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

[eLdavis]

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

Though I won't advice anyone to take loan for anything but like you have said, it depends on what you use the care for. If its for your personal matters then it would be a waste but if the car is ment for a business, then it's okay

 

[Seno inyang]

If one is buying a car on loan for a business purpose then it could be paid on instalments and it's not a bad idea but buying a car on a loan for cruise, maybe your salary will have to go for it on instalments as well.

 

[Ghost1]

Taking a loan to buy a car is the worse decisions one can ever do. But it depends on what you use the car for. Buy a car and use it for business

 

[Heatman]

Yeah definitely I agree, it would be acceptable by me if it were a form of asset used to make more money other than that I see no reason to do that unless you expecting something in front

Exactly - if you are getting a loan to purchase a new car that would be put into transportation business immediately, then it's going to be a good choice since the car starts making money to pay back the loan immediately.

 

[Maayong]

It depends on what you want to do with the car and if you can repay the loan, if you have what you are doing or yo want to use the car for business it's good

 

[Toyoabasi]

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 a bad idea.
As long as you have a source of income from where you get to make repayment depending on the terms meted out.

 

[Savkid]

Taking a loan to get a car isn't a good decision buh taking a loan to get a car for the purpose of making money that is for commercial purpose it good

 

[YERUS]

If you do not have the money, loans are acceptable.
It is wiser to get a loan if you have a means of paying back
So yes, it is not a bad idea to obtain loan to buy a car.

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?

 

[Kaffyfolla]

I can only take loan to purchase a car if I do have good job that paid high salary so that the money will deducted from my salary gradually

 

[Senator]

Taking a loan to buy a car that you are not going to use or put into a business is not and cannot just be a wise course of action for anyone. Especially if that person never really need that car

 

[MOY247]

What exactly do you want to use the car for? Transport Business or just for private use? Do you have a stable income that can pay off the loan or not? If you start paying off the loan, would you have left over to do other necessary things?.....is the car in good condition or you would keep pumping money to take care of it again?.....these are few of the questions you should ask yourself before taking any decision

 

[Cyrus@21]

If the car is for commercial purpose, no problem about that, but if it is for personal use, then think twice. Think twice here, I mean you can take a loan only if you have a job or something doing that fetches you money, otherwise, avoid loan for a car. If you are working in a place where they give car loan, good and fine. You can go on with obtaining the car loan.

 

[Heatman]

Taking a loan to buy a car that you are not going to use or put into a business is not and cannot just be a wise course of action for anyone. Especially if that person never really need that car

Seriously, only a fool would go to your financial institution and request for a loan only to use it to buy a car that he or she will be driving around town for fun instead of business purposes.

 

[Joseph212]

It depends on what you want to use the car for if it is hustling fine and good but if it is enjoyment it is jail things or stupid ideas 💡

 

[Oliver4smile]

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?

To me, there is no problem with that, so far I needed the car at the moment and there is no money but I can get the loan from somewhere. The only thing I will consider is if the interest is not too much and if I will be able to work with the car.

 

[Nsimaglory]

Getting a loan for a personal car is not a wise decision. In life things happen and you might end up not being able to pay back the loan when it's due.

 

[Heatman]

It depends on what you want to use the car for if it is hustling fine and good but if it is enjoyment it is jail things or stupid ideas 💡

Seriously, most youth of nowadays are the type of people that would try such rubbish of getting a bank loan, only to use it for buying a car they would use of flex and enjoy life if it's possible to get that loan.

 

[Tislad]

Well depends on the purpose of the car if it is to make income, I really don't think it's even a good idea because you can never make profit.

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?

 

[07Trinity]

Who does that, cars are liabilities and will need money for running maintenance. Except the car purchased on loan will be used to generate more income.

 

[Bright7777]

Taking loan because you want to buy a car is never a wise decision because a has no appreciation value and it's only depreciate. So if you really want to get a car from loan, then the car must be a means to your source of income