Student loan for a car?

[Dcaryll]

Can I take out a student loan to make a new car payment until I get out of college? I haven't taken any extra out besides about 4,000 a year.

[Kathy A]

Student loans are designed to help you LIVE through school, so yes, you can use them for what you like..but do you really want to pay for an old car once you are out of school?? If you buy a new one now by the time you finish school, it will be old, and the value depreciated, may be better to buy a good used car, and not owe on it later..

[kalabalu]

student loans are inteded for cost of living so you can really use it for whatever you want to help you get through school but you might be better off buying a good used car now instead of having to pay for a used car later for full price. but you can ask around to see if any banks offer student loans for cars with low payments.

[brevinly]

They are both right, even though you may not care now and are just looking for a way to get that new car it will bite you in the long run. Think about it carefully, the excitement for that new car will fade and you'll be stuck.

[Steven N]

In the long run, it will work out. Your loan will be a lot cheaper than a traditional auto loan. You'll now have transportation to school and/or a job. Plus, the loan will be deferred until you're out of school when you will, presumably, be making more than enough money to pay this off. If you get something used with equity, you might be able to profit and not end up paying anything.