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Thread: Small Problem

  1. #1
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    Default Small Problem

    hey everyone im going through a little problem here and was wondeirng if anyone can help me here

    my mum wants to buy me a new car 15000+ but there are a few problems for one

    i am on student loan through both the federal and provincial governments, and i was told that if i have a car i cant get a loan is this true?

    and the second my dad is on permanent disability through AISH, and i was told if the car is in his name then his benefits stop

    can someone plz give me some advice or streer me in the right direction

    thanks

  2. #2
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    I know you won't qualify for a student loan if you own a vehicle worth more than $5000.00.... I had to transfer ownership of my vehicle to my parents while I went to school. As for the disability.. I am not sure.

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    Lots of students with cars get loans. But wtf would you get a brand new car for? Get an unpopular but well running beater, and then when it dies, get another. And certainly don't put it in your parents name.

    Khyron
    That's not sweat. It's your fat, crying.


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    I dont know on either, but why not put it in your moms name?

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    i cant put the car on my mums names cuz she doesnt have a license and she gets the benefits my dad does cuz shes the spouse


    and as for gettin a beater and jus drivin it till it dies i have been throuhg bout 6 the past few years so we are tired and want a new car

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    just don't tell the government you have a car?! that is what me and my frds do..

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    then spend 3k-ish and get yourself a reliable older car like a civic or something. Not worth 5k so you can still get your loan and its still reliable so you can get around. That way you wont have to worry about all this other shit.
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  8. #8
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    Originally posted by k98303
    just don't tell the government you have a car?! that is what me and my frds do..

    lmao lol but if i get a car on my name haha and they search up my SIN number all my history comes up lol


    at the moment my car is registered under my dad but the car is worth less then 5 grand so it dont matter

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    Your 'rents are on disability, and you are taking loans to go to school...and you want a new car now? Graduate, get a job and then buy one.

    Khyron
    That's not sweat. It's your fat, crying.


  10. #10
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    Originally posted by Khyron
    Your 'rents are on disability, and you are taking loans to go to school...and you want a new car now? Graduate, get a job and then buy one.

    Khyron
    not my parents jus my dad but they are not allowed to acquire big assets

    and they want to get me one cuz i um deserve it

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    Put the $ towards your education right now. In my opinion it has a greater return investment than a vehicle would to you. 10 thousand will cover a small portion of your education, assuming you spend 5 thousand on a car. You would still have to take a loan anyway, so thats 10 thousand dollars less you need to loan and pay back later.

    Your parents can't drive anyway right? So whats the point of spending alot on a vehicle when you are in school most of the day anyways, and just really need it to get from point a to point b. Not to mention parking, insurance, and maintainence! Just incase you forgot. Oh, and gas. lol.

    Good luck with your vehicle, and your education!

  12. #12
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    I think it depends on what kind of disability someone has, just because someone is disabled doesn't mean they can't own a car and they'll cut off your benifits if you do.

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    Originally posted by infected
    I think it depends on what kind of disability someone has, just because someone is disabled doesn't mean they can't own a car and they'll cut off your benifits if you do.
    he surrefred 3 strokes so ya i think its kinda permamnent

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    Hmmm... then I doubt he's allowed to drive anymore correct? Does he still drive now?

  15. #15
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    Originally posted by infected
    Hmmm... then I doubt he's allowed to drive anymore correct? Does he still drive now?


    nope but the car is still in his name im the only driver

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    if i remember correctly, student loans works by taking the black book value of your car and subtracting it from the student loan amount you would get if u didnt own the car


    thats only if u tell them tho.

    my car is under my parents name, im just listed as a driver.

    im sure if u were insured by yourself for your own car, it wouldnt work as they'd find everything under your credit bureau (for car payments/loans)

  17. #17
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    Originally posted by CanadianBoy69


    not my parents jus my dad but they are not allowed to acquire big assets

    and they want to get me one cuz i um deserve it
    Show your parents that you truly deserve it by going to school and graduating. A new car isn't worth the worry. Have you read all the threads about vandalized and jacked cars while parked at school?

    A new car will not only cost a lot initially, but it will depreciate to about half its purchase price by the time you get your degree. That money can be put towards your tuition fees.

    Getting a huge student loan may be exciting. Repaying it is considerably less thrilling.

  18. #18
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    Dont get a beater, get a reliable but still cheap car. Honestly, buy an older civic or something 91-95 and youll pay no more then 5000 for a "decent" body shape but verymuch running car.

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