Okay so i want to buy a motorcycle and my parents are going to pay for college but they dont want me to get a motorcycle, I have a job and car already but no credit to get a motorcycle.
Can i take out private student loans to buy a motorcycle like, 5k?
Or is there someway to build credit by taking a student loan and paying it off?
Taking out a loan for a motorcycle while you’re in college and already have a car seems like an awful idea. I’d suggest taking out a collateral loan if you are really insistent on getting one though. Also, just get a 90’s bike for like 1-2k, they look classic and aren’t obnoxious.
And no, you cannot use student loans to buy a vehicle. Why would you want to anyway? 15% interest rates are not fun.
Again, if anything, use a collateral loan; you’d build credit while also not going stupid in debt or paying an obnoxious interest rate.
My humble opinion.
P.S
Don’t do something stupid like taking out a loan on your car title.
Aren’t private student loans from wells fargo different? Don’t they go into your personal bank account?
Who is going to co-sign for these private student loans? You can’t get them yourself.
This is a terrible idea for many reasons. Wait until you graduate and are out on your own, then if you still put priority on buying a motorcycle - more power to you.
If you are applying for a student loan, I would imagine that you need to represent that you are borrowing the money for tuition. To use that money to purchase a personal item would then mean you lied on your loan application. You don’t want to do that. That is a federal offense.