Can you buy a new car with a student loan?

My plan is to take out a student loan for over the amount that I need for school and it will all go to the school and they will give me the refund check for the amount over and I can spend it on a car. Is this an accurate plan?

Can you buy a new car with a student loan?

you can do whatever you want with it

Can you buy a new car with a student loan?

I did the same thing.

Can you buy a new car with a student loan?

No you can't. The check will be endorsed to both you and the school. Any leftovers will be held by the school for future tuition. If decide to leave the money will be returned to the lender and your account will be credited.

Can you buy a new car with a student loan?

Yes, but why the hell would you want to? The check is usually written out to be endorsed by you, so you can spend it however you want.

Buying a new car is a terrible financial idea, especially if you're a student. Then you'll have student loans to pay back AND a car payment on a vehicle that will lose about 40% of its value within two years. Not a great way to begin a career.

Can you buy a new car with a student loan?

there are certainly loans that go straight to you (direct to consumer) and you can do whatever you want with them.

If you do not have a credit history you will most likely need a co-signor.

but as already stated, buying a car with money you do not have - may not be the best idea.

Granted, it sounds exciting and all, but down the line, when you are working hard to earn a living, you will likely regret taking on debt in college.

smart financial planning will leave you in a much better position down the road. The first rule is - never borrow a cent more then you must.

If you must take a loan, shop around for the best deal available! not all company's are created equally! some offer deal that are far superior than others.

before taking a private loan, exhaust all federal loans first.

Good luck