Alright, well Im 19 and a college student (sophmore). And I need to take out a loan for a car. I really want a 2nd gen 6MT or the MT 1st gen.

So basically. how bad of an idea is it for me to take out a loan for a nicer car (CL) like 10 grand. For someone who has a minumum wage job and nothing for collateral. Would a student loan rape me after college. Im going for Civil Engineering so once i graduate Ill have a well paying job when i find one.

Cliffnotes:
- I need a car (dad being asshole)
- Need a loan
- student loan?
- how bad will the interest and payments be
- i dont have collateral and probably no cosigner
-EDIT: and as for insurance prices?


Please and thanks

 

Got to edmunds.com and click on the financing link. There will be plenty of info there about types of car loans you can get. Will also have calculators to show you how much payments would be.

My advice would be to borrow as little money as possible though. It's good that you're going to school and getting an engineering degree, but don't start spending money from that good paying job until you actually have that good paying job!

 

Why'd you sell the old CL?

As for a loan, you probably won't find (m)any banks who will give you a loan on an older (>5 or 7 years) car. You could go the student loan route, but I would advice against it. Get a decent commuter car and get a nicer car after you land your first full time job.

BTW - what area are you in?

 

from what I know the workload for a civ engineering student is massive. Think about if you actually NEED the transportation. (I don't know if your campus is huge and nothings really walking distance or buses run once in a blue moon)
I went to rutgers in jersey where buses ran at least every 15-25 minutes between the 5 campuses. If I could do it all over again, I'd get a beater for 2-3 grand or even a sport bike if it's a secure area.

instant vs. delayed gratification. a friend of mine is making 80k straight out of college Civ E is a great field. the money's gonna be there later trust me, don't bog yourself with debt you don't need to deal with now.