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

[Matan_z]

If you are sure that you will have the money to cover the loan, and if you really need the car for a job's needs or for family needs, things that are that important so it is worth it to take a loan for. Loans are technically a bad thing since they always get bigger and you lose more and more money with the time but sometimes you have to take them when you need a specific amount of money and they can help you pass the month or even the year without having enough money for specific life needs. I don't think that I will let a loan to stay for a long time in my bank account if I will have such a thing I will try to cover it as soon as possible.

 

[Shigobad20201]

Taking a loan to be a car might be a wise and also a bad decision depending on what exactly you needed the car purposely for, If the car is meant for official business which will bring money , then it's a wise decision.

 

[Mildred254]

I prefer not to, I just don't like the idea of being in debt. It is not a must you have a car and you can definitely survive without one. I prefer to save my money so that I can be able to buy a car. If it was taking a loan so that I can pay medical bills or a serious emergency then I would do it. But if it is just a car or luxuries I prefer not to.

 

[Shigobad20201]

Being in debt to satisfy your personal need is not advisable most especially when what you got with the loan is not bringing you profit and you keep spending on it, unless the loan is used to get a commercial car for business.

 

[Sincerem]

If the car will help you earn more money then that is an investment because you are using it for business purposes. It will never be a wise decision if you are getting a loan to buy a car that will not help you in any way pay back the loan.

 

[Godspower]

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 advisable if you're taking a loan to buy a car for private use or for pleasure. Except you're planning to use the car for Uber or taxi, then it's not something you should go for.

 

[Partisan]

This is a wise decision if the car will also be used to generate income. there is absolutely no point taking loan to buy a car that doesn't generate any money. Load is to be paid back after a certain period therefore it's a bad idea to buy a car with a loan without making plans of using the car to generate income.

 

[tyrim88]

If we don't have money, we take a loan and buy a car from a bank. Every time there is a problem that there will be a debt, we will pay it. We should not loan money. If we loan money, we should repay it on time. We should have some income so that we can pay the loan on time. Loan money becomes a problem with For us.

That is just the fact about the whole issue of borrowing loan for our personal use,the thing is that if the item being bought does not in anyway bring revenue or income to the owner,then it becomes a liability.

 

[Good-Person]

The main issue is that car is an asset. However, it is a kind of asset that depreciates by the passage of time and such kind of assets usually lose value until or unless the market value increases.

 

[Shigobad20201]

There's nothing bad in using a loan in securing a car once the car will be used for commercial purpose that will be used to bring more money that will be used to pay the money back .

 

[Sotherefore]

There's nothing bad in using a loan in securing a car once the car will be used for commercial purpose that will be used to bring more money that will be used to pay the money back .

Exactly. It is not a wise decision to get a loan for luxury purpose because it might put you in serious debt. Loans should only be gotten this way if is for business purposes as you said .

 

[Syldan]

Personally I think it depends on the situation and the kind of job you do. sometimes location is the major reason. Taking loan to buy a car is really terrible and I won't advise anyone to do that

There's nothing bad in using a loan in securing a car once the car will be used for commercial purpose that will be used to bring more money that will be used to pay the money back .

Actually there is nothing bad at doing so but before you do that you should be able to know that's very risky and it depends on your financial status and ability to pay back when something bad happened.

 

[Lynaia]

You just have to know about yourself. It might be something affordable for some people and it might not be for some people. Many use loan to buy a car and later sell the car to pay back the loan

 

[Shigobad20201]

You just have to know about yourself. It might be something affordable for some people and it might not be for some people. Many use loan to buy a car and later sell the car to pay back the loan

Like you said , many people usea loan to buy a car but when they cannot pay back , they have to resell the same car to pay up their loan , so you need to have a purpose for buying the car before going for the loan .

 

[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.

When an asset is bought and it is not generating income or revenue,the it becomes a liability,except you have a good means to maintain the asset.Vehicle that is not use for profit oriented purpose should not be bought.

 

[Joseph555]

It all depends on what you buying the car for, as in what is the plan for the car If it is a personal car , you then need to have a plan to be repaying it back monthly intervals. However ,I don't think it is a good decision

 

[frederick_9]

The car will be a fantastic one if you want to use it for transportation because you can make money off of it.
If it's a personal vehicle, you'll need to have a strategy for paying it back at regular times, such as once a month.
However, I don't believe it is a wise choice.

 

[GIFTMICHAEL]

If car is necessary in your daily life based works so you can avail this risk to buy a car on the other hand if you have flow of income too. But if car is not essential for your daily waste works then you should not take any rise to buy a car by getting loan try to travel by public transport and avoid pollution as well.

 

[nana kwasi1]

I think it depends on what you plan to use the car for; if it's for an Uber, for instance, go ahead, but if it's for private use only, I'd advise against it. A private car shouldn't be bought with a loan.

 

[Shigobad20201]

If car is necessary in your daily life based works so you can avail this risk to buy a car on the other hand if you have flow of income too. But if car is not essential for your daily waste works then you should not take any rise to buy a car by getting loan try to travel by public transport and avoid pollution as well.

You need to first think about what a car will do will do you If you buy it , if its going to be a liability or a source of income to you before deciding to buy the car , its better to buy a car that will be a source of income