Is it wise to take a loan to buy a car?

[Niyi]

People take loans for many different purposes. For some people z their pressing need might be a car. Is it wise for them to take a loan to buy a car. I see a car as a liability and not an asset.

That's why I can't take a loan to buy a car.

 

[ChrisG2010]

Unfortunately, it has become normal to take out a loan to purchase vehicles as the price of them has increased astoundingly.

For example, here in South Carolina, USA, the normal monthly payment will increase or decrease by $20 per month for every $1000 that you borrow.

 

[Ononivami]

I don't see anything wrong in taking a loan to buy a car if it is very useful .I bought my car when I knew that it is needed because my family is expanding.

 

[Niyi]

In my country, it is not a wise thing to get a loan to buy a personal car. It is understandable if it is a business vehicle.

 

[Vehli]

Not many buy Car on cash and most are dependent upon loan for it. One thing you can do is to take loan with less duration so you don't need to pay a very high interest rate.

 

[Salt]

I don't see anything wrong in taking a loan to buy a car if it is very useful .I bought my car when I knew that it is needed because my family is expanding.

These days a Car is like a necessity because it's not safe to drive on a motor bike so most people or families have a car these days and naturally they opt for a loan

 

[Niyi]

I actually cannot take a loan to buy a car. The only car I can take a loan to buy is a business vehicle that I know would fetch more money with time.

 

[Kane]

It depends on what you are using your car for and what benefits you can actually get by owning a car. You should also consider whether you can continue to pay the car loan or not.

 

[Salt]

I am yet to own a car and yes I will opt to take a loan for it as it's not a good idea to pay cash to buy a car as these are expensive and better to pay in EMI.

 

[AlexForsyths]

Hey everyone! So, the whole "loan or no loan" debate when it comes to buying a car is definitely a tough one. Personally, I think it depends on your situation and priorities. If you're confident in your ability to manage the payments, and it's a car you really want, then go for it. But, hey, have you considered checking out some online platforms where you can find great deals on used cars? There's this one website, https://www.jdmbuysell.com/for-sale/nissan/silvia/, and they've got a pretty sweet collection of Nissan Silvias up for grabs. Just saying, it might be worth a look if you're in the market for a cool ride.

 

[tray591]

Absolute no I will never take loan to buy a car it's very risky that car may get crash along the way and run at debt rather what I will do I can take loan to open a business

 

[Ja sa bong]

People take loans for many different purposes. For some people z their pressing need might be a car. Is it wise for them to take a loan to buy a car. I see a car as a liability and not an asset.

That's why I can't take a loan to buy a car.

Why would you need a loan to buy a car? Will the car be used for business to generate the loan money with the interest on it for you to pay back? If this is not the reason why you need a loan for a car, it's a very very very bad decision to buy a car for your luxury with bank loan.

 

[Johnson2468]

I don't think it is wise if you don't have a steady income to keep the vehicle in good condition. It is better to buy a car with your own money and have enough to keep it in good condition

 

[shohan07]

Taking a loan to buy a car can actually be a smart move, depending on your situation. For me, I didn't have enough savings to buy a car outright, so getting a loan was the way to go. I made sure to get my loan preapproved before I started looking, which really helped set my budget and gave me leverage in negotiations. I ended up buying a Honda Civic online, and the process was smoother than I expected. Having a loan preapproved meant I could easily compare dealer offers and know exactly what I could afford. I found a simple guide to buying cars online on a1autotransport that mentioned how getting a loan online can be much easier than the traditional route. You can get multiple offers through a single website, saving a lot of time and hassle.