Go Back To Search Results Question Is there a way I can take out student loans and pay my car loan off with it? I owe about 12,000 on my car loan with an interest rate over the roof....I figured if I borrowed a lot of money i could pay that loan off with the money I borrowed and get a really low interest rate for my car. Am I allowed to do that? By sportman16977 Posted on 04/27/07 Total Answers 5 Answers- no college is going to sign off for you. Sorry Answer by : wizjp On Date 2007-04-27 11:44:04 Try calling the bank and ask about refinancing your car loan. No need to get student loans involved in this. The problem is that with student loans, you would have to get a private loan to do what you're trying to do. Private loan interest rates are very high, and I would be shocked if you couldn't get a better rate by just refinancing. Of course, the nice thing about student loans is that the length of the loan is 3x a typical car loan, so monthly out of pocket is lower...but that is not a sound rationale for going through the pain of a student loan. Answer by : Diet Lava On Date 2007-04-27 11:48:04 if you are eligible for subsidized loans then it would help but they only give you like 7k a yr... that's to live off of.. but you can try to get private loans through a bank (which tend to have a reasonable rate) Answer by : its840 On Date 2007-04-27 11:50:29 Student loans are for education, not so you will look cool driving your new car while attending college. Answer by : Ringer On Date 2007-04-27 11:54:49 If you qualify for the loan, how you spend the money is up to you. As far as low interest rates for your car you may want to the car dealer ship about student discounts. Answer by : eiza035 z On Date 2007-04-27 11:55:32   Go Back To Search Results