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

[Jesuyemi 08]

Taking a loan to buy car actually depends on what exactly you want to use the car for. Take for instance you are getting the car for a business use such as Taxify or Huber. These businesses later brings in more income that will help you cover your loan and in that case you have made a good decision.

 

[KvngMurphy]

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.

Taking a loan to buy a car is a bad idea as pointed out by you and I totally agree with you except if the car would be used to fetch more income because it would be pointless get a car that isn't cutting cost in any way.
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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.

Taking a loan to buy a car is a bad idea as pointed out by you and I totally agree with you except if the car would be used to fetch more income because it would be pointless get a car that isn't cutting cost in any way.

 

[Psalmseen]

What is loan itself? Loan is a debt. It is a very bad idea to use a loan to get a car cos as it being generally said the cost of buying a car is not up to the cost of its maintenance. Buying a car is not an investment and it will not give any return, so it is a bad decision to get a loan because you want to buy a car

 

[bolllyteee]

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 purchase a car is not a bad idea so long the car is going to serve as a means to an end.If you need a car for easy transportation of your goods to end users, getting a loan to buy a car is a welcome idea.

 

[mayreeh38]

Is the Car for commercial use or personal use?. If it is a commercial car and you are using it for business, I think it does make sense that you want to get a loan for it. But if it is for private purposes like taking it to work, then I suggest you don't take a loan for it because it would not generate any income for you.

 

[Snazzy001]

it is good to take a loan and buy a car on the condition that it is going to serve a positive purpose .but it is totally wrong to take loan and buy a car just to show off to other people or to impress them .you can only end up in bankruptcy .

 

[Kingsley]

It is not really wise to buy a car without having a plan for it and at the end lose money to maintenance of the car. It's better to always invest wisely.

 

[Profwriter]

No one can offer the best response without finding out what the car will turn out to be, if it's going to be an asset or a liability. If it's for comfort or pleasure and if the owner plans to use the car for business. I will support if the car will be used for business.

 

[Abu4exel]

Taken a loan to buy a car? That is not a wise decision to me. Instead of getting a loan to buy a land is the best and you will even get more money from it.

 

[Papikarl]

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 is for business like having bit registered to a taxi company or having it registered as an airport taxi, then it's worth taking a load for, at least you can hustle and repay your loan from the profits but if it's for luxury use, then it is a no no for me.

 

[Bookwormlux1]

it is good to take a loan and buy a car on the condition that it is going to serve a positive purpose .but it is totally wrong to take loan and buy a car just to show off to other people or to impress them .you can only end up in bankruptcy .

Only someone who lacks understanding would try something of this nature (trying to impress). Nothing beats being your true self and living within your means while working hard to upgrade your level.

 

[Olubayo12]

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 will be a wise decision if and only if the car is to be used for a commercial business where you are very sure to make money from the car daily so as to cover the loan and the interest on it without too much stress, but if otherwise, it is not wise

 

[adazeez1995]

A car is the last thing I would take a loan for. As long as I am concerned, a car remains a liability Wether it is for business purposes or comfort. And as such, can only be purchased with "cash"

 

[Sheun450]

Taking a loan to buy a car might be a wise option on two condition one if the car I purchased for a business purposes or the car is never needed by the person As am means of transportation to his work place where is no alternative

 

[Caali]

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?

Paying cash for your car may be your best option if the interest rate you earn on your savings. However, keep in mind that while you do free up your monthly budget by eliminating a car payment will deplete your savings either completely or significantly.

 

[Ezzyoj]

Never take a loan to buy a car. I repeat never take a loan to buy a car. My friend borrowed money with interest to buy a car, five days later he had an accident with the car. Till today his paying for the car he drove for only 4 days. Don't try it

 

[Mirza Aslam]

No it's not a right decision to take a loan for a special to purchase a car loan will be take for a new business or investment but not a correct decision for car's loan ..
A amount which we invest in car should be investigated in a Business

 

[Husnainali]

Making Wise Decisions About Car Loans - The Tood Show
January 15, 2007 - The value of the car can be drastically reduced before the loan is repaid, and the guarantee will expire in three or four years. You may end up paying for a car that you no longer have or want. 10 ... Know that if you repay the loan early, you will face any kind of fees.

 

[Bookwormlux1]

Never take a loan to buy a car. I repeat never take a loan to buy a car. My friend borrowed money with interest to buy a car, five days later he had an accident with the car. Till today his paying for the car he drove for only 4 days. Don't try it

It is a very pathetic situation for that friend of yours, I cannot help but imagine how bad he currently feels paying for something he did not enjoy. It is better to manage with the little resources one has got with the hope that things would work out for good later than to take short cuts.

 

[Marfav]

It's not advisable to take a loan to buy a car if its for luxury, only if the purpose is to use the car for business, because car is a liability, without it generating income, its not advisable.