Getting money for my first car? Student loan? Credit card?

Barton Sease: 1

Saran Stealy: I do not believe that you can get a student loan for a car. Even though you need a car to commute back and forth to school, it is not considered an educational expense. There are other options, like living on campus or getting an auto loan, that the student loan company to which you apply will cite as reasons for not giving you one. Additionally, most student loan payments are sent directly to your school to be applied to your tuition bill, and so you wouldn't have access to the money anyway.As for credit, no dealership of any kind will take a credit card to buy a car from a 17-year-old kid who likely has zero credit history. I honestly doubt they'd take a credit card from your mom either. Cars are a big purchase, and the dealership wants to be sure that you have the money to pay for the term of your financing/lease plan (and paying with a credit card doesn't tell them that you have the savings or the income to make the payments). ! You could probably get a junker for $1400 that would at least get you to school and back. If you want something newer, you'll have to take out an auto loan with one of your parents as the co-signer (or you *might* be able to get it on your own if you apply after you turn 18)....Show more

Joel Feagler: Live on campus. walk to class. work your way through school and when you are out. You will not be in debt. You'll be way ahead of your friends.