i really dont want to sell the car. i payed 17k for it now i owe 14k payed 3k off already. had the car for year half.
Sell the damn car. Get a cheaper one.


Last edited by Sammyboi22; 01-23-2012 at 02:37 PM..
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