How hard is it to get a car loan as a graduate student?
January 1st, 2009 | by admin |
vuwildcat07 asked:
I am graduating from college this year but am planning on doing a 1-year graduate program. I had my own car that my parents bought me but it was totalled in a freak accident. They purchased a new car with the insurance money and I got my dad’s old car. Technically, the car I have is supposed to go to my brother and since we won’t be living together next year one car between the two of us won’t work. Most car loans I have looked at have an immediate income requirement and unless someone “holds” a job for me while I’m in grad school the most I will have is $300 a month in income. I am thinking of trying to take out extra money via student loans since this will be a “necessary” expense for my schooling. Any ideas/suggestions?
I would imagine that my credit score is rather high–I use credit cards wisely and always pay the bill in full & on time.
Due to my parents’ requirement that my car have ABS and side curtain airbags (they said they’d pay for insurance until after school), the car I would buy would have to be new or only a few years old (meaning that I would have to spend at least $10,000).
CECIL
I am graduating from college this year but am planning on doing a 1-year graduate program. I had my own car that my parents bought me but it was totalled in a freak accident. They purchased a new car with the insurance money and I got my dad’s old car. Technically, the car I have is supposed to go to my brother and since we won’t be living together next year one car between the two of us won’t work. Most car loans I have looked at have an immediate income requirement and unless someone “holds” a job for me while I’m in grad school the most I will have is $300 a month in income. I am thinking of trying to take out extra money via student loans since this will be a “necessary” expense for my schooling. Any ideas/suggestions?
I would imagine that my credit score is rather high–I use credit cards wisely and always pay the bill in full & on time.
Due to my parents’ requirement that my car have ABS and side curtain airbags (they said they’d pay for insurance until after school), the car I would buy would have to be new or only a few years old (meaning that I would have to spend at least $10,000).
CECIL
2 Responses to “How hard is it to get a car loan as a graduate student?”
By braulio on Jan 1, 2009 | Reply
well you have to have good credit first, so i think it is kinda hard. its better if you take it out on someone Else’s name
By kentata on Jan 2, 2009 | Reply
If you have a high enough FICO score, it shouldn’t be difficult at all.