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High School Student Loan

Ronald Said:

High School Student Car Loan ?

We Answered:

If you want an honest, realistic answer...

If you're really looking at an RX-7 (not the present RX-8), then you won't find anyone to finance it for the length of time you need to make the payment affordable. Banks will only lend money for so long on any model year car, you don't choose the length of term to "fit your budget". Doesn't work that way. Only new vehicles and very recent used ones will carry a 5-6 year loan, and that's with good credit. No bank is going to lend you $14K on an older used vehicle and stretch the loan out for 5-8 years.

Of course, I'm assuming you'd even qualify for a loan, which won't happen when you're 17. You need to be 18 in the US to even sign on to a vehicle loan, and I'm sure it's the same in Canada. At 17, you won't be approved for any loan.

$450 a month might cover your car payment, but don't forget that insurance will be high on any car at your age... and a sports car will be astronomical for a 17-yr old. I'd call around for rates on that FIRST before even thinking about getting anything. It might change your mind on the type of car you think you can afford.

Trying to calculate a payment or insurance payment at this point is worthless. We know you won't get a loan at 17, and insurance rates vary wildly depending on age, vehicle, and where you live.

Kelly Said:

Can a high school senior get a student loan w/o submitting her parent's tax info?

We Answered:

When you fill out FAFSA and it asks about your parents it will ask if you if they have filed/will filled/ or will not file. I have never picked will not file but I assume it will ask you about their estimated income based on W2's or other proofs of income. That is what it did for me when I picked will not file for myself.

Good luck! If you need more help you can always call the financial aid office of the college you want to go to. Get this done early (like this week) because work study and subsidized loans are handed out on first come first serve basis.

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