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

[BrolySSJ]

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.

In the case of a public transport vehicle this would imply that the car is the sole source of income and the main source of work for the person. In such a case it is important to see if the loan can be paid off with the use of the car, because you have to consider the loan repayment, the cost of operting the public transport vehicle and the cost to fund your lifestyle as well. If it is able to meet these then taking out a loan may be feasible.

 

[Segshowee]

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?

Getting loan to buy a car isn't bad so long the car is going to add value to your life and serves as an asset and not liability.

 

[Patrik]

a dumb decision if you ask me, especially that a car isn't really a must in your life like food for example, you'll just stress yourself more and more with loans that you have to pay, for me, i would buy a car only when i have extra money for it (also you can buy if you think it would cost you less than what public transportation does)

 

[gammarays]

Taking a loan to buy a private car is a very bad idea because private cars are non productive and will require expenses like gas and repairs. If you want to buy a car with a loan, buy a car you'll use for business or transport. It'll bring money for you if you put it into good use. Loans should be put into productive use.

 

[giddy]

Many loans are designed for a specific type ofpurchase (mortgages are for homes, auto loans are for cars, and so on), but personal loans are for anything. You can use the proceeds from a personal loan however you'd like, whether it's to refinance debt, go on a vacation, or buy a car.

 

[Osaz96]

Yes as long as you have the capabilities to pay back your loan without any hassles it's okay to take a loan to buy a car but if not its not advisable to do so as a car is a liability and not an asset except you are using that car to make money don't fall into the trap of borrowing

 

[Goodday]

To me it's very bad to take loans and buy a car whatever type of car it may be. Why because a car is a movable object and it's subjected to damage at any time and whatever investment you may think of doing in such ways, you must do it from your savings or money from your pocket but not from loans.

 

[GIFTMICHAEL]

It is not a bad idea to take loan to buy a car if you are working in a good company.
It will be a wrong idea if you took loan to buy a car that is not going to yield any benefit to oneself.

I will really encourage the plan if you are going to use the car for commercial purpose.

 

[Peppul]

What works for one persons might not work for the other, everyone has their desire to what they want to get with their loans money.. if you have attended to other stuffs like getting a good apartment or building a house and you don't have important projects at hand you can't go ahead. But for me even if I don't I can't get a loan to buy a car, my own logic though.

 

[Kennysplash]

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?

You can take a loan to buy anything, as long as you have the source to pay it back. Most people are surviving on loans and although it seems risky, it is not impossible. You can even take a loan and go on vacation, as long as you are sure there is a way to pay it back.

 

[ahmedo24]

You can take a loan to buy anything, as long as you have the source to pay it back. Most people are surviving on loans and although it seems risky, it is not impossible. You can even take a loan and go on vacation, as long as you are sure there is a way to pay it back.

You are right, the ability to pay the loan is what matters , banks don't even give out loan to people who don't have the capacity to pay because they will first check business worth or your employer before they grant you loan.

 

[haider00]

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.

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 think you should not buy a car until you have a lot of money because if you take loan and purchase car than you will bound to pay back in the limit time.

 

[Chumzy]

Many questions could be asked, and then the answers to these questions will go a long way to determine. A good investment in buying a car could span from many factor, like how important the car is to your daily living. You could save a fortune and make a fortune from cars, either by taxi or save cost of carrying loads and paying everytime.

 

[Bookwormlux1]

You can take a loan to buy anything, as long as you have the source to pay it back. Most people are surviving on loans and although it seems risky, it is not impossible. You can even take a loan and go on vacation, as long as you are sure there is a way to pay it back.

No one is saying taking loans is bad, but I think there are things you shouldn't take loans to do. Imagine buying a car with loaned money. The expenses are too much. It's best to save up and endure till you can afford it.

 

[Oliver 20]

Advance for purchasing utilized auto: – Many banks offer credit on utilized auto nowadays. In spite of the fact that the financing cost will be higher than the loan cost on new auto credit and the advance to-esteem (LTV) proportion will be lower than the new auto advance.

 

[Kinglegend01]

It very well depends on the reasons why you want to purchase the car, if it's going to make life convenient for you and it would aid in your other businesses but if it would be for just the prestige of owning a car you should have it at the back of your mind that cars generally are liabilities but if the car is generating income then it is a liability turned asset. If you buy the car for normal movement it is not rational.

 

[eenya001]

Except you are planning to use the car for commercial purpose like drop services (Uber, bolt, taxify), haulage of products ( if it's a truck)
But aside from commercial purpose don't take a loan in-order to buy a car.
Car is a liability, invest your money on product's that would generate more profit for you.

 

[Damscooguns73]

Concerning if taking a loan to buy a car is a wise decision. Well, it depends on what the car will be used for. If an individual got the car for transportation business to make profit but if the car is gotten for person use, he might as well have a means to pay the money been borrow

 

[Heatman]

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?

Just why in the world would you want to get a loan from bank or any financial institution to buy a car? For what purpose? How do you intend to pay it off? Is the car for leisure or business purposes? If you can't answer these questions for yourself and come out with positive feedback, then it's a no.

 

[getlikeMojo]

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?

yes as long as you don't lose your current job