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

[Holluwaphemmy]

I think it is advisable to get a loan to purchase a car when you don't have money, it is advisable especially when the car is for business and used to generate income but if the car is being purchased for private use it is not advisable.

 

[Kingstone]

It would be advisable only if the car is used for commercial purposes. Taking loans should have a way of paying the money back by using the loan to trade or another source. Unless the person has another source though to pay back

 

[greenie]

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.

 

[eLdavis]

It would be advisable only if the car is used for commercial purposes. Taking loans should have a way of paying the money back by using the loan to trade or another source. Unless the person has another source though to pay back

That's right, but even with this, it's still Abit risky cause using the car for a business like taxi might not give you the desired result. Here in my location, does into public transport tends to spend alot.

 

[Bousine123]

For those that can pay back the loan, it is a wise decision since you can use to car to transport people and earn a resealable amount of money. This will require determination and commitment.

 

[Godspower]

For those that can pay back the loan, it is a wise decision since you can use to car to transport people and earn a resealable amount of money. This will require determination and commitment.

It is a good decision if the car will be used in the course of business. But if it is for private reasons, then it might not be advisable because you would have to pay up the loan with the money from the business.

 

[Alexandoy]

Our neighbor who is an employee of a big corporation took a car loan from a bank. He is happy that he travels to work in a convenient way but he is complaining of the expenses with the gas and the maintenance costs. That is part of life that if you want comfort then you have to pay for it. I am not against the car albeit I go for a car as long as you can afford it.

 

[Sotherefore]

For those that can pay back the loan, it is a wise decision since you can use to car to transport people and earn a resealable amount of money. This will require determination and commitment.

If the car is mainly for business purposes then it is profitable but if the car is for luxury proposes I don't see this as anything reasonable because you are just wasting your time on something that will never be profitable in your life.. you won't even be able to pay back the loan.

 

[Bousine123]

If the car is mainly for business purposes then it is profitable but if the car is for luxury proposes I don't see this as anything reasonable because you are just wasting your time on something that will never be profitable in your life.. you won't even be able to pay back the loan.

I think luxury cars can also be rented out to earn money, I have seen how some people do so and still use the money to pay for important things in their lives.

 

[Sotherefore]

I think luxury cars can also be rented out to earn money, I have seen how some people do so and still use the money to pay for important things in their lives.

All this are still under business purposes but a situation in which you are buying a car with a loan for normal enjoyment without having in mind to do business with the car it won't be profitable in this case, especially now that there is high cost of car maintenance

 

[tyrim88]

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

one thing aboutbuying a car is that if one should buy a car just for luxury and there is no income or revenue that is coming,then there is no need for such,but if it is used for business purpose then it is quit ok,else getting a loan to do that is not ok.

 

[Setho]

If the car is going to contribute very well to the running of the business then that is a very good idea for you to buy a car but if it's just for aesthetic reasons then it is better you just leave it.

 

[Shigobad20201]

Taking a loan to start a business is the worst decision I have ever heard before because buying a car will always affect you because it won't be bringing miney for you but you are going be spending money on it.

 

[Horsey]

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?

I would just go to a facebook marketplace or any markeplace where you could buy a car. It will be cheaper and easier then to pay off your loan.

 

[Setho]

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 also agree with you that buying a car for personal purposes at this point in time is really not going to be important as you are going to be denying your business much more valuable money for moving forward.

 

[zelalem]

In my opinion, loans are actually aimed at businessmen and working class. If you actually use this car for Uber, taxi, etc., it is recommended to take out a loan, but if it is only for personal use, there are risks associated with connecting credits, so in reality Does not support.

 

[Shigobad20201]

Taking a loan to buy a car most of the time might be a blessing or a curse depending on your aim and objectives you have in buying that car, if its for business purpose , then it's advisable

 

[Koldej]

To my own understanding I think it depends on alot of factors
1. what did you want to use the car for: if the purpose of buying the car is for business purpose then I think it is not too bad taking a loan to buy a car.
2. What kind of work did you do and where do you work? If the kind of work you do neccessitate buying a car then I think it's understandable.but if the primary reason of buying the car is for unnecessary show off then I think that's a problem

 

[Shigobad20201]

In my opinion, loans are actually aimed at businessmen and working class. If you actually use this car for Uber, taxi, etc., it is recommended to take out a loan, but if it is only for personal use, there are risks associated with connecting credits, so in reality Does not support.

Thats the main point of getting a loan , loan must be targeted at something that will bring value and returns to you and not the ones that will still bring another debt to you.

 

[Smiles20]

I am not going to advise you to take a loan in order to buy a car or less if you want to use it to be bringing money for something like cab-hailing services or transportation of goods.