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

[chalcedony8]

taking a loan to buy a car to me is not a wise decision, though I'm sure the sun doing such has a reason to do so, taking a loan to buy a land is still better than buying a car with a loan.

 

[Kamon c4]

It’s not a wise idea to borrow or get a car loan. What if your means of income stops? I believe loans should be taken for more important purposes. You should only get a loan for business or health.

 

[EagleEye]

100% depends on your needs and whether it is affordable. If public transport is cheaper and not much of an inconvenience it would be great to save that money.

 

[Setho]

Generally I don't like the ideas of taking loans unless there are no interests or low interest. If buying the car advantages greatly outweigh the disadvantages and you can pay without hassles then fine. Bit I would definitely register with uber to make sure the car brings extra money when am not using it.

 

[chicnthin]

I'm really not comfortable taking any loans just to buy a car. For me that's just not wise. In fact, I don't like borrowing money to anyone at all or to an institution such as banks. If it is for business, that I might consider.

 

[Patrik]

If buying a car will save you money that you are using in public transportation, then it can be kinda okay, but if you are on a budget, i would suggest you to leave the car's idea for another time as sometimes you wouldn't be able to pay that loan

 

[Adexgrace]

Taking a loan to get car can be a very wise decision depending on the situations surrounding the air of getting the car. If one want to get car to start transportation business where daily means of income can be earned then I don't think it is a bad decision.

 

[MizzLala]

The minute you drive your car away from the dealership, the value starts to depreciate. So, on that basis, I'd never take out a loan to buy a car. My husband and I decided a while back that we'd always just get ourselves a nice second-hand car instead of a brand new one. Brand new cars are HIDEOUSLY expensive here and we don't agree with the prices at all. BUT we are very lucky because about a decade ago, the imported used car market exploded and decent, barely used cars mainly from Japan, China and the UK are so much more affordable to buy. We'd rather save for 2-3 months and buy a car outright.

 

[Seun4luv]

Taking a loan to buy a car to my knowledge and understanding is not a wise decision reason been that the car is appreciating instead depreciating. If it is a bus that will be good because the bus will be use for transport to make money.

 

[Sheen Creations]

If you can not afford cash then personal loan is the best way to finance a car deal. This can only be possible if you have a good credit score. You can get a personal loan from a Bank or Finance Provider. You can spread the cost over 1 to 7 years.

 

[Tariq Shehzad]

I am very firstly suggest to you, to avoid talking loan, because loan is not suitable for the business. You should try to avoid.
Secondly, if you can't leave without taking loan then, you should be trusted your self , that you will be able to return the loan.

 

[Damismiling]

Taking a loan to buy a car is not a wise decision considering the maintenance factors required to put a car in a good condition and good shape. And moreover car is not a primary need, so I will rather say one should wait till he has enough funds to buy a car than taking a loan.

 

[Eminence]

I can't judge loan until I know the purpose of you requesting for it. If its for any form of business then you are good to go but otherwise its very idea of you taking loan of liability without any hope of it becomes asset for you.

 

[Donkiz]

There are expenses that you are not expected to use loan to finance, and one of them is buying private car. You can take a loan to buy a car for commercial use, that way it will be an investment, but if you need a car to facilitate your lifestyle then you just have to save for it, but indebting yourself just for a showoff is misplaced priority.

 

[Sotherefore]

It actually depends on what you want to use the car to do but if you find yourself in a situation in which you are trying to get a loan to buy a car just for having a car sake, then obviously you are on the wrong direction as this car may not generate enough money for you to repay back the loan, but if you want to use the car to do a business that can generate money to repay the loan then you are in a good direction

 

[ahmedo24]

Personally,it is not bad because car also play a key role however, before you take loan to buy back you should be very buoyant to repay the loan as stated , it just planing , if you are buying for transportation then that is perfect because it should be easier to pay back .

 

[Nimra Saeed]

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?

Sometimes it is wise to buy a car by taking loan but sometimes it is not wise sometimes it is damaging for us if we cannot make the money ready for the loan installment. So we should be careful about back up.
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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?

Sometimes it is wise to buy a car by taking loan but sometimes it is not wise sometimes it is damaging for us if we cannot make the money ready for the loan installment. So we should be careful about back up.

 

[Ibrahim1]

Oh yes its a wise decision and that decision is for does that no what they doing not does that just want to buy car for there own personal use because when you get a loan from bank to buy the car you can use the car for urba then start making money to turn back to the bank and able to feed your family

 

[Aumeabbas]

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 your salary is enough, you manage lian instalment then youbmay take this while i suggest you please check leasing car. If you manage its instalment then you dont take loan but take a car on lease.

 

[btaliat]

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 the car is to be used for commercial purpose like Uber, it is still okay. But if it is for private use or to show off. It is a capital no for me. Loan is only advisable if it meant for making money. Car is a liability not an asset