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

[Abbeyola]

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?

Depending on what the car will be use for,is it for personal use and pleasure or it will serve as a source of income,in other to ensure smooth payment of loan.
So,all these can be put into consideration before taking a loan.

 

[Fabby]

Taking loan to buy a car to me is either a bad debt or a good debt. It's a bad debt when the aiming of buying it is for personal use, using a car needs maintenance and proper care, so getting a loan will still add to your loan payment thereby elongating the time elapse to pay the loan. Otherwise it can be a good debt if the aim is to commercialized it, in such way it will bring you money ondaily basis so as to pay your loan and acquired it after payment

 

[afolabitope]

collecting a lean to buy a car is not a problem at all, it just determines what are you going to use the motor for, if it is for business purposes is a great ideas, because you are going to make the money you used to purchased in short period of time but, it for pravates used is very bad Ideal because that car wouldn't fetching for you rather than collecting from you.

 

[shakky2]

taking a loan yo buy a car may be a good decision sometimes and sometimes it may not be a good decision in the sense that maintaining a car itself is stressfull through repair and if you were to add loan to it then you will be down which may lead to the growth of the business retarded

 

[Sheyemanu]

Concerning your question on whether to get a car with a loan, I have to agree with you. There are many challenges that this kind of thing comes with. It is not easy repaying such loans. Some members here also talked about the possibility of the car developing some damages before you settle the debt. And a car is a liability not an asset

 

[Niolaxx]

I don't agree with the idea of collecting loan to purchase a car because the problem there is paying the installment back and when you collect loan you get to pay interest so it is better to purchase through savings or co operative society

 

[Tito4u]

In actual fact it's not wise to take loans to buy a car because while still paying the debt anything could happen to the car though a lot of people do it these days but I tell you it's not wise at all. Vehicles gulp money from you all in the name of servicing and changing one part of the car or the other.

 

[gbadebo9]

Is good to get a loan to buy a car if it can fetch u money at the end of the day. The loan to get must be something that did not too big for them to pay back. For example it is not advisable for some one to obtain loan from commercial bank bcos the interest that will be on the loan will be on their high side, so we need to be very careful in sourcing for loan.

 

[Tinaconcept]

Yes of course someone can get a loan to buy a car as far as the loan can be paid back either install mentally or in full but in my own opinion someone should go for loan to buy a car if he or she wants to use the car to earn income, you can use it for transport or give it out to who will transport

 

[Adesuwa]

Taking a loan to buy a car is very harmful. This is because car to my own understanding is a liability, because instead for it to bring profits for you it brings about expenses . E.g buying of fuels , car parts ( if it develop a fault) and other things . So in a senerio that someone borrowed a loan for buying a liability can be very risky

 

[Blessingedidiong]

Collecting a loan to buy a car is not a bad idea if you have a stable source of income to be able to pay off the loan. If the car is to be used for a business purpose,it is still reasonable because the profit generated from the business will be used to off set the loan.

 

[tyrim88]

Getting money on loan to get a car provided you have a reliable means of repayment so that you would'nt run into bad debt.
But come to look at it,if the car will aid in your job,to be on time at work and help in productivity,then it's ok.And also if it's a car that brings in revenue then it's ok as well.
If it does'nt meet any of this criteria then it could just be a liability that takes away money from you.

 

[McChris]

I don't think it is a good idea to do so Instead of taken a loan to buy a car take that loan and start up a business which you know that will give you back that money you take in that loan double. Instead of buying a car

 

[Deebabs123]

It depend on what you want to use the car for,if it is what will bring money so can go for it so you will be paying the money back.

 

[eojo2401]

I can't take loan to buy car, I can only take loan to enhance my business enterprises. If I took loan to buy car and armed robber snatched it, where would I get money to pay back the loan.

 

[QalabDogar1906]

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?

No it is not wise decision because when you buy a car after taking a loan it is possible car get accident and broken, damage badlythen you should must to pay the loan that you have already taken so you face a big loss in your life. I suggest you not to take a loan to buy a car.

 

[Sad56]

Everything is good and advisable untill we get benefits and advantages from that . Obviously car will facilitate you and woll give you happiness so try to take loan to buy car if you repay that loan at said time. Otherwise it will create a trouble to you.

 

[Bookwormlux1]

No it is not wise decision because when you buy a car after taking a loan it is possible car get accident and broken, damage badlythen you should must to pay the loan that you have already taken so you face a big loss in your life. I suggest you not to take a loan to buy a car.

The damage is also my greatest fear. Imagine having a damage that cost so much to repair and you will still be thinking of how to repay the loan you took. It's going to be really frustrating.

 

[adazeez1995]

Well, personally I wouldn't take a loan to buy a car no matter what. This is because I sees a car as a luxury and not as a necessity. And I wouldn't collect a loan just to spend on luxury. I would definitely wait till when I can afford to buy it comfortably.

 

[Queentener]

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?

Why do you need to buy the car, that will be my first question if a friend walks up to me to ask for advice, if it's business purposes then you can go ahead but if it's for personal use I don't think it's reasonable buying a car with loan. To be honest with ourselves car is not an investment so why will a sane person apply for a loan to buy a liability?.