Borrowing > Budget???? - Car Payment Problem!!

[Law2k6]

I just discovered I'm going to have a really tough time living with the UVA budget. I asked the host I'm staying with and he said they absolutely won't increase the budget to accomodate car payments (he had the same problem himself). That makes for a very big problem for me. Is there any way I can borrow more money than the law school budget???

I don't like the idea of racking up a credit card balance. Are there any other options? (Besides selling non-fancy car.)

[SanchoPanzo]

I just discovered I'm going to have a really tough time living with the UVA budget. I asked the host I'm staying with and he said they absolutely won't increase the budget to accomodate car payments (he had the same problem himself). That makes for a very big problem for me. Is there any way I can borrow more money than the law school budget???

I don't like the idea of racking up a credit card balance. Are there any other options? (Besides selling non-fancy car.)

Is selling the car an option? Does it work financially?

[Law2k6]

I thought of that. I looked up the Blue Book value and it'd be about an even trade...but it would make buying the car a big loss since buying a new car only makes financial sense if you keep the car for a long time (which is my plan). ... I'd rather eat ramen noodles and cheerios than not have a car. ... Obviously there's the Visa Fellowship, but I'm hoping to find a roommate or two and then manage to get by.

I'll talk to the financial aid people to see if they will (a) increase my budget, (b) direct me to some way I can borrow more through a private lender.

[shaz]

why not work the summers and put that money aside for your car?  you have 4 months until school starts; how much can you make from now until then?  what will the total payments look like?  mayabe you can get a seperate loan to pay off the car so you can get liability insurance.  that should save you some serious money.  if that does not work out, see if you can get an apt w/in walking distance of the school. 

[Slow Blues]

I thought of that. I looked up the Blue Book value and it'd be about an even trade...but it would make buying the car a big loss since buying a new car only makes financial sense if you keep the car for a long time (which is my plan). ... I'd rather eat ramen noodles and cheerios than not have a car. ... Obviously there's the Visa Fellowship, but I'm hoping to find a roommate or two and then manage to get by.

I'll talk to the financial aid people to see if they will (a) increase my budget, (b) direct me to some way I can borrow more through a private lender.

I'm not clear on why you need the car so desperately. Is it just to avoid taking a hit because of depreciation? Or are you emotionally attached to the car? Taking out a loan to pay for a car loan doesn't strike me as a smart financial move.

Also, how much would you ask for? Enough to cover payments? Enough to cover gas and payments? Enough to cover gas, payments, and insurance? What about maintenance?

[thenextstep]

Another possibility is that there are some expenses that are allowed to increase your budget at most schools - computer, medical costs, other things - that you might already be trying to cover without getting the school to allow you to borrow for them.  Maybe asking for that money (and using it for what it's intended for) might free up some money to pay for your car?

[gwenkern]

For what it's worth, if you live in one of the complexes near the law school, you seriously do not need a car in C'ville.  The only thing you'd need it for is to buy groceries, and the Kroger and Harris Teeter in Barracks road are like three blocks from the law school.  29 sucks, so you don't want to go anywhere around there anyway, and you can grab a free bus to central Grounds or downtown.  I lived there, carless, for three years and didn't have any trouble at all.

[Barney]

If you're willing to pay a premium on it in the longer run, car dealers (especially used car dealers) can probably make it work for you. Just finance it out over a five year period. The interest will suck, and the aggregate cost will wildly exceed the value of the car, but your in-school payments will be manageable.

Otherwise, yeah, go with Visa.

[UGAfootballfanatic]

One other word of advice: if you are going to Visa route, try using one of the Capital One or Citibank offers to write a check to anyone as a "balance transfer" (LARGE side note: only do this on the ones which specifically say "no balance transfer fee"). The big plus of this is usually gives you a fixed rate for a specified amount of time and often under their standard APR. I managed to pull this off for grad school with a 1.9% fixed for the life of the loan on 10K two years ago, and I'm still paying 12 dollars a month in interest

[fauxsheesy]

which law-loan lenders fall into the "a" definition? 

a) look for an educational lender who doesnt do the 'max is budget-financial aid' crap
b) take out another private loan that is not specifically for student


schools def budget for transportation but i dont think they expect you to be paying off a car, which is stupid bc a lot of people move to new places that need cars. some schools also overbudget and will leave you a little bit more cash (this is for those at other schools i guess).