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Should I buy a $50,000 car if I already have $95,000 in student loan debt?
"I recently graduated from college and want to get a car.
The vehicle costs $50,000, and I have $7,000 for a down payment. However, I have $95,000 in student loan debt.
Should I finance this car?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With so much student loan debt, you might not even get approved for a car loan. If you do get approved, can you afford $43,000 in additional debt?
To avoid getting further into debt straight out of college, your best move is buying a used car with the $7,000 cash.
In doing so, not only can you get a reliable set of wheels but also you will have no car loan debt.”
View full answer
- Gregory R.
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