Vehicle?

Question

Can I still get a vehicle if I have student debt right now? 🤔 I have a job for income + the child tax benefit. I’m 22 & in need of a vehicle, especially when I need to bring my son around to daycare & get myself to work & whatnot! 
* I live in Canada if that matters lol

Answer

School debt is considered “good debt” and the government (or whoever issued the debt) can wait as long as they need to for you to pay that off. It also helps your credit score the longer you have it and if it’s governmental then you can always negotiate the monthly payment down lol like I have about 6k in student loans from the government but they gonna get that back in like the next 30 years IDC! Also as a tip you should look into an SUV. Insurance rates are cheaper for an SUV when compared to a sedan 👌🏾 but then again it also depends on who is insuring you but it’s most likely the case. Also If your 24 like me, maybe waiting until your 25 is your best bet because Insurance companies will straight up rob you until your 25 which is ridiculous.

Answer

If you want a loan, it depends on they type of student loan, your debt to income ratio, credit score, actual debt (not counting student loans) verses available credit.

Answer

It really depends on what kind of vehicle/ year / model/ price your trying to get for example I bring in 4,000$ a month so a car payment if 400$ a month plus full coverage insurance 213$ 
And taking into account all my other expenses is doable for me. It just depends on what other responsibilities you have and the cost of the car you are planning to purchase and how. Will it be used/new/dealership/or off street?

Vehicle?

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