Getting money for my first car? Student loan? Credit card?

Question

I am 17. I have 1400 saved up, but I need more money, I'm going to college soon and need a way to get back and forth so I don't have allot of time to save up money. Alright, ummm

Answer 1

There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most<!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time.  There are four main federal loan programs.

http://best-loans.awardspace.com/student...

Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan-->you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.

Answer 2

I do not believe that you can get a student loan for a car.  Even though you need a car to commute back and forth to school, it is not considered an educational expense.  There are other options, like living on campus or getting an auto loan, that the student loan company to which you apply will cite as reasons for not giving you one.  Additionally, most student loan payments are sent directly to your school to be applied to your tuition bill, and so you wouldn't have access to the money anyway.

A website I've recommended in the past would be...

http://www.safelinked.info/go.php?link=a...

Hope that helps.

Answer 3

Ride share if you can if this is a commuter school.  If it's not a commuter school and you'll be in a dorm, don't bother getting a car.   Weigh the options.  Keep in mind the cost of car ownership.  First you got to buy one.  Then you need to drop money on insurance, registration taxes, yearly inspections (some places), ad valarum taxes (some places), fuel and maintenance.   Can you afford that while doing school at the same time?  Buying a car on a credit card will make you so broke that you won't be able to continue with school.  Student loans usually get written right to the bursars office so you won't be able to redirect the funds for a car.  Can anyone in the extended family give you a personal loan?  You might be able to get a car financed at a bank with a parent as a co-signer.

If ride share is not possible and weather in your neck of the woods is okay, consider a motorcycle.  Cheaper to own in all aspects.

Answer 4

There is a lot of useful and intresting information here to help answer your quetion.http://studentloan.online-helpers.info/c...