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

[Life drama]

In all you do,there must be certain conditions you must consider before taking a loan.taking of loan from bank or any means should based on something that will improve your income not not as a liabilities,you must also think of how to pay back the loan.

 

[Samuel77]

According to my own point of view, I will say it is a wise decision, but it all depends on your purpose for the car, some people collect loan to buy a car for personal use, I don't think that is a wise decision, but if you buy the car for business purposes I suggest it is a wise decision because you can get the money from the business and pay back the loan

 

[ranaabubakar263]

If you want to get a new car, you should not take it by getting loan but make a net payment so that you can have peace of mind. If you have not enough money to get a new car then take it on installments, but never take out a loan.

 

[shakky2]

buying cars can be for different uses and reasons; it may be for commercial purpose or for personal use.car is part of the properties that doesn't appreciate,it rather depreciate with little or no use.so in the case where you have to take a loan for car purchase which is for personal use is not a good option

 

[Shivay]

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 am also looking towards buying a car and i have the required funds but still , i will give the payment on monthly basis because i dont want to give all my money together , i want to keep some in my savings .

 

[Zamaney]

And if it is a little bit of input, go ahead and have it. So, the rule is straightforward. You will be buying an asset that will depreciate and you will be incurring interest on that. So, opt for a car loan if the car is an input to something that will help you earn more or do your job better

 

[Yewande]

There's nothing bad in getting a loan to buy a car. I'm sure where you're borrowing the loan will check if you can really pay back when due. You can buy a car on credit and pay back bit by bit

 

[iamgroot]

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 its not. But what is the reason why you suddenly want to buy a car? For sure there is the reason. I dont know whats the story, but if you want tp buy a car just to brag, its not wise, added to that, just to have a car, you take a loan. Maybe putting on other assets than buying a car is wiser thing to do, buy a land instead, because price of land increases for years. Unlike cars, they depreciated easily.

 

[Nma]

it's not advisable to borrow money to buy a car because a car is a liability and not an asset.... its value depreciates over time and the cost of maintenance is high and if you don't have a stable source of income it might become a difficult task for you

 

[idhans]

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?

there is nothing wrong taking a loan to buy a car. If you are taking a loan to buy a car for commercial use or for your company I think that's a wise decision. But if you are taking a loan to buy a car just for cruising you are not wise.

 

[Ifective]

Taking a loan to buy a car is not a wise decision at all. Except for if the car is for business purpose. Buying a car that has a lot of expenses on it should be without a loan as it will be a disaster if there isn't means to return the loan in the end
Loans should only be taken to buy a car when it is for business purposes

 

[Chizfab]

It is good if you have a job or business with an achieveable payment plan. If you don't, then l see no reason why you intend to why you should take loan for a liability like car. It's better l use that loan to buy and access and then take my time to pay for it.

 

[Nicklas22]

The car could depreciate in value dramatically well before you pay off that loan, and the warranty is likely to expire within three or four years. You could get stuck making payments on a car you no longer have or want.
So it's not a wise decision

 

[Ali raza]

If you do not have enough money to buy a car So you should borrow because there are many banks that lend a lot of money for a small profit.And you can pay the bank installments with the profit you get from renting the car.And so one day you will own your car and your debts will be paid This is a long term policy but you should be optimistic and not give up
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If you do not have enough money to buy a car So you should borrow because there are many banks that lend a lot of money for a small profit.And you can pay the bank installments with the profit you get from renting the car.And so one day you will own your car and your debts will be paid This is a long term policy but you should be optimistic and not give up

 

[Shoaib5600]

I don't think it's a good decision because it will be difficult to return the money later. Yes, if you want to rent this car, you can take it - but my advice is not to do this because its a very risky. not easy to return the bank loan.

 

[Cybersec]

Taking a loan to buy a car should only be done if there is a steady income to use for the repayments. Even at that the repayment amounts each week or month should not be too large.

A better option is to foot part of the car cost with personal savings or gift money rather than buying it entirely with borrowed funds.

 

[Kiwi]

Taking a loan to buy a car should only be done if there is a steady income to use for the repayments. Even at that the repayment amounts each week or month should not be too large. For example you buy a car and you do not have enough money to pay the installment of the loan and also have to bear the cost of the car petrol. Even if you have to do mechanical work like CNG etc., it is better that you buy a car when you have enough money so that you do not have to take a loan.

 

[Robrown83]

Taking a loan to buy a car is advisable and not advisable. It is advisable if you planned to use the car for business like Uber or supporting your own business by using it to carrying or dispersing your product to the customer so you can be able to pay back the loan through the car but it is not advisable if you are just using the car for fun when you don't have any other means to pay back the loan

 

[Neta Sam(Samuel Odunlade)]

Borrowing to purchase a liability item is not advisable, if you buy a car with a loan it means you will maintain it also with a loan. Most times we take loan to fund what can bring money.
Nevertheless the purpose of the car must be know, is it a car that will help to run your business properly, look at the logistics involved and make your decision

 

[Thosynho]

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?

It actually depend on why you have to buy the the is, for what reason are you buying the car on loan? If it's for luxury, then getting loan to buy it doesn't worth it. However if it's for smooth running of your business, then it becomes an asset.