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

[mubinadaddy]

Taking loan to buy a car is good on one condition and bad on the other hand, why because if the car is for personal use is not good but if it's for commercial and you know that the repayment is quite okay for you then you can go ahead and take it and make plan of the repayment so that it wouldn't hard you.

 

[Emma Aneni]

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. it is only advisable when you have a sure means of getting income then you can take the loan.

 

[EMMANUEL]

It depends on the person ambitious towards taking loan to buy a car, for instance, someone can take loan to buy a car if the car is going to fetch him back the loaned money received.
The car be for cab or Uber service where by you can also go into private delivery service and earn your cash from there to balance up your loan.

 

[Hamza1]

Taking loan to buy a car can be good and on other hand can be bad as well. Like if you have a stable income you can think about taking a loan as you can pay monthly or weekly from your income and in return you can own a car early. On other hand if you take a loan for your car you have to pay extra as there will be a percentage of interest.

 

[Noor khan]

It depends on the person ambitious towards taking loan to buy a car, for instance, someone can take loan to buy a car if the car is going to fetch him back the loaned money received.
The car be for cab or Uber service where by you can also go into private delivery service and earn your cash from there to balance up your loan.

I think taking loan to buy a car is good on one condition and bad on the other hand, why because if the car is for personal use is not good but if it's for commercial and you know that the repayment is quite okay for you then you can go ahead and take it and make plan of the repayment so that it wouldn't hard you In this way. If you have job income than you should take this risk.

 

[Kelvin7656]

Ashwin is a 30-year-old tech professional, working for the past five years. He earns well and spends much on luxuries. His lifestyle does not allow him to save much . Recently, he decided to buy his first car and shortlisted a model.

However, lured by the easy EMI repayment options, he is tempted to buy a bigger car. Going for the bigger car would also mean a higher down payment. Ashwin is not too worried about it as he already has the money required. Is Ashwin making a decision after considering all the aspects of his finances?
Ashwin is planning a large investment in an asset that depreciates the moment it is driven out of the showroom. He is tying himself to a higher obligation and for a longer period which may seem affordable now, but may change once he has bigger commitments. He needs to evaluate if he is comfortable with these decisions.

 

[Senator]

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?

Taking a loan to buy a car is more than being foolish but a sin. How do you pay back? Only if the car is for commercial purpose even at that a loan for a car for commercial purpose is a very big risk, yes one will say there are risk in everything but it has to be a calculated risk.
Loan for a car to me is not a good deal.

 

[ahmedo24]

I think taking loan to buy a car is good on one condition and bad on the other hand, why because if the car is for personal use is not good but if it's for commercial and you know that the repayment is quite okay for you then you can go ahead and take it and make plan of the repayment so that it wouldn't hard you In this way. If you have job income than you should take this risk.

Personally, I don't think taking a loan to buy a car either personal use or commercial purpose is bad though commercial purpose sounds more reasonable, what is most important is the nature of the loan you are taken that is the interest rate and duration to pay back. Some people income can't buy them car easily but with loan they can while the pay gradually.

 

[Kehinde]

And if it is a little bit of input, go ahead and have it. So, the rule is straightforward. You will be buying an asset that will depreciate and you will be incurring interest on that. So, opt for a car loan if the car is an input to something that will help you earn more or do your job better.

 

[Ebensco]

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

 

[Briangsam]

What do you intend to use the car for? That should be the first valid question. If you are getting the loan to buy a car for transportation business, then it is absolutely a wise decision. If not, from a business point of view, it isn't.

 

[Xerryl]

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.

 

[Briangsam]

What do you intend to use the car for? That should be the first valid question. If you are getting the loan to buy a car for transportation business, then it is absolutely a wise decision. If not, from a business point of view, it isn't.

 

[KvngMurphy]

Its a wise decision if the reason why you collected the loan to buy a car is to use the vehicle for transportation business and aside doing business with the car if it saves you from excessive expenditures then taking a loan to ease expenses isn't a bad idea and you will be glad you made that 1st hand decision in the nearest future.

 

[Blessedsam60]

It's not wise. But if the loan collected will be used to buy a car for transport business or for your own personal business such as school bus, company bus and others then, it's wise idea because it will definitely bring you a reasonable profit.

 

[Succjay]

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?

I don't advice anyone to loan money and purchase a car because a car is not an asset and it depreciates by the day even if you want to use it for a transport business, what if accident happens??

 

[Onachukwu]

It is not advisable to borrow money to buy car when one is not worth it because it costs more to maintain a car than the cost of buying it. A person who cannot afford a car cannot maintain it

 

[jay]

What's so important in living a life you haven't acquired. Why must you live above your earnings. Those who are yet to buy a car have not dead so what are you trying to prove to justify such action?

Did it even stop there, you don't have money to buy a car and it is now the money for the car maintenance you will now have? Or you think cars stays as there are when bought?

 

[Obaterof]

taking a loan to buy a car is not a wise decision because cars are liability and you will not earn money from it

 

[Akinwale701]

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?

I do not suppose it should be. Taking a loan is risky due to any financial setback the beneficiary might encounter, now buying a car on its own, has its great risk owing to accident and some unexplainable events. so who will now want to combine both together? That is like inviting a suicide to one's life.