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

[Snobar Bilal]

No I don't recommend to take loan to buy a car because you will have to return extra and it will give you loss. First collect funds and then buy car without taking loans.

 

[Bookwormlux1]

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

It's easier said than done, you have to consider other expenses too. You will have to buy fuel for the car, take it for service at a mechanic's place and so many other expenses which would make paying back the loan difficult.

 

[jenellei]

In my opinion, it would be good if the car will be generating additional income for you like if you will use in business or monetize from it through rental or delivery. On the other hand, if you will just use it for luxury or you simply want to buy it, I don't think it would be a good decision.

 

[Afoskalex]

It is not advisable to do so if it is not for business. The loan is a burden and you will now add another burden of maintaining the car. Though there are exceptions, for example in Nigeria, majority of civil servants borrow money from the office's cooperative to buy car, the loan will be deducted from the salary at the rate that will not affect them, some service the loan for one year or more.

 

[Sammyesx]

You can buy a car on loan if it is for business purposes, other than that it is not a smart move because a car is a liability not an asset.
According to an article on asset and liability I read some time ago, the moment you pay for a car it loses 15% of its value.

 

[Niftyyem]

There was a time I would have said yes to this. However, what I have come to learn is that you don't spend so much on things that do not generate an income for you. If the car is for business purposes, then yes, if not, No.

 

[giddy]

In most situations, an auto loan is preferable to a personal loan when buying a car, This is true for a few simple reasons: It is easier to qualify for an auto loan. Your interest rate will likely be lower. You're less likely to have to pay other loan fees.No

 

[BrolySSJ]

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 don't have the money for it and you don't need a car at that point of if you have a car and are rather looking to upgrade your car then I think that you should hold off as opposed to taking a loan. Remember a loan is another financial obligation and sometime sit is best to manage you finances firs before getting into more debt. Also there is interest on the loan as well. Which mean you are paying back much more than the car is worth.

 

[Khezo]

Well I guess it all depends on what you want to use the car for. If it is for transportation business, then you sure of paying back the loan then you can take the loan. If it is for personal use then you have to derive a way to pay back

 

[Chumzy]

Buying a car with a loan is not a problem. What you are using the car for is the main issue, and it determines everything. It could be for a public transport job and that isn't bad.
So just understand.

 

[Kelly5]

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.

Taking a loan to buy a car for me is a no no. The idea of getting the car at that time before you lose value in price might seem tempting. But you can always get a cheaper price than that if you look out very well. You are only confident in taking the loan because you have a stable job.

 

[Nurudeen]

I can't really say getting a loan to get a car is a bad idea only if the person wants to use it for personal use. In a case whereby the person wants to use it for business like uber or other ehailing service then I don't think that should be a problem because the car will serve as a means of income to the family while it will also serve as a means of paying back the loan.

 

[singlej007]

Collecting lone to buy car depends on what you want to do with car, if you collect lone and buy a luxury car, to me is not advisable.

Getting a lone and buy a car for business is not bad, because the car will be a source of paying back the loan.

 

[Sake]

Depends, what do you need it for? If it's for business/work purposes then sure it's probably a good idea. But again depends if you're going to earn enough to pay back the loan or you're going to struggle more because of the additional bill.

 

[Pirate]

Taking out a loan for a car is not a wise decision at all, you have to first ask yourself what value is that car adding to your life or your finances.
If the purpose of that car is to start or promote your business, probably it's for delivery of your products and you can't do without it, then it's alright. But taking out a loan for luxury purposes is not at all wise.

 

[joy101]

Talking a loan to buy car is not wise decision, unless it would be for business car, taking a loan is only for business purpose so that it will generate income, but you just want to buy it for private it is not advisable,

 

[Jonaville1]

Using a loan to acquire personal belongings is not always a good idea. If the car won't be used for business purposes, how easy will it be for you to be able to repay the loan? The advice I usually get from experienced people is: if you are going to borrow at all, make sure you are using it to make at least threefold of the money. Any other is a no no.

 

[Asad Ali]

Buying a car with a loan can only be wise if your business supports you and you are using it to transport your business.If you want to become an amateur, it would not be wise to always invest in business and fulfill your hobbies by making a profit from it.😉

 

[Highflyer]

Taking a loan to buy a car is not a wise decision in my own opinion, a car is not an asset, except when used for transporting purposes. When a car is used as taxi, it is an asset and will definitely make money for the owner, taking a loan to buy a luxury car is however a stupid decision to take.

 

[Gilead]

Unless the car you intend to buy is for making sales, i.e for business usage Probably for Uber,then it's not advisable to take a loan to buy a car for personal usage,car is a depreciating asset..it takes more expenses from you