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

[Eli342]

NO!, I think is a good idea at all, why not use the loan to start a business or even invest it and if you earn a considerable income then and only then can you get yourself a liability like a car but then of this is my point of view.

 

[Imran_Noori]

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 someone is buying the car to work with it then it is a good decision but if someone is buying it to just show off then this will face him with alot of problems.

 

[Alisco]

Taking loan to buy a car for random purpose and not for business purposes is not a good idea,it is only when you have guarantee of another income at stake

 

[Genie011]

I don't think it is wise unless if it is a cab, taxi, or some bus.
The live of debt is usually in circles and it hinders or limits the rate of financial growth of a person.

 

[Ayojesu]

it is a foolish decision, who are you trying to impress? unless, you want to use the car for logistics business that will give you consistent profits that you can use to offset the loan, dont ever try it

 

[Imran_Noori]

Buying a car on loan for luxury is not wise, cause a car is a liability. But If you are buying it for a business purposes like delivery. Then you can take a loan with a good payback plan.

I agree with you, this is what everyone need to do, don't buy luxury things even if you are rich because it is just a waste of money instead use that money for your business.

 

[Connor909]

If you can acquire a loan with a fair interest rate and you can afford to make all of your payments on schedule, getting a loan to buy a car can be a smart move. In the long term, it can be better for you to pay cash for the car as you won't have to pay interest on the loan.

 

[Holluwaphemmy]

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 can complete the payment.
What do you think?

It is only advisable to obtain a loan for a car purchase if it's planned to be used for Uber or serve as a means of income. In that way, I am sure it wild be easy for the loanee to pay back. If not, I don't advise such