My current car: '03 Volkswagen Passat, 187k miles. Needs about $1,500 in repairs that aren't urgent but should be done in the next few months if I'm going to keep it, but I can't afford the repairs at the moment. I commute about 170 miles a week for work.
Looking at expenses and income, I have about $300 in surplus that I could throw towards a car payment and $100 to put in savings per month. I would most likely trade in my car instead of trying to sell it myself since I wouldn't have to worry about paying for the repairs.
However, I'm planning on entering graduate school in Fall of 2018, so my main "income" would be student loans. If I tried to pay off a used car before entering school, the car would most likely be a junker and not last through school or beyond. I want my next car to last at least five or six years with minimal maintenance, so most likely I would have to use student loans to finish paying it off. Would it be worth it to get a new car if I want it to last this long?
Do student loan lenders allow me to take out money for car loans? I've never taken out student loans before, thanks to generous parents and an inexpensive undergrad, so I'm unfamiliar with the loan process. It just feels weird to pay off a loan with another loan.
Submitted May 03, 2017 at 10:48PM by tcbringhurst http://ift.tt/2qtQ1IB
