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

[Justin]

You should take a loan only for the projects that will earn you profits so that you can pay back your loan from the profits you make. Buying a car with loan means you are paying back from your pockets.

 

[Kunkun]

They do not understand this, and so they want to feel among those who have paid their dues by working hard to get enough riches and are spending on luxuries.

And unfortunately those actions would prove costly because down the line they might come to regret it too that's why it's always important to cut ones coat according to his size and not trying to be what you are not yet

 

[Bookwormlux1]

And unfortunately those actions would prove costly because down the line they might come to regret it too that's why it's always important to cut ones coat according to his size and not trying to be what you are not yet

Imagine buying a car that one won't be able to buy fuel to refill always. It does not make sense and so it is best to do things within one's means.

 

[Kunkun]

Imagine buying a car that one won't be able to buy fuel to refill always. It does not make sense and so it is best to do things within one's means.

Lol you are right, there is also the issue of buying fuel almost everyday and with the price of oil increasing still then it would mean more expenses like that, more reason not to take out a loan to buy a car that wouldn't be put to use to earn money

 

[Bookwormlux1]

Sometimes, most people buy cars to show everyone that they have arrived. This is usually not helpful as they do not have understanding of what they are into yet.

 

[Setfragil]

Taking a loan to buy a car might not be a wise decision to take for a business except the car add some form of values to the growth of the business, otherwise it should be avoided.

 

[Sotherefore]

I don't think this is the best decision to get a loan to buy a car except you're using the car for business purpose that can generate you enough money for you to pay back what you have collected. If you're not using the car for business purpose then it is not the best.

 

[Razor1911]

Taking a loan to buy a car might not be a wise decision to take for a business except the car add some form of values to the growth of the business, otherwise it should be avoided.

For investment purposes that may not be a good decision, but we should understand that people who buy cars are not for investment but for convenience. It's foolish to take it as investment of capital.

 

[Setho]

This decision would be based of how important the car is going to be for you. I would on my take a loan to buy a car if I am sure the car will contribute to growth.

 

[Prettyjanie]

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.

Exactly, if you intend to buy a car for the purpose of a transport business, then it is advisable. However, if you intend to use it for pleasure, then it's not advisable to buy the car on a loan.

 

[Josemendez]

Exactly, if you intend to buy a car for the purpose of a transport business, then it is advisable. However, if you intend to use it for pleasure, then it's not advisable to buy the car on a loan.

Actually buying it for personal reason is not bad provided that the person have a paying job through which he will be paying the loan in installments .

 

[Prettyjanie]

Actually buying it for personal reason is not bad provided that the person have a paying job through which he will be paying the loan in installments .

I agree with you, I remember my mum got her first car by way of a car loan and she paid back in instalment, but where a person is not under a salary employment then it's not advisable to purchase a car for personal purposes.

 

[Setfragil]

For investment purposes that may not be a good decision, but we should understand that people who buy cars are not for investment but for convenience. It's foolish to take it as investment of capital.

You cannot totally say it is not a wise decision as some people needs to be mobile to make their businesses run faster and better. Mobility in business must be greatly consider if it will help the business to run smoothly.

 

[Lens]

I can't really say if it's a nice decision or not. Because having a car is not for luxury but a necessity. A woman in my neighborhood was in a labour at around 2am in the early hours, the husband do not have a car, so I took my car to rescue the situation.

 

[Shigobad20201]

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 buy a car depends on the type of car and the business you are trying to do with car, its bad to borrow to get a loan to buy a car, but if its a a car for transport , it will be bringing money.

 

[Bookwormlux1]

Taking a loan to buy a car depends on the type of car and the business you are trying to do with car, its bad to borrow to get a loan to buy a car, but if its a a car for transport , it will be bringing money.

How about the negative side of transportation business, do you not think it is to be considered before deciding to use loan money and buy car for that purpose?

 

[Heatman]

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?

As far as I'm concerned, when it comes to taking a loan to buy anything but a new car should be considered as one of the biggest mistakes someone would make in his life.

 

[GIFTMICHAEL]

That's completely unwise decision, a person doesn't take a loan simply for a car to drive as personal choice. I'd its for transportation purpose then it is wise.

 

[Snazzy001]

It is never wise decision to do this because anything can happen to the car and that will leave you at a loss and no helping hand in this

 

[delnovem]

Whether it's a good idea to finance a car depends on your own financial situation. If you pay cash, you could avoid paying interest and any loan fees.