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

[Bookwormlux1]

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

From your view, one's job would be the best bet in helping them to repay the loan, but what if the person is not receiving a high pay, and it would take them up to over a year before the complete the payment, is it still good to take such loan?

 

[Setho]

On a general note, I don't buy the idea of taking a loan of any kind unless it is no interest or a low interest but sure things might not turn out well and you might need to take a loan. If you are buying a car, you shouldn't just make it a liability but make way to ensure the car brings a reasonable source of income.

 

[Eyiteepraise]

I don't think it is a wise decision to obtain a loan for purchasing a car.
It's not advisable to obtain a loan for liabilities and car is one. You can only obtain loans when you're sure of using the car for a business

 

[Frank]

If the car that you are buying is one that can be used for getting contracts from clients such as building contracts, I will say that it is a wise decision. However, if you borrow just to buy a car that won't be of a major economic benefit to you as a business man, I won't support such decision.

 

[Lord Saru]

Even if you have the money, its worth taking a loan. What I do is to take loan, put it as a fixed deposit and then pay back when time comes.

Its much more economical that way to people in my community.

 

[Taimoor Jutt]

If you are capable to return loan or dept as duration which is dealt between you so you can purchase car or anything els. So in My country banks it self give car on loan or instalments. So it is good move to fulfil your wish by loan. But car can't give you profit after years but it facilities you.

 

[Zubair]

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 we should learn how to compromise on our desires. Buying a car with loan is not a wise decision a far as I think. Because without money why would we take chance of buying a car. We should wait for the exact moment to buy it when we have enough money and can purchase it Easily.

 

[muhammad ahad]

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 it is not a good decision at all. In Pakistan bank are giving loan for cars at high interest. This becomes a good quantity. After taking card we can't earn much money by using it on rent basis. Car also have its expenses which restricted to gain much profit.
So I would prefer you to not take loan for card

 

[Oloritoks]

If the earnings from your job gives you more savings that's enough to meet other things that is far much more than basic necessities of life, then it's advisable you get a loan to buy a car, but if not , then start investing in asset.

 

[WhiteHouse]

In the event that this vehicle encourages you manage your work better, at that point it is a contribution to taking care of your work better. Along these lines, in that sense, it might improve your productivity and lead to a prevalent vocation prospect. Something else, in the event that it is optimistic spending that you need to purchase a vehicle so you can feel upbeat and use it some time, at that point concede it. Furthermore, in the event that it is a smidgen of information, feel free to have it.

 

[GIFTMICHAEL]

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.

You are right in your use of questions assessment.
But to be honest I don't support using loan to buy a car.
There are other things you can get loan for but to use it to buy car is quite unacceptable by me.

 

[Anaya Ali]

Somehow it is good. We can earn money buy renting car. A can easily earn money if it is used as a texy.
On the other hand we can face loss by taking loan. Every bank take interest on giving loan. This amount mount with every year. So we should avoid from taking loan.

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?

 

[Maheen]

It depends on the rate of interest in your country as I see in my country interest rate is very high so monthly installments is a big burden here so what I think that do savings and take loan from some relative or friend is easier

 

[Tiwa]

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 don't see anything wrong in it.The car is for your comfort and one of the reason you are working is to ease or provide good standard of living for yourself and yours.So long you are earning a livelyhood then why not.All you need to be conscious of is to not go beyond what you know can be easily deducted from your mailing monthly income without affecting other needs provision.

 

[Seyesystem]

If the car is for business purpose and you are certain that the business is viable like Uber transportation I will advise to take the loan but if the car is for personal use it won't be a good idea to use loan to buy car because car will continue to depreciate it will continue to wear and tear before you know your money is gone.

 

[Bookwormlux1]

I don't think it is a wise decision to obtain a loan for purchasing a car.
It's not advisable to obtain a loan for liabilities and car is one. You can only obtain loans when you're sure of using the car for a business

By using the car to do business, what kind of business do you have in mind that an individual can do with his car in order to generate some income that would make it easy repaying the loan in no distant time?

 

[JamoPosh]

It absolutely nah, except if your intentions is to using it for business. Uber or Taxify, it a yes from me. But if it for transporting yourself there and there without nothing to show for it or keeping the reason to that. Its a liability not an asset any longer.
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It absolutely nah, except if your intentions is to using it for business. Uber or Taxify, it a yes from me. But if it for transporting yourself there and there without nothing to show for it or keeping the reason to that. Its a liability not an asset any longer.

 

[Presido]

Taking a loan to buy a car isn't a bad thing but it stands on the date of settlement and payment.Buying a car which will be used to make money is profitable when the initial capital used to purchase it is a loan.So using a loan to buy a car isn't a bad thing but it matters on the date of payment.

 

[Maheen Khadija]

I think it is not good to loan from bank for car. Applying for a car loan lowers your credit utilization, which increases your credit score prior to making your first payments. When you start making payments this increases your credit utilization, which decreases your credit score until the loan is paid or when the balance is 30% or less of the original loan amount.

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?

 

[Blue house]

I think it a bad idea, excecpt the car is for business purposes, what if the car crashed then it wont be easy for you to pay back, it will be like paying for what you dont use or profit from, my own advice is that you save up to buy your car