# How prudent is it... **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [April 1, 2006, 4:30am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106 "2006-04-01T04:30:17Z")\ **Posts on this page:** 16\ **Page:** 1
**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\ **Post date:** [April 1, 2006, 4:30am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/1 "2006-04-01T04:30:17Z")
to use a student loan on a car? There seem to be several advantages, namely that I can pay back at any rate i wish (i.e. $1500/mo in the summer and $150/mo when im in school and working much less). Also, from the research ive done, I’d end up paying much less in interest. Basically the main advantage I see is not having a set monthly payment. Ill be borrowing about $15k-$20k. Im just curious to see if anyone can offer any insight into any disadvantages of this… edit: I should also add that I dont forsee that I will be needing a loan for the remainder of my education (3yrs) Thanks ---
**Author:** ![newman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/newman/32/7569_2.png) [@newman](https://forums.speedlife.net/u/newman)\ **Post date:** [April 1, 2006, 5:30am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/2 "2006-04-01T05:30:02Z")
i know a few people who have used student loans for cars. Seemed to work alright for them. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [April 1, 2006, 5:32am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/3 "2006-04-01T05:32:30Z")
The problem is if you pay it bak like that, you’ll be upside down on the loan VERY quickly, so you’ll still be paying for it when the car isn’t worth anything. ---
**Author:** ![newman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/newman/32/7569_2.png) [@newman](https://forums.speedlife.net/u/newman)\ **Post date:** [April 1, 2006, 5:34am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/4 "2006-04-01T05:34:56Z")
yeah, good point, i guess as long as he is responsible with the payments and doesn’t make 150 dollar payments all the time he will be fine… if he were to make 350 dollar payments all the time, then fell into a brief spell of shortage of funds, he would be ok… but you are right, if he rolled on 150 dollar payments… after 2 or 3 years, he’d be screwed… ---
**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\ **Post date:** [April 1, 2006, 11:36am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/5 "2006-04-01T11:36:05Z")
Well the idea is to have about $10k paid off by the end of summer, and the whole thing paid off well before I graduate… ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [April 1, 2006, 12:39pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/6 "2006-04-01T12:39:13Z")
ALSO student loan on a car wont require “full coverage” insurance… cuz they dont know that you used it to purchase a “liability” ---
**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\ **Post date:** [April 1, 2006, 12:54pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/7 "2006-04-01T12:54:08Z")
Not having full coverage is totally retarded, especially on a $30k car… The idea of a student loan looks pretty good right now, ill see what happens by the end of the week… ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [April 1, 2006, 1:06pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/8 "2006-04-01T13:06:13Z")
didnt know it was that expensive of a car… i dont run full on my bike cuz it costs about 10x as much as liability… actually more than 10x… 3k a year for a 9k bike isnt worth it to me… what car are you lookin at now? ---
**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\ **Post date:** [April 1, 2006, 1:07pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/9 "2006-04-01T13:07:00Z")
That makes sense on a bike ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [April 1, 2006, 1:10pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/10 "2006-04-01T13:10:05Z")
yea… def… so what are you gonna buy? ---
**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\ **Post date:** [April 1, 2006, 1:10pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/11 "2006-04-01T13:10:33Z")
> [@Willybeen](#): > > yea… def… so what are you gonna buy? idk, something lame probably ---
**Author:** ![Minglor](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/minglor/32/7373_2.png) [@Minglor](https://forums.speedlife.net/u/Minglor)\ **Post date:** [April 1, 2006, 1:40pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/12 "2006-04-01T13:40:43Z")
Who are you going to for the student loan? I need one to pay for next semester and the sooner the better. suggestions? I looked into them once and it seemed like i would need a co-signer ---
**Author:** ![vq30de](https://avatars.discourse-cdn.com/v4/letter/v/9dc877/32.png) [@vq30de](https://forums.speedlife.net/u/vq30de)\ **Post date:** [April 1, 2006, 1:57pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/13 "2006-04-01T13:57:28Z")
Well im still kind of shopping around. But I too will need a co-signer, good ol dad is gonna help me out with that… ---
**Author:** ![focusinprogress](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/focusinprogress/32/7227_2.png) [@focusinprogress](https://forums.speedlife.net/u/focusinprogress)\ **Post date:** [April 1, 2006, 2:29pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/14 "2006-04-01T14:29:41Z")
for some reason i feel as though there was a story once where someone used a school loan on a car, and then they found out, and wanted the money paid back in full within a month…am i wrong there? ---
**Author:** ![SilencingMachine](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/silencingmachine/32/7593_2.png) [@SilencingMachine](https://forums.speedlife.net/u/SilencingMachine)\ **Post date:** [April 1, 2006, 4:12pm UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/15 "2006-04-01T16:12:44Z")
> [@vq30de](#): > > idk, something lame probably :bsflag: :snky: ---
**Author:** ![87FOXGT](https://avatars.discourse-cdn.com/v4/letter/8/ecd19e/32.png) [@87FOXGT](https://forums.speedlife.net/u/87FOXGT)\ **Post date:** [April 2, 2006, 1:18am UTC](https://forums.speedlife.net/t/how-prudent-is-it/10106/16 "2006-04-02T01:18:11Z")
if you really are responsible and can knock it out, i think its a good way to go. for me its credit union FTW, but in your case i think you are best off doing it your way AS LONG AS you pay it off quick quick quick as possible.