Student auto loan with deferred payments? Please help!

[Anonymous]

Hey everyone, I'm new here.  I'm trying to find a loan for my special situation and need help.  I'm a student at SUNY Binghamton University and am unemployed, but this coming summer and next summer I will be in REU programs that pay roughly a $5,000 stipend each.  The total cost of the car I want to buy is $8,000, so it's a small loan, but I will have no money to pay it off with until the end of summer 2010.  I don't wanna let this car go to someone else, so if I were to buy it I would need a loan.

Is there any kind of specialized student loan that will let me defer payments like this?  If I'm not earning any money until summer, then I have more than half of the total loan, then am not earning anything for another year, then have the other half, is there a way to set up a payment plan like that?  Or am I just dreaming?  Thank you for your help.

Message Edited by IBx1 on 10-14-2009 11:21 AM

Message Edited by IBx1 on 10-14-2009 11:21 AM

[LittleCat]

No, you will not get financed. I don't think there is a lender in the world that will defer an auto payment, let alone to someone with no income.

Maybe wait until you get the cash and buy something cheap and pay in full

[Anonymous]

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@Anonymous wrote:

Hey everyone, I'm new here.  I'm trying to find a loan for my special situation and need help.  I'm a student at SUNY Binghamton University and am unemployed, but this coming summer and next summer I will be in REU programs that pay roughly a $5,000 stipend each.  The total cost of the car I want to buy is $8,000, so it's a small loan, but I will have no money to pay it off with until the end of summer 2010.  I don't wanna let this car go to someone else, so if I were to buy it I would need a loan.

Is there any kind of specialized student loan that will let me defer payments like this?  If I'm not earning any money until summer, then I have more than half of the total loan, then am not earning anything for another year, then have the other half, is there a way to set up a payment plan like that?  Or am I just dreaming?  Thank you for your help.

Message Edited by IBx1 on 10-14-2009 11:21 AM

Message Edited by IBx1 on 10-14-2009 11:21 AM

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Welcome to the forums!

An automobile is a depreciating asset. It is worth less money every day. I can't think of a situation where I would loan against that type of collateral and wait 2 years while my loan guarantee decreased in value.

Car buying can be driven as much by emotion as by need. A Mustang (for example) is cool and looks sharp; a Corolla will get you from point A to point B just as well. If you can find something to buy outright you can also save a lot on your insurance. Can you find something (much) cheaper that will get you around while you focus on your education? Maybe if you can, the First National Bank of Mom and Dad can float you the price until that first $5000 check hits.

[Anonymous]

Funny you should mention the Mustang, that's exactly what I'm buying.  I would normally wait until I have the money, but I found a gem: 2001 GT with 30,000 miles and a Vortech supercharger(~500hp), Tremec 6-speed, Saleen body kit, and full Bassani exhaust for just $8,000.  Regular GT's with closer to 90,000 miles on them go for $8,000, so in theory if I really wanted to I could turn right around and sell this thing for closer to $13,000.  Obviously, I wouldn't want to do that.

Would anyone recommend a student loan, since those don't collect until after graduation?  I'm only a freshman and could pay it off before the payments even start.

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Message Edited by IBx1 on 10-14-2009 01:15 PM

[Anonymous]

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@Anonymous wrote:

Funny you should mention the Mustang, that's exactly what I'm buying.  I would normally wait until I have the money, (But you don't) but I found a gem: 2001 GT with 30,000 miles and a Vortech supercharger(~500hp), Tremec 6-speed, Saleen body kit, and full Bassani exhaust for just $8,000. (It will also come with a voracious appetite for gasoline, insurance bills which may top the monthly payments which you can't make each month, high maintenance costs and it is absolutely worthless for winter driving) Regular GT's with closer to 90,000 miles on them go for $8,000, so in theory if I really wanted to I could turn right around and sell this thing for closer to $13,000.  Obviously, I wouldn't want to do that.

Would anyone recommend a student loan, since those don't collect until after graduation?  I'm only a freshman and could pay it off before the payments even start.

I understand why you want this car. Heck, I want this car! But I can't afford it; and I'm sorry but neither can you. You are looking at this emotionally not logically. Emotional buying decisions usually equal big credit headaches later on down the road. Student loans are for your education. Find something you can afford that will get you around in the winter. 

Get your education, find a great job, build your credit and THEN get your Mustang.

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CB

[Anonymous]

NO...Do not buy something you cannot afford.

Quit falling in love with a car...it is just a car...there are 1,000's upon 1,000's of them for sale.

By a $2,000 - 3,000 car and pocket the rest.

Remember, even buying from a local person you will have to pay any taxes and fees you would normally pay a dealer.

[Anonymous]

It's not really that I can't afford it at all, just that I don't have the money as of now.  I know my emotions may be getting in the way but that's expected of such a car guy as me.  I have a car right now so if I can't get a hold of this one it's no problem, but regardless of what mods are on it, a car with 30k miles for only $8,000 is a solid investment as far as repairs go.  I know the value decreases and so forth.  If I'm buying a car at all, it's this one.

[Anonymous]

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@Anonymous wrote:
It's not really that I can't afford it at all, just that I don't have the money as of now.  I know my emotions may be getting in the way but that's expected of such a car guy as me.  I have a car right now so if I can't get a hold of this one it's no problem, but regardless of what mods are on it, a car with 30k miles for only $8,000 is a solid investment as far as repairs go.  I know the value decreases and so forth.  If I'm buying a car at all, it's this one.

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you are trying to rationalise your purchase in any way you can.

The increased monthly insurance cost is one negative.

increased maintenace/care due to the mods another.

You want what you want and will rationalise it any way you can, I wish I was the salesman who had the car cause you would be what is called a "whale."

[Anonymous]

Did you consider what your insurance will be?  It will be huge.  I'm talking $150/month at least on top of what you put into the car.

Walk away.  You have your whole life to buy cars.

[Anonymous]

Well, you guys don't need to worry anymore, turned out to be a scam like I figured it would be when I first saw it.  I'm just gonna hold onto my car until I have money and then pay cash for whatever car I decide to buy, if I decide to buy one at all.  I might actually just keep my current car running; a '95 Buick Riviera.

It'll take a water pump and a new CD player, as well as a new hood if I can find one(this one is very slightly bent on the passenger-side seam), but I'm hoping my problems will be over after this.  The repairs will come out to about $500 including possibly putting a new head unit in, in place of the stock one, but if that's all I have to spend then the money I get over the next few years will be a nice cushion I can use to fix anything else that goes wrong and to begin some savings.

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