Here's my situation, so you guys (preferably a canadian since I live in Canada (and a canadian would likely know more about canadian loans if they differ from american)) need to tell me if this is a good idea or not, or even if it can be done...
I'm 19, in University and have no job. I already have a student loan out (about $3700), and will be getting loans of similar sizes through the 4 years I'll be in school. I will be $16,000 in debt when I get out (no interest until I am no longer taking a full class load).
I have no car for getting to school, or to get around at night. I'm in the same situation as many (most?) other students. I would like to take out a loan so that I can get a car and pay for the insurance. Nothing fancy, but not a total beater. I'm guessing like $6000 for the car and $4000 for the insurance (so a 10,000 loan - I don't want more then that).
Anyway, is there anyway to get a loan like this? I mean I don't even have a job (I will work full time in the 4 month summer to pay some of it back, but a lot of that money is for social activites over the school year).
One of my profs said that if I wanted to get a loan, now is the time to do it as the interest rates are as low as they've ever been. What kind of % would that be? Depending on what you guys say, I'll go over to the bank (its closed right now) tomorrow and see what they have to say.
Is this a bad idea? The idea of being $26,000 in debt kinda scares me, but then with the interest it'll be $30,000+
Enlighten me guys
I'm 19, in University and have no job. I already have a student loan out (about $3700), and will be getting loans of similar sizes through the 4 years I'll be in school. I will be $16,000 in debt when I get out (no interest until I am no longer taking a full class load).
I have no car for getting to school, or to get around at night. I'm in the same situation as many (most?) other students. I would like to take out a loan so that I can get a car and pay for the insurance. Nothing fancy, but not a total beater. I'm guessing like $6000 for the car and $4000 for the insurance (so a 10,000 loan - I don't want more then that).
Anyway, is there anyway to get a loan like this? I mean I don't even have a job (I will work full time in the 4 month summer to pay some of it back, but a lot of that money is for social activites over the school year).
One of my profs said that if I wanted to get a loan, now is the time to do it as the interest rates are as low as they've ever been. What kind of % would that be? Depending on what you guys say, I'll go over to the bank (its closed right now) tomorrow and see what they have to say.
Is this a bad idea? The idea of being $26,000 in debt kinda scares me, but then with the interest it'll be $30,000+
Enlighten me guys
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