<p>Hi,
I have a major problem. I go to a "brick and mortar" university and I commute to campus. My round trip there and back is roughly 45 miles. I save a helluva lot of money by NOT living on campus and just driving back and forth. Unfortunately my car was basically totaled when someone hit it while it was parked on a side street (didn't have collision coverage). So, I'm without transportation! I've been fortunate enough to borrow a friends car which I can use for the next month which will get me through this semester. I graduate next Spring and I do NOT want to work as that would conflict with my classes. I'm taking full loads for Summer and Fall so I can finish as soon as possible. I want to focus on classes. I'm an independent student and no, I can't ask my parents for money.</p>
<p>Alright, now my question...
How on earth can I get a loan for a car that will allow me to defer any payments until I graduate (like my student loans)? I'm assuming a reliable vehicle will cost between $6,000 - 9,000. </p>
<p>Do not suggest that I move on campus! I already must have a car when I graduate. I do not want to fork out more money for student loans to cover a silly expense like housing costs. And don't suggest I take public transportation because in my area it does not exist unless I live within the metro area (to live there would cost more than buying/maintaining a car). </p>
<p>If only my prof's would let me telecommute! I'd do my work entirely by email/internet and I would not be in such a rushed need to acquire transportation. I can't fax myself to campus either (I wish). </p>
<p>I greatly appreciate any help, please.</p>
<p>
I do not see any other way to buy a car. Lots of students manage a full load and a job in order to pay their college expenses, and whether they “want” to work isn’t the issue, the issue is whether they “have” to work. It sounds as though you “have” to work. And buy a much less expensive car than you are planning.</p>
<p>Can you increase your student loan and use that to pay cash for a car?</p>
<p>First, talk to the FA office. If you haven’t already maxed out your loans, or if they have a university loan fund avaiable, they can probably help you with some of it. Would your parents be willing to take out a PLUS loan? They wouldn’t have to put up any money and payments on those can be deferred until after graduation. Even if they just apply and are not approved, you’d be eligible for another $4K in Stafford loans.</p>
<p>If you have a friend or relative who’s car savvy, ask them to go to a car auction with you. You might find a less desirable, but still reliable, car for alot less. In my area, used SUV’s go for a song - not the most economical to drive, but a smaller one would work if the upfront cost savings is larger. The older Blazers are very reliable in my experience, though they do require brakes annually. The older Accords and Camry’s are also good cars to look at for reliability, so you could watch for one that’s 8-10 years old. If you know/use a mechanic you trust, ask him as well. They’ll usually check out a potential vehicle for a regular customer for free or almost free and may know of a good used car (they’ve done the maintenance on). </p>
<p>Another idea might be to ask someone to cosign a loan for you and borrow enough from student loans to cover the payments for the first 15 months. That way your cosigner would know they wouldn’t be on the hook due to your unemployment prior to graduation. </p>
<p>Ride share if there’s another student commuting from your area!</p>
<p>Okay your first problem is wanting a 6k-9k car. </p>
<p>You can find a car that will last you a few years for under 5 grand, easy.</p>
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<p>I don’t know the ins and outs of this, but in many cases this is illegal.</p>
<p>Illegal? I’ve never heard of such a restriction and student loans are by nature limited to COA. This is a commuter student…transportation expense is typically increased for commuters.</p>
<p>this is a later (much later) reply but thanks to all of you who gave me advice!. I did inquire about additional loans but I didn’t like the interest rates for private loans. I made money working over the Summer so that will help me out. So far, I’m borrowing a car and covering all costs of upkeep on it. I may be able to use it till I graduate. In that case, I’m not buying a car at all. I’ll just save my money and purchase later. I’m not wanting to buy a car or do anything else that contributes to spending money that I’ll be forking over interest payments on later. My school loans give me enough to complain about, so buying a car isn’t something I’m wanting to do. As far as school goes, I’m all about keeping my expenses minimal to reduce the loans I have to accept. I’m being entirely pragmatic about it (just in case you were curious :-)</p>
<p>How is the insurance handled on the borrowed car?</p>