Now or Later?

Im a senior in high school and In January I wanted to find a job to pay for a car while im in college(out of state). If i dont find a job in time to have enough money for a down payment, i was thinking about a car loan maybe $4,000, but i dont know if i should get a car loan before going off to college because I

Im a senior in high school and In January I wanted to find a job to pay for a car while im in college(out of state). If i dont find a job in time to have enough money for a down payment, i was thinking about a car loan maybe $4,000, but i dont know if i should get a car loan before going off to college because I really want one before i head off to college, or wait til i get a job on campus and then save up. BTW the car I want is a 2016 Chevy Cruze.

Best Answer:

Brooke: You won't get a car loan with no credit history and only short-term employment. You're also going to need a larger loan than $4000 to buy a brand new car. That's used card territory and not a very new one either.

Other answer:

Brooke:
At your age, you don't need a car loan. Buy a used car that you can afford to pay for in-full at the time of purchase.

A loan for your schooling if necessary is an investment in your future and that is acceptable. A loan for a depreciating asset like a vehicle is not at this stage in your life.

Judy:
You won't get a car loan without a job AND a down payment, and a $4000 loan wouldn't but a 2016 Cruze.

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