I just got out of the army so my school is paid for, plus I am 60% disabled ( from Iraq) so I get about 1500 a month(this money does not go toward school, the school sends a check to V.A and the army pays it, the 1500 is mine to do whatever) and once I am done with school I will get 921 a month for life on top of whatever i make when i graduate. So, my question is could/should I get a car loan, about 30k and pay off my car, than save up enough money to pay off a big portion of the loan once I am done with school.I want to do this because the student loan has lower rates than a car loan, so let me know what you guys think about my little plan thanks.
i never said i could not afford the car i just wanted a better loan
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Tagged with: 30k • army • car loan • enough money • iraq • student loan
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The student loan thing sounds good if the total financing would truly be cheaper than financing elsewise. I understand though that student loans are harder to come by and that the interest rates are getting higher. In part, I would ask are you sure that you would actually save a lot of money while you are going to school so that you can have a hefty amount to put down on it. In part, I would ask you what would the monthly payment be and, could you swing the monthly payments should you not find work right away or even in 6 months; what if you have re-location costs on top of it? Have you honestly looked into other financing?
30K isn't all that much for a new vehicle these days. Even so, there are a number of new vehicles that cheaper. And, there is quite a used market. Are you sure that you need 30K of car in the first place? Equally, if not more importantly, what will the operational, insurance, and maintenance costs be? Will the car meet your current NEEDS and your future needs; what if you want/need to move a few times and/or you end up needing to seat a few extra people or a car seat? With things going the way they are, will the company you're thinking of buying from be around within the next several years so that you can at least get replacement car parts? If your car selection meets the needs and longetivity criteria, ask yourself how much you really want to invest in your wants. - I will assume that at 60% disabled, you NEED reliable transportation.
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