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

[Ltherman]

But seriously i wouldn't encourage taking a loan to buy car just for the pleasure of driving a car except done with pure economic reasons behind it probably to deploy it for some use. On the other hand if one has a stable source of income maybe one can venture into such option of buying a car with a loan

 

[pepper gee]

Taking a loan in order to buy a car is wrong according to my own knowledge because car is a liability and sure you will have to do something onnot which will not allow you to repay the loan on time

 

[Segat]

Yes and No, yes if is for money making purpose and there is no any other means to get it done. No, if it is not for profit making except if the money only stucked up somewhere.

 

[Anymore]

taking a loan to get a car would be the dumbest act carried out by any business oriented human, except of course is the car is to be sold and make profit and could also be fun if there is no interest on the loan... but if not for these reasons, then, one should only engage in taking loan if he/she needs to invest it on a very high profitable business.

 

[Psalmseen]

As a business person, why would you obtain a loan all because you want to buy a car, it is wrong. Unless the car you want to buy will be used for the business and will be used to generating more funds.. But if not, it's a debt because just as it is always been said, the cost of maintaining a car is higher than the cost of purchasing it

 

[MarieArie]

Honestly speaking, taking a loan to buy a car is indeed a worse decision. I wouldn't even allow my enemy take a loan to get a car. In my country, car is not a luxury. Car is a necessary liability. You can imagine paying a huge amount to get a little part fixed. It can really be frustrating, but it's needed and valuable.

 

[Themmy]

If you are buying a car just so people could see that you have upgraded, then it's wrong but if such car will be used for a purpose that will yield returns such as transportation, then it's a wise decision

 

[Obaterof]

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]

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 is unwise to take a loan for the purpose of buying a personal car. Loan should be used for a business boosting and not for a car that will depreciate. Although a car meant for business purpose can be bought with it since there would be a return on it to pay back the loan.

 

[Oluwasube]

If the car is for a commercial use ( such as to generate a source of income) then taking a loan might be advisable especially If that is the only option. However if taking a loan to buy a car is just to massage your ego, then I suppose a good feasible plan must have been considered and adopted to service payment

 

[Michaellee]

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?

That would be a very bad move . I just can't imagine myself taking a loan because I want to buy a car. Even buying a car alone is an expenses on it own, people that buy cars always have an extra money for metaining the car. Even if you want to use the car for business I don't think loan is adviceable
[automerge]1612647739[/automerge]

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?

That would be a very bad move . I just can't imagine myself taking a loan because I want to buy a car. Even buying a car alone is an expenses on it own, people that buy cars always have an extra money for metaining the car. Even if you want to use the car for business I don't think loan is adviceable

 

[Cybersec]

Borrowing to purchase a liability item is not advisable, if you buy a car with a loan it means you will maintain it also with a loan. Most times we take loan to fund what can bring money.
Nevertheless the purpose of the car must be know, is it a car that will help to run your business properly, look at the logistics involved and make your decision

 

[tublack]

you must have a payback plan before we can say its a wise decision. taking loan for a luxury car will mean that you have a backup plan to get money to repay your loan. but taking take a loan to buy a car for uber or delivery would be wiser and easier for you

 

[Taiwoayan]

depends on the interest rate of the loan but I will personally prefer taking loan for a business than using it to buy a car

 

[Georgeadawara1]

It depends on what use the car will be to you I that car is to promote your business proposal is does delivery of your goodies then that is good. Buy in the area where by it is for your personal us, it is no advicerble you better us that money to invest in a business with it .

 

[Rodericklorenzo01]

For me. Taking loan to have a car is a great idea if you really needed it l. For example: work and business. That is the time you need to take a loan. But for leisure. Forget about it.

 

[Donolatunji]

But if it is a slight portion of input, go down that route and have it. So, the rule is straightforward. You are going to purchase an asset that will depreciate and debt is going to be paid on that. So, if the car is a gift to something that will help you raise money or do your job better, opt for a car loan.

 

[Aniwhyte]

Taking a loan to buy a car isn't a good decision, I won't advise anyone to do that unless the car would aid in bringing money, probably if it is being used for transportation or carrying your business products from one place to another, then I won't consider it a bad decision.

 

[Cissé]

Buying a car on loan for has two sides either you are a civil servant that the employer will be ducting the money from your salary every month is a good idea. But when you don't have a better way of repaying the loan it is a bad idea to get such a car on loan.

 

[Presh1503]

You can take a loan to purchase a car and pay installation either weekly or monthly but it is more advisable not to take a loan since there are so many other ways you can generate money rather than taking up a loan you find difficult to pay back