Taking a loan to buy a car: is it a wise decision?

[Bookwormlux1]

Is it advisable to take a loan and purchase a car when you don't have the money to buy it at that moment. You would now be making payments either monthly or weekly until you are able to complete the payment.
What do you think?

 

[salman Royy]

If we don't have money, we take a loan and buy a car from a bank. Every time there is a problem that there will be a debt, we will pay it. We should not loan money. If we loan money, we should repay it on time. We should have some income so that we can pay the loan on time. Loan money becomes a problem with For us.

 

[Josemendez]

Is it advisable to take a loan and purchase a car when you don't have the money to buy it at that moment. You would now be making payments either monthly or weekly until you are able to complete the payment.
What do you think?

If the car you are to buy is for transportation , then it will be a good one as you can be making profit from it . If it is a personal car , you then need to have a plan to be repaying it back monthly intervals. However ,I don't think it is a good decision

 

[Oscar]

In my opinion, it depends on what you want to use the car for, if it is for an Uber for example you can go ahead, but for solely private use I would advise against that. You shouldn't take a loan to purchase a private car.

 

[Presido]

According to my opinion, loans are actually meant for businessmen and working class,if you're actually going to use this car for something like Uber or taxi, then I can advise you take a loan, but if for just your personal use, I don't really support that Because of the risk involved in obtaining loans.

 

[kaychiz]

Taking a loan to buy a car should only be done if there is a steady income to use for the repayments. Even at that the repayment amounts each week or month should not be too large.

A better option is to foot part of the car cost with personal savings or gift money rather than buying it entirely with borrowed funds.

 

[Salma tahir]

Buying a car with a loan I think it is harmful. For example you buy a car and you do not have enough money to pay the installment of the loan and also have to bear the cost of the car petrol. Even if you have to do mechanical work like CNG etc., it is better that you buy a car when you have enough money so that you do not have to take a loan. Will not have to pay

 

[Ralphjoe]

As for me, I don't advice someone taking a loan from the bank to buy a car simply because I find car being a liability, it's needs quite a lot of maintenance.
I'd rather advice you to buy a car when you are financially buoyant as you can get some money to spare for your comfort.

 

[Erik4150]

You can take a loan to buy a car if you think you are capable of paying back the loan. Before taking a loan to buy a car, you should talk to the car dealer about the possibility of paying for the car in installments. I believe this is better than taking a loan

 

[maventiger]

It depends on the purpose of purchasing the car. If the car would be used for personal purpose and not business or investment related it becomes a liability.

Taking loan which is a liability to finance another liability is too much risk, because you will have to service the CAR and as well service the LOAN. This will automatically put you under pressure paying off the loan and maintaining the car.

 

[Hassan14]

Is it advisable to take a loan and purchase a car when you don't have the money to buy it at that moment. You would now be making payments either monthly or weekly until you are able to complete the payment.
What do you think?

When you have to buy something, first you have to make your complete arrangement that you are able to take out the loan from the thing that you are buying and you can also keep good income from it. In this way, we can also take a loan and the loan will be repaid and we will get a very good income. And it is a very good business to take a car and give it on rent, it gives good income.

 

[Dubai]

Taking a loan to buy a car is not a wise decision if you ask me. What if the car has an accident, then you automatically become a big debtor at lose. Although you can make good money from the car when it is used as a means of transportation. Try to insure the car if you must take loan to get it.

 

[Espn]

Buying a car on loan for luxury is not wise, cause a car is a liability. But If you are buying it for a business purposes like delivery. Then you can take a loan with a good payback plan.

 

[Defaith]

collecting a loan to buy a car it's not a good, but sometimes it thebrigh decision to take. There are any project out that before you can be given thatb project your presentation matter sometimes. So they have to see you with car to defend the project they are givein that you are capable to collect the project

 

[Bilal0087]

Is it advisable to take a loan and purchase a car when you don't have the money to buy it at that moment. You would now be making payments either monthly or weekly until you are able to complete the payment.
What do you think?

Not at all, i think it's and foolish decision to fulfill our wishes by taking loans from others, it's means that if a person do such things, he have not control over his desires and emotions.
Always work hard to fulfil your needs and wishes.

 

[Bookwormlux1]

Not at all, i think it's and foolish decision to fulfill our wishes by taking loans from others, it's means that if a person do such things, he have not control over his desires and emotions.
Always work hard to fulfil your needs and wishes.

I agree with you. There are many challenges that this kind of thing comes with. It is not easy repaying such loans. Some members here also talked about the possibility of the car developing some damages before you settle the debt.

 

[Trexxxy]

Absolutely not!. Except the car you are purchasing the loan with is going to generate revenue enough to payback the loan then it is ill advise . Loans should only be taken or invested into business ventures or investment that is assured of a return at stipulated time or dates.

 

[Aniwhyte]

Taking a loan and buying a car is not in anyway advisable, unless you intends using the car for a business or it would aid in your business other wish I don't think that it is in anyway a wise decision

 

[Ridorz]

There's nothing bad in getting loan to buy a car if you want to use it for transportation as far that it will be generating money to pay back the money, but if you just want to buy it for private, it's not advisable, though it may be the way of getting contract.

 

[Holluwaphemmy]

it would be a good decision if the car Is a business car. Cars generally are liabilities but if the car is generating income then it is a liability turned asset. If you buy the car for normal movement it is not rational