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College student looking for loan help...

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posted on Sep, 8 2005 @ 05:43 PM
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I am a college student (Louisiana State University). I am 21 hours from home (new jersey) and really need a car. My father is offering me his Bronco but, with gas prices the way they are, we could be looking at $60 to refill the tank.

What I would like to do is, since I'd probably be graduating with probably only about $8,000 in school loan debt, take out a loan that wouldn't need to be repayed until graduation (like a student loan) but use that to buy or finance a car. I really need a job and without a car, it is kind of hard, so I'm in a dilemma. I could take out a regular loan, but since I wouldn't have a job immediately, I worry about making the repayments on time.

Any "loopholes" in the system that could allow me to do this?

Thanks,
Jeremy




posted on Sep, 8 2005 @ 06:20 PM
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There aren't really any loop holes that I know of, however most schools have an extra expense loan that you can get. This covers rent, auto repairs etc. Just check with your financial advisor and see what they say.

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Be Cool
K_OS



posted on Sep, 8 2005 @ 06:23 PM
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I doubt it could be in the amount of $20,000 or something though (which is what is reasonable for a new car). Could it?



posted on Sep, 8 2005 @ 09:58 PM
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I doubt they will give you enough for a new car, but they may give you enough for a good used car.

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Be Cool
K_OS



posted on Sep, 8 2005 @ 10:03 PM
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I found this loan:

www.bankofamerica.com... ate=stb_teri_private_loans


Can anyone see any catches with that? Any indication whether it goes right to the school or is put in your bank account?



posted on Sep, 8 2005 @ 10:34 PM
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Hi Cutwolf,

I wish you the best of luck in fiinding the right loan.
Honestly, I have not ever heard of an auto loan that you could pay back after you graduate. However I did some searching and found these two websites for you to look at.

www.thefinancialside.com...

www.commercebank.com...

Many lenders want you to have 1.Credit History 2.Collatoral 3.Some means of steady employment.(i.e. no summer jobs). This is based on my personal experiences with lenders.(Both mortage and auto lenders) What you may end up having to do is have your father or some other family member co-sign on a loan for you. Also, PLEASE be careful about lenders who will give you a loan at very high interest rates! Unfortunately, this is the way many people with bad, or no credit have to go.

While I dont honestly forsee you being approved for a $20,000 loan, a loan for under $10,000 for a used car is quite possible. I am in no way a loan expert, so please take my statements as advice made from personal experience.
I do hope this information helps you in some way though and i again wish you luck.



posted on Sep, 8 2005 @ 11:31 PM
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This loan is interesting:

www.educationmaximizer.com...



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