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

[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.

 

[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

It is very unwise to take loan to buy a car how will you pay back the loan. I don't advise anybody to do session because we end up being a deptor

 

[Bookwormlux1]

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.

I agree with you, I also do not think that using the loaned car for commercial purpose is a way out. It is best to start small with whatever you can afford to pay. Not that you take loan. People have got different opinions though.

 

[kayode10]

Taking a loan to buy a car is a bad debt. The reason is that the car will taking money out of your pocket while you are trying to maintain it. the best thing you can do with the loan or helped you take is to use it to acquire an asset. The asset you acquire will surely pay the debt up and still give you passive income. Even you an use the passive income to acquire another asset.

 

[Asma]

Loan for a car is better in case you use the car for earning purpose then you easily pay loan.. otherwise if use this for personally then its some thing create distrubance in financial state because some time loan create difficulties.

 

[Richard92]

It is not wise to take a loan to buy a car, I can not do that it is not a wise decision for me, but I know some people might do that, however if it is a working loan from your place of work and you think you really need the car, then you can get one for yourself.

 

[Olahab]

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

 

[Veetos12]

Taking loan to buy a serious matter because many people most especially civil servants in my country fall in this category. I think we need to remind ourselves that a loan simply means a debt being spread over time for payment with interest. Such money is meant to be invested in a business that will yield profit not a car that will depreciate in value.

 

[Okeh]

It can only be advisable if the car is for running around of one's business or transportation, that will yield income, it's a good idea. Paying for the loan will not be a problem.

If the car is just for luxury, it's not a good one for me, because paying for the loan and it's interest will be a very big problem.

 

[SAFEMOON]

That could be a good option if you still don't have cash for full payment. But you have to consider how long you have to paid your loan car and offcourse consider also your salary if you can afford to paid it weekly or monthly. But I always prefer to buy it cash so you don't have to worry about your weekly or monthly bills for your car.

 

[Henrylaw]

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?

[automerge]1612254954[/automerge]
Taking a loan to buy a car depends on two things. First taking a loan requires repayment whether with interest or not. Taking a loan when you have steady income is okay. Second taking a loan to buy a car depends on what you want to use the car for. Is it for commercial purpose or personal use. Taking a loan to buy a car for commercial purpose is a wise decision.
[automerge]1612254967[/automerge]
Taking a loan to buy a car depends on two things. First taking a loan requires repayment whether with interest or not. Taking a loan when you have steady income is okay. Second taking a loan to buy a car depends on what you want to use the car for. Is it for commercial purpose or personal use. Taking a loan to buy a car for commercial purpose is a wise decision.

 

[Bookwormlux1]

[automerge]1612254954[/automerge]
Taking a loan to buy a car depends on two things. First taking a loan requires repayment whether with interest or not. Taking a loan when you have steady income is okay. Second taking a loan to buy a car depends on what you want to use the car for. Is it for commercial purpose or personal use. Taking a loan to buy a car for commercial purpose is a wise decision.
[automerge]1612254967[/automerge]
Taking a loan to buy a car depends on two things. First taking a loan requires repayment whether with interest or not. Taking a loan when you have steady income is okay. Second taking a loan to buy a car depends on what you want to use the car for. Is it for commercial purpose or personal use. Taking a loan to buy a car for commercial purpose is a wise decision.

What now happens when something goes bad with the car at the course of running the commercial services, it is a whole risk. If it is for commercial use, it is better to get someone who would give you their old car than to take loan and buy a new car for that purpose.

 

[Mujahid12]

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 you have to buy a car for a business purpose then taking a loan, then this decision is good if you do not do any business with the car, then your decision is to be stupid so should never buy car on loan huge interest on it.

 

[Sucrelove]

Is not a bad decision provided you are working or have a good business and you know you will not default to pay back there is nothing wrong in taking a loan

 

[Milz]

It depends on what you want to use the vehicle for. If I want to use the vehicle for transportation business a loan is a good option. Most people go for hire purchase. Sincerely I do not see any difference between the two.

 

[Mandypaul]

Taking a loan to buy a car that doesn't have anything to give you in return is completely an unwise decision,if you're taking a loan to buy a car the car must either be used for business that can generate you a reasonable amount of money to pay back the loan but if it does not have these things I've just mentioned don't buy a car.

 

[Bholozy]

I think it all depends on what you want to use the car for. If it's just to cruise around the street I think it's not better to get a loan for that. Wait till you have money to get a car but if you are getting that to buy a car for taxi or uber and you get to pay back the loan from that.. I think getting a loan will be better since it's a source of investment

 

[Doradorwa]

Getting a loan to buy a car is not really a good idea for a business person especially a new business but if you are a salary earner and your salary is linked to the account to pay for the car loan then it's acceptable.

 

[zenith]

Taking a loan to buy a car is a bad decision,some people are involved in such thing but it is not a good decision because to me car is not an asset.instead I will take a loan and build a house either for myself or put it on rent to generate money for me.

 

[Frank]

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.

That's another angle. If you are taking the loan to purchase a car that you will put on the road, then it is a great idea, but even at that point. I still don't see it as doing what is right and okay. You should buy such car with your saved funds and borrow little should anything happen.