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Is it a good idea for a 19 yr old college student to take out a car loan?

My daughter is in her 2nd year of school and has no car, she wants to take out a used car loan for around 3 to 5 grand....is this a smart idea?
I have never had a car loan...(I just buy my cars outright with cash at tax time, when I have needed to)

 
wheresthewayout

Asked by wheresthewayout at 1:10 PM on Oct. 5, 2010 in Money & Work

Level 29 (39,885 Credits)
This question is closed.
Answers (11)
  • I did this same thing when I was 19. It was stressful but it did teach me responsibility. I would just explain to her the pros and cons and let her make the decision.
    SweetSmeek

    Answer by SweetSmeek at 2:38 PM on Oct. 5, 2010

  • If she has a stable job and can afford the payment, it would be a good way for her to establish credit.
    Scuba

    Answer by Scuba at 1:11 PM on Oct. 5, 2010

  • Sounds like a pretty small loan. I would say if she has a steady job and can make the payments, go for it. If it was more, I would have reservations.
    Adelicious

    Answer by Adelicious at 1:14 PM on Oct. 5, 2010

  • That seems so young to me to be in that position. Why not buy a used car with cash?
    TALuke

    Answer by TALuke at 4:32 PM on Oct. 5, 2010

  • She was offered full time hours at the gas station where she works and you right it would build credit
    wheresthewayout

    Comment by wheresthewayout (original poster) at 1:14 PM on Oct. 5, 2010

  • I agree with scuba on this one..
    MTM

    Answer by MTM at 1:14 PM on Oct. 5, 2010

  • If she can afford the car payments and the insurance on her own with a lagit job, then have at it. If she cannot or needs others to help her pay then no she should not. A loan for anything should be the soul responsibility of the person taking out the loan. So if she can be responsible, if she can afford it, then go for it. Otherwise she shouldn't.
    JazzlikeMraz

    Answer by JazzlikeMraz at 1:42 PM on Oct. 5, 2010

  • I will not co-sign a loan and she needs to do this on her own....
    wheresthewayout

    Comment by wheresthewayout (original poster) at 1:48 PM on Oct. 5, 2010

  • I told her i would get her a car when I get my tax refund early next yr. she said she doesn't want to wait
    wheresthewayout

    Comment by wheresthewayout (original poster) at 5:21 PM on Oct. 5, 2010

  • It's always best to save up and buy a car with cash. Maybe she can save up for a few months. If not, considering it is for a small amount, if she can afford the payments i think it's fine.
    Kainalu55

    Answer by Kainalu55 at 11:16 PM on Oct. 5, 2010

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