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

[Shigobad20201]

People think buying a car is very important even going to the extent of getting the car with a loan which you have to be paying and also maintaining the car , but if the car is meant for commercial purposes, then it's adviseable.

That's is very good reason to use a loan to get a car. But trust me some people just want to get just to show off, I mean to massage their ego and nothing more. There are lots of them in my country.

 

[Grant]

If you need a car, then yeah. Just don't buy something way above your budget. Find a car within a budget you can handle. Then you just need to complete your payments each month to keep the car.

 

[Heatman]

Personally I think that the purpose of using that loan for buying a car is what determines if it's a good decision or a bad business decision because if the car is used for business purposes that will keep generating money for the business, it's a good decision as it can generate the money to pay back the loan very easily.

 

[Kelly5]

Is this loan taken for this car meant to put the car bought into business? If not, them it is a very bad idea to go collect a loan to buy that car. Forget about it please

 

[Sotherefore]

Personally I think that the purpose of using that loan for buying a car is what determines if it's a good decision or a bad business decision because if the car is used for business purposes that will keep generating money for the business, it's a good decision as it can generate the money to pay back the loan very easily.

Yes ,it is not good for you to take a loan to buy a car for pleasure .at least the car must be able to generate you something that you will use in paying back the loan that you have collected. that will be a wise decision.

 

[Senator]

Though I myself I am not a fan of collecting loan for anything business in the first place. So, wether the car loan was for transportation business or not, I will not support collecting the loan

 

[Pousinha]

Taking a loan to buy a car is not a wise decision if you ask me. What if the car has an accident, then you automatically become a big debtor at lose. Although you can make good money from the car when it is used as a means of transportation. Try to insure the car if you must take loan to get it.

I'd strongly prefer to piecemeal the purchase than to take a loan, as lot of things may happen: my cousin's husband lost his car during a flooding while he was working to the company where he is employed. The car was parked in the street towards the company (there was no other place to park), when suddenly a flooding came and his car was gone. And he still had the obligation to pay off the remaining installments. Worse, very worse if he would have taken a loan. And a vehicle no insured is a true negligence even when purchased in cash: much less in the case of a loan.

 

[Good-Person]

That's is very good reason to use a loan to get a car. But trust me some people just want to get just to show off, I mean to massage their ego and nothing more. There are lots of them in my country.

I am not aware of anyone in my city who takes loan to buy a car just to show off. I do not think any wise person would do that. Most of the people take a loan to buy a car because they need a car. Mnay people can easily get a car on installments.

 

[Pousinha]

I am not aware of anyone in my city who takes loan to buy a car just to show off. I do not think any wise person would do that. Most of the people take a loan to buy a car because they need a car. Mnay people can easily get a car on installments.

I agree: car is to cover people's needs as go to work, take children to school, go to the doctor, buy food and drinks to stock into homes and similar. In such cases, I understand people who take a loan because they don't have a penny nor to buy on installment and they live in countries where public transportation is a true shame and/or there's plenty of strikes. But I can't encourage to take a loan to buy a car to simply show off, especially when the loan is the only way to get a car: this means being eager to easily get broken.

 

[Chizfab]

Car is a big liability and the value depreciation immediately you purchase it, unlike assets that appreciates once they are bought. However, if you have an asset to cover the expenses acquired by the car(liability), then you are covered and good to good.

 

[Shigobad20201]

Car is a big liability and the value depreciation immediately you purchase it, unlike assets that appreciates once they are bought. However, if you have an asset to cover the expenses acquired by the car(liability), then you are covered and good to good.

Yes a car is a liability that you will be spending money on unless the car is meant for public transport use , so taking a loan to buy a car is out of the situation because its not adviseable.

 

[Stnicholaz]

I am not aware of anyone in my city who takes loan to buy a car just to show off. I do not think any wise person would do that. Most of the people take a loan to buy a car because they need a car. Mnay people can easily get a car on installments.

Like I said earlier, the number of them here in my country. Some of them with their extravaganza lifestyle and some cases living beyond their their means.

 

[Snazzy001]

Taking a loan to purchase a car is not good in my own opinion, should something bad happened to the car, that will automatically resort to you paying for what you didn't enjoy

 

[Dagm1]

Inning accordance with my viewpoint, lendings are actually really implied for entrepreneurs as well as functioning course,if you are really most likely to utilize this vehicle for one thing like Uber or even taxi, after that I can easily recommend you get a lending, however if for simply your individual utilize, I do not truly sustain that Due to the danger associated with acquiring lendings.

 

[JoeTom]

Taking a loan to buy a car, first the question will be: will the car be for luxury or for business? If it's for luxury then it's unwise. But if it's for business, it is wise.

 

[Kelly5]

If you don't have the money to buy it at that moment, will your inability to buy the vehicle affect anything about you in reality? If it won't, then it is a very bad idea to buy that car on loan

 

[Tislad]

Depending on your business and income but in any sense owning a car is good so it you can get a loan to buy it's not a bad idea as long as you are not paying thru your nose.

 

[Josan]

I can never advise anyone to take a loan to buy a car except on the bases of buying it to run a transportation business, I'll say fine. But even with that I don't see it as an asset.

 

[AirDima]

In my opinion it all depends on what you're using the car for, if buying the car would bring in more income no problem but if it for a personal use I don't think its a good idea to loan money to buy a car.

 

[Mentor]

It depends on what you want to use the car for. If it's going to be use for business very advisable to collect