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

[Lucy ID]

For me I don't support loan taking it's not advisable for someone to take a loan to buy a car that total wrong because a car is like a liability, things can get spoilt unexpectedly and cars parts are also expensive so how will you pay back

 

[Kubiat-Abasi]

Taking a loan is a wise decision if you're able to make it productive. I'll only take loan to buy a car because I want to use the car for business purposes and not just luxury.

 

[Tislad]

Well depends on what the car is been used for, if the car is been use for business it might make a little bit of sense but if not then it's the highest stupidity of any level.

 

[Godspower]

It's not advisable to get a loan for a car except you want to use it for an Uber or taxi. An Uber or taxi service will definitely provide income which you could use to repay the loan.

 

[Good-Person]

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.

Well, would the car depreciate in value by the passage of time? Is it really a good idea to buy car? I think it might be but only if the market value of the car would rise by the passage of time.

 

[Laurentta]

It depends on how much the person needs the car at that moment. Personally i don't see anything wrong with it though.

 

[Heatman]

Buying a car that's not meant to be part of your business assets is one of the biggest mistakes one would make especially if the business is still new. The expanses of car maintenance will liquidate the business.

 

[Abigael]

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

That is how I view it too. If the car does not have any profit benefit to you, then it is only a liability. Especially since maintaining a car and buying fuel for it is so expensive.

 

[kayode10]

Car is a liability and there is no point in taking a loan to acquire a thing is that will take money out of your pocket. You can only take loan to buy car from the company because it is going to be count as part of the asset.

 

[Sotherefore]

It is not really necessary for you to buy a liability with a loan that will not add value to your life at that particular period of time except it is mainly for business purposes which will have a higher chance of generating you much profit. Some people can get a loan to buy a car for luxury purposes but to my own understanding this is not a wise decision at all.

 

[jay]

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?

Whoever gets to apply and take a bank loan to purchase a car doesn't reason like someone with good responsibility because it's so dumb to do that kind of thing.

 

[Mayox25]

Taking a loan to buy a car it depends on what the car will be used for if it is for commercial transportation it is good,also if it is for private use and the repayment will be deducted from monthly salary then it is also good.

 

[Kane]

It is not a good idea to take a loan to buy luxury items. Car is a luxury item, therefore, it s not wise to buy cars from loan money. Loan should be used only for business and investment.

 

[Immilash1]

on my own opinion taking a loan to buy a car is not wise,get to think of it,car is a liability it need money from you anytime ,but if the car can help you in transportation to were your business is ,then so bit it.

 

[Theodarion]

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?

If you are planning to use the car for shuttle services like Uber and the likes, then getting a loan to purchase will be the best option as the car will basically be paying for itself and paying you at the same time. But if not I would advise against such loans.

 

[Thinker009]

It actually depends on what you want to use the car for ,if it's for commercial use then it's not bad taking a loan to get the car and if it's for private use and would become a liability at the end I don't support it

 

[ganibade]

Take a loan to buy a car depends on individual decision. Somebody can decide to take a loan to buy a car because of his business activity, without a car business is not going on smoothly.

 

[tyrim88]

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.

Definitely it would not do any good to the one who takes loan to buy a car for its personal use,except the vehicle would be used for income generation,like for logistics use and support.

 

[Bookwormlux1]

That is going to be a really unfortunate condition for anyone who ever decides to do something of this nature as they would regret it in the end.

 

[joy101]

Taking a loan to buy a car really depend if the car is really for business then there is nothing wrong, because it will bring income return, so is advisable to do that.