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

[Pousinha]

In my opinion, it's wise only if you really need a car to secure a job. If you were hired by a company whose requirement is employees owning a car, it's better to take a loan than losing the job. The same if in your culture, owning a car is the primary condition to be hired for a job as it was in my former country during the nineties (now it's all political acquaintances ). But be careful: the job must be secure and not that kind of job today hired, tomorrow fired or you'll get in trouble when loans become unpayable.
It's wise also if you live in a remote area lacking public transportation and the least moving, even to move to buy food, generates an ordeal.

 

[Abibatabosede]

It is advisable to Invest into loan for purchase of car, and also to turn it into business car generally are liabilities but if the car generating income then is a liability turned to access, it may be the way of getting contract.
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It is advisable to Invest into loan for purchase of car, and also to turn it into business car generally are liabilities but if the car generating income then is a liability turned to access, it may be the way of getting contract.

 

[Greatguy1]

If you have the means to pay for it it's not a bad thing. Check your cash flow and see if you have funds that can pay for it then it's not a bad thing to take a loan for the purchase of a car. Just balance your account and ensure that it does not dig a hole in your savings. It is the game the rich plays.

 

[Bookwormlux1]

In my opinion, it's wise only if you really need a car to secure a job. If you were hired by a company whose requirement is employees owning a car, it's better to take a loan than losing the job. The same if in your culture, owning a car is the primary condition to be hired for a job as it was in my former country during the nineties (now it's all political acquaintances ). But be careful: the job must be secure and not that kind of job today hired, tomorrow fired or you'll get in trouble when loans become unpayable.
It's wise also if you live in a remote area lacking public transportation and the least moving, even to move to buy food, generates an ordeal.

Those are very good examples you highlighted. Anyone in such a situation could easily take a loan since no any other alternative. However, if it is all about where one is located and there are no plans of repaying the loan, it would be better to relocate than to take a loan.

 

[mizzzlotam]

people needs to understand that a car is not an asset. Having said that a car is a liability which can never be sold higher than what it was bought. In fact as the years go buy it depreciates in value unlike investing in a landed property. Nobody should take up a loan with the sole purpose of buying a car unless it is to be used for business.

 

[Oyeleye42]

Buying a big car requires a large investment. ... This is why one needs to evaluate whether he/she is comfortable with such a decision. ... Since he has a good income with no commitments, he should be able to pay a higher ...

 

[marky]

All things considered, actually, I wouldn't focus on a money credit to purchase a vehicle.
A trade-in vehicle would be sufficient for me, as long for what it's worth in acceptable condition.
Nonetheless, I would not guideline out that, in the event that I required a vehicle of a particular sort, for simply proficient reasons reason, only in for this situation, I could assess this theory.

 

[iCesarkevin]

Many of us depend on our vehicles to get us to and from work every day, transport children to events, and even just get around for pleasure. Because they are such an important aspect of our lives, most people want a vehicle that is reliable, comfortable, and, yes, maybe even a little stylish. So as long as you have extra ir saved for that car. Go on

 

[MercySmith]

I do not see any big deal in taking a loan to buy a car and pay it in installment. It is a common thing. The loaner of the money will definitely check you to see if you can pay the money back as you claim.
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I do not see any big deal in taking a loan to buy a car and pay it in installment. It is a common thing. The loaner of the money will definitely check you to see if you can pay the money back as you claim.

 

[Oluwasayofunmi]

Answering your question taking a loan to buy a car is it a wise decision, taking a loan to buy a car is a wise decision if one already plan on how to repay the loan before the deadline, and make sure one repays it

 

[iori23]

it's up to you as long as you don't miss what you pay every month for your car loan .. but if for me I prefer cash immediately so that no one thinks about the bill.
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it's up to you as long as you don't miss what you pay every month for your car loan .. but if for me I prefer cash immediately so that no one thinks about the bill.

 

[Jlife]

It is not advisable for you to use the money to buy a business card in for you to buy a car for luxury, you only need to buy something that can happened generate you a good amount of money, buying something that does not generate you any money is not the best way to start.

 

[M Amin]

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 are buying a car for your personal use then I don't think it is a good decision but if you are buying a car online for commercial use then you can fill out all the installments from rent of your car so that you can buy a car on installment if you are going to rent out it.

 

[Klismannm12]

no wise man use the money you borrowed from someone to buy cars is on ones except the person interested in the money to set up something baby and infant transport that will be benefiting money from any laughing aside from that is stupidity

 

[Josephjossy]

No, buying a car is not an investment expect you will use the car as a taxi. But if it's just a personal car it is totally wrong. You only borrow money for investment and for production and not for consumption

 

[singlej007]

Most time, high intensive capital stuff like car, house etc need you to get loan to fund or get it done, then you will keep paying since you have steady stream of income, but you can't wait the years to save before your dream car.. A lot of person does this and it worked for them.

 

[Roysnickz]

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?

It depend on why your are buying the car for. You can take a loan and buy car for commercial purpose, hence pay back the loan from the proceed of using the car.

 

[eojo2401]

I can't take loan to buy a car unless I want to used the car for transportation business and if I took loan for transportation business I will make sure I insured the vehicle to minimize risk.

 

[Ayokex]

Taking a loan to buy a car might be a wise decision and might not depending on who takes the loan. If you're either a government or private organization employees and you're given a car loan to be deducted from your salary on instalmental basis, then it's normal since you know you're due for one. Meanwhile, if you're into a business, it is very wrong.

 

[Akinwale701]

You can take a loan to buy a card if and only if the car is gonna be used for commercial purpose and you are sure of steady and stable income from the business you're using it for. If you are taking a loan to buy a car for a reason other than this it is nothing but total waste of time and resources. It is very bad.

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?