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

[Psalmseen]

Decision of taking a loan so as to buy a car will be the dumbest decision I must have heard of. In the first place, car is an asses that depreciates and as it I generally believed that the cost of maintaining a car is higher than the cost

 

[Kingsley]

Yes it is a wins decision as car is also seen as an asset and it is also a necessity in a family because we can also class it as part of the basic need of man as a means of transportation, and again if is used for transport business that will be excellent.

 

[Good-Person]

I never advise anyone to take loans for any reason. This is because I have seen many people getting ruined after taking loans. Usually, people mortgage their property or something else in exchange of loans and people have to pay a heavy sum of interest when it comes to returning money, so I would never advise anyone to take loans even for buying a car.

 

[tyrim88]

According to my opinion, loans are actually meant for businessmen and working class,if you're actually going to use this car for something like Uber or taxi, then I can advise you take a loan, but if for just your personal use, I don't really support that Because of the risk involved in obtaining loans.

It Will not be a wise decision to take a loan and get a car just for luxury as this will consttute a liability.But when the vehicle will be generating income,then the cost of maintainance will come from the operation of the car and extra income for you.

 

[Chibson]

Taking a loan to buy a car is a very bad decision and I wouldn't advise anyone to do such. The only thing I will take a loan to buy is landed property. You may take a loan to buy a car and the car may crash tomorrow, so it's not advisable.

 

[Ayokex]

This is why some people have landed themselves in serious trouble because of some foolish decision they have made. It is not a good practice to be borrowing money to acquire property that cannot yield anything.

 

[ahmedo24]

When you are taking a loan, it is advisable to invest such loan into what will be return much higher than the loan repayment plan, so if you take loan to buy a car for transportation it is better but luxury I don't think it is good.

 

[Good-Person]

In my opinion, it depends on what you want to use the car for, if it is for an Uber for example you can go ahead, but for solely private use I would advise against that. You shouldn't take a loan to purchase a private car.

I would not advise anyone to take a loan in order to buy a car even if a person decides to buy a car for making money with Uber. You wouldn't be able to make much money with Uber in the first place and secondly, you would need to pay the debt, too. So what will you save after paying your debts? This is why I really do not think it is a good idea to take loans to buy a car.

 

[Mostee501]

It depends on what you want to use the car for and if you have a good income stream then you can because car is a necessity, especially in my environment.

 

[Setho]

Taking a loan to buy a car for the progression of the business and you being sure that you can really is good. But if its for personal gains then its a bad idea.

 

[Alisco]

It is a very wrong for some one to take a loan to buy car, because the car a liability asset is not generating income how do you pay the interest on the loan and how can you maintain the car if took loan to buy the car.

 

[Good-Person]

It is a very wrong for some one to take a loan to buy car, because the car a liability asset is not generating income how do you pay the interest on the loan and how can you maintain the car if took loan to buy the car.

It might be a good idea if a person takes interest-free loans and makes good profit selling cars and also paying off the debt. However, the possibility of this happening is much low in such a case.

 

[Prettyjanie]

If the car you intend to purchase will bring in some money, then you can go ahead, however, if it's for mere pleasure then it is not advisable because the car on it's is a liability and it's not worth getting a loan for.

 

[Eodine]

I would only suggest that you take a loan to buy a car if you make more than the repayment plan so that it would not choke up with your expenses better still use the car to run business.

 

[Niftyyem]

I don't even like the idea of taking loans to do things and certainly not for a car unless it is for making money such as in transportation business. Even at that I would try to secure funds with no interests or simply save up.

 

[eLdavis]

Taking loans to buy a car to me is not a good choice, mostly when it is your own personal car. Its better you just take your time and work out the money and buy the car without stress or worry

 

[AmosBenjamin]

I think is good but if you can pay back on time it's really good....

 

[AmosBenjamin]

I think is good if you wanna ventured into a business like Uber..... But you have to think more about the lability of cars and you should be there to control the cost of things on the business.... If you can really pay on time it's really good....... I don't advise anymore taking loan if He or she hasn't put much into consideration before taking that step.....

 

[Fizzy_boi]

Actually I see no reasons taking loan for something that won't bring back the gain it self like buying a car how are y going to get money with it only if you end up using it as commercials ones.

 

[Ralphjoe]

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 not advisable for someone to take a loan and purchase a car when you don't have the money to buy it at the moment because car is mostly a liability that will drain off your resources when it comes to maintaining the car.