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

[Felixko]

taking loan to buy car can be a good decision if the car you are to buy may yield you earning income from it. some people take loan to buy a car that may not yield them any income from it. loan is all about risks and if you know you can take the risks , you may see it to be good to you later.

 

[Koredsman]

Taking a loan to buy a car is very bad, its a worst idea because car isn't an investment rather a liability to you.
And a car doesn't have a second value because it will reduce.
So taking loan to do that is very bad

 

[Khizar iqbal]

I think it's better than taking a car loan. Many banks do car leasing and you can get a car from them.We give the car in five year installments, it gives us this benefit.Why the price goes up so much more than the charges in five years and you get a lot of benefits so you should not take a car loan

 

[Sarfraz Ali123]

Sound like a crazy tip? It isn’t when you consider how much a visit to a car dealership can wear you down. If you progress all the way to having a contract drawn up, the experience can last up to four hours.Sound like a crazy tip? It isn’t when you consider how much a visit to a car dealership can wear you down. If you progress all the way to having a contract drawn up, the experience can last up to four hours.

 

[Muhammad Babar126]

I don't think it's right to take it out. You have to give it to different banks and institutes Sufi oil rate is enough. They give the car to the trust and then there is the tension of installment on it every month۔God forbid if you have money problem tomorrow then you It will be very difficult to pay the installments So my advice is to drive on loan

 

[redpogi16]

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 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.

 

[sam386150]

Taking a loan to buy a car is all depends on the nature of my job also the amount I received every month as my salary, it also depends and I want to buy whether it is for business or not, but in the real sense it is better to save money and buy a car than to take loan in order to get a car it is not wise at all.

 

[Waqas wajid]

Yeah Al that sounds pretty crap to me, Looks like BT aint for me either In this way we get the benefit of who owns the lawn and we continue to pay a small amount of money every month.By the time we pay this money the price of the car has gone up a lot and there is no harm in taking you

 

[ossai]

Taking a loan to buy a car depends on your income depends on what you want to do with the car if you check the benefits you will gain if you take a loan to get a car and there is every possible means that the car will make money that you used to pay back the loan used to collect the car to pipe delivered to buy the car then why not go for the low because sometimes we need to see the business aspect because as a business man when taking a loan you need to consider some fat will this car in my business with this car help me with this car produce profits.

 

[Abdul Naveed]

Avoid buying a new car with straight cash: Financial experts warn that you could lose half of your consumer rights. This can be a very cost effective way when it comes to buying a cash car or taking out a personal loan at the cheapest rate - but it can leave you financially exposed.

 

[maventiger]

it would be a good decision if the car Is a business car. Cars generally are liabilities but if the car is generating income then it is a liability turned asset. If you buy the car for normal movement it is not rational

@Holluwaphemmy some business cars are acquired for the purpose of easing logistics of the business from a point to another. But, if the cars acquired for the purpose of business is not maintained it becomes a liability to the company.

 

[Bookwormlux1]

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?.

You are right about cars Being nothing but liabilities in our lives. Many of us just buy cars to show off and impress people who do not even care. It is never a wise thing to do(taking loan to buy a car).

 

[gnasrullah53]

If you want to buy a car with borrow load in this situation is suitable when you want to start a business like driving or to send any person who is giving you any profit from this.other wise this is not good for you

 

[Igbokwe chidera]

i wouldn't buy such i idea, but all i can say is that it depends on what you want to use the car for, for example , you can use the car for uber or a taxi driver that would fetch money on daily basics

 

[Ayanali]

Get involved—volunteer or work in a medical program to strengthen your network and rub shoulders with accomplished professionals. Use your connections—if you don't find any prospects through friends or family, look into your school's alumni network, local medical societies, or hospitals that have mentoring programs.

 

[Spicywilfred]

If you have a steady source of income taking a loan for a car shouldn't be much of a deal. Because you can easily remit some about of money and pay off in total on time.

 

[Muhammadawais]

Ashwin is a 30-year-old engineering professional with five years of experience. He makes a lot of money and spends a lot of it on luxuries. His way of life prevents him from saving much money. He recently made the decision to purchase his first car and has narrowed down his options.

 

[Dowenship]

Firstly what is the aim of buying the car... if the car is bringing return of money to relieve you from weekly or monthly payment, to me its the best idea because after posting the money through the car business the car is your and can Yield more profit to buy another one

 

[Setho]

Taking. A loan to buy a car might be a good decision or even a bad decision. If the car can generate more money or is used to cushion the effect of something significant then fine. If it was bought for just aesthetics then its not right.

 

[Kelly5]

If you are taking this loan in order to buy a car to use for business purposes, then I can say it is not bad, but if the reverse is the case, then it is a waist of time