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Should I get a car loan if I have low income and my other transit options are lacking?
I'm a college student and getting around without a car is problematic. Public transit isn't really an option, and if I get a bike, I'll have to leave for events and work about an hour or more early. I don't make much income, roughly $1,500 a month. Should I get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Have you ever heard elderly people talk about how they walked three miles in the snow to get to school?
Make that you. While leaving an hour early for work is annoying, it’s your best bet at the present moment.
You aren’t making enough income to justify a car loan, especially when you consider that you’ll also need to pay for maintenance, gas, monthly car note payments, interest, and full-coverage
auto insurance
.Take your bike to work, save up money, and pay cash for your car. That’s the best thing for your finances at this moment.”
View full answer
- Gregory R.
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