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Old 07-11-2007, 11:48 PM   #1
Metzzen1
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purchasing bike/car with student loans

I see all these commercials for student loans to cover "anything thats goes with college including transportation expense " and I checked into them a tiny bit and some of them have really good interest rates. assuming there wasnt anythign in the contract that said it couldnt be for a car, and assuming the loan was made out to ME and not my educational institution, would i run into any problems?

p.s. this would also keep me from having to have full coverage....right?
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Old 07-11-2007, 11:58 PM   #2
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well its a way to get you in debt so they make money someway or another. just dont get into that situation if you can help it, and full cover might be expensive try something with more then just liability in case it gets jacked.
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Old 07-12-2007, 12:04 AM   #3
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You can use students loans for whatever you want. They send the money to the school and you get a check for the difference if there is any. IMO not the best way to finance a bike, but its done quite often.
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Old 07-12-2007, 12:10 AM   #4
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Best loan there is out there is student loan. You don't have to pay back until you stop school or graduate.
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Old 07-12-2007, 12:12 AM   #5
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I have to say most of my motorcycles/needs come from student loans.

Extremely low interest rate good terms.

You shouldnt run in to any problems except the school wont disburse the full amount. You can also get alternative loans through lenders then the check will just go straight to you.

IMO if your gonna finance a bike this is a good option.
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Old 07-12-2007, 12:13 AM   #6
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no sir i wont be putting off 20 grand until after grad,

i will have liability with theft, but not enough coverage to satisfy loan agents....
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Old 07-12-2007, 12:15 AM   #7
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If you are going to finance a bike while in school, go ahead and get student loans to do it, if you can get enough student loans to cover you living expenses AND the bike (you don't want to buy the bike then find out you don't have rent for december!)
Go ahead and make monthly payments roughly equivilent to what you would pay on the bike, or at least pay off the interest. The rates are going to be cheaper than what you will find on a new bike (if youre the average college student, youre prolly looking at rates between 12 and 24 percent for financing) and you will have the advantage of having cash to go buy a used bike from a private seller, which is ALWAYS cheaper than having to go through a dealer. And you will have title in hand so you can sell or trade as you see fit. If you finance with a non credit card deal, they will keep the title till its paid off (and repo it if you default).
There are a lot of advantages. The disadvantage is that while the rate is lower, if you just make the minimum payment, youre gonna be paying it back over a much longer time period and end up paying more, so try to pay the interest monthly (consider it your bike payment) and it will make it much more manageable when you graduate.
Be realistic though; if you can't afford a bike right now dont take out a ton in loans to try and cover the bike and maintainence and insurance and have it come to bite you in the when youre riding an old bike and you have a decent job but you can't finance anything becasue you are in student loan debt up to your .
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Old 07-12-2007, 12:18 AM   #8
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woh there andrave. I aint no dummy, i plan on getting a loan and paying the full monthly payment and having it paid off IN FULL in a maximum of 60 months. I already looked into it and i can get 20k for about 6% interest, payin a total of about 23600 (3600 total interest over 60 months). best auto loan (i want bike and car) i have found was around 9%.
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Old 07-12-2007, 12:30 AM   #9
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Yeah..also if for some reason you dont want to pay on it you can usaully get somewhere around 6-7g's a year subsidized so you dont accrue any interest.
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Old 07-12-2007, 12:43 AM   #10
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Quote:
Originally Posted by Longnguyen
well its a way to get you in debt so they make money someway or another. just dont get into that situation if you can help it, and full cover might be expensive try something with more then just liability in case it gets jacked.
best advice in this thread :notworthy

i used the extra $$$ for bike stuff too. mainly trackdays and race tires
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Old 07-12-2007, 12:48 AM   #11
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Quote:
Originally Posted by Metzzen1
I see all these commercials for student loans to cover "anything thats goes with college including transportation expense " and I checked into them a tiny bit and some of them have really good interest rates. assuming there wasnt anythign in the contract that said it couldnt be for a car, and assuming the loan was made out to ME and not my educational institution, would i run into any problems?

p.s. this would also keep me from having to have full coverage....right?
SO YOU THINK YOU'VE FOUND A LOOPHOLE?
MOST LIKELY, THE BANK WILL ONLY GIVE YOU THE AMOUNT TO COVER THE COST OF TUITION AND BOARD.[WHICH ABOUT 10000 A YEAR IF YOU GO TO A LOCAL COLLEGE]. IN ADDITION, I THINK THEY WILL CONTACT YOUR COLLEGE TO SEE HOW MUCH MONEY YOU TRULY NEED.
IF YOU WANT A BRAND NEW BIKE JUST WAIT SAVE SOME MONEY AND BUY FROM A PRIVATE SELLER. YOU'LL GET IT FOR WAY LESS THAN IF YOU GO TO THE DEALERSHIP
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Old 07-12-2007, 12:53 AM   #12
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Quote:
Originally Posted by SPHINX
SO YOU THINK YOU'VE FOUND A LOOPHOLE?
MOST LIKELY, THE BANK WILL ONLY GIVE YOU THE AMOUNT TO COVER THE COST OF TUITION AND BOARD.[WHICH ABOUT 10000 A YEAR IF YOU GO TO A LOCAL COLLEGE]. IN ADDITION, I THINK THEY WILL CONTACT YOUR COLLEGE TO SEE HOW MUCH MONEY YOU TRULY NEED.
IF YOU WANT A BRAND NEW BIKE JUST WAIT SAVE SOME MONEY AND BUY FROM A PRIVATE SELLER. YOU'LL GET IT FOR WAY LESS THAN IF YOU GO TO THE DEALERSHIP

Your wrong..yes the school looks at your financial need...then they offer you grants as well as loans. If thats not enough you can go to almost any bank and get more. Its pretty easy as long as your in school.

The loans are supposed to be used for room,board,TRANSPORTATION, adn living expenses.

There is no difference in a motorcycle loan than a student loan except the interest rate and repayment terms.
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Old 07-12-2007, 12:58 AM   #13
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the school will approve your "living budget" or whatever for the year, which is usually pretty generous and should allow you to buy a bike if you save money (don't go out and eat, dont buy DVD's all the time, etc) but you need to budget. Or you can just always take out additional education loans from private lenders, and there is no limit on those but the terms are usually less favorable.
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Old 07-12-2007, 02:31 AM   #14
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Quote:
Originally Posted by Metzzen1
I see all these commercials for student loans to cover "anything thats goes with college including transportation expense " and I checked into them a tiny bit and some of them have really good interest rates. assuming there wasnt anythign in the contract that said it couldnt be for a car, and assuming the loan was made out to ME and not my educational institution, would i run into any problems?

p.s. this would also keep me from having to have full coverage....right?

yes i bought my first bike in college with my student loan =)
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Old 07-12-2007, 06:26 AM   #15
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financing a bike is stupid.
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Old 07-12-2007, 08:24 AM   #16
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i've done it with student loans. those were the best times in my life, but it sucks now paying back all that money. but oh the memories!!!
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Old 07-12-2007, 08:30 AM   #17
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bikes are def more important than school.
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Old 07-12-2007, 08:34 AM   #18
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bikes are def more important than school.
but if it wasn't for my school i wouldn't have the bike i have now...
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Old 07-12-2007, 08:38 AM   #19
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User is banned

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Old 07-12-2007, 08:47 AM   #20
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Quote:
Originally Posted by txferrari
+1. I'd never finance a bike.
+1, I won't even finance a new car....F that.... I am who I am and ride/drive what gets me around. No payments kicks some major .
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