Loans Can Someone Obtain Loan To Buy A Car?

kayode10

VIP Contributor
Most of the financial expert usually advice people to make use of a loan to buy asset. That is we should use our loan to buy something that will bring in more money into our pocket.

Majority of them often claim that this is the reason why financial institution will borrow you money to buy real estate property because it offers a guarantee of recouping back their loan.

I agree with all the things the financial experts said about assets and liability. But there are some liabilities which are necessity. That is you are required does the ability to make life better for you.

One of those liabilities is car. So I want to ask her I can someone obtain a loan to buy a car?
 

Sotherefore

VIP Contributor
You can get a loan to do whatever you needs, but there are a lot of things you need to consider when getting a loan to do things for example getting a loan to buy a car can only be profitable if you will be using the car for business. it is not really advisable to get a loan to buy a car for luxury purposes since it may not be profitable.
 

btaliat

VIP Contributor
Ability to repay the loan is the most important and not what you use the loan for. But it is not advisable to obtain loan just for something that is not productive. Some people obtain loan to buy a car fro commercial purposes, some buy the car to aid their movement to their workplaces.
 

Jonaville

Active member
Taking a loan is not the problem, the real question is do you have the means to pay it back? This is why some lenders usually ask for your assets and the business you are into to confirm if you can actually pay back the loan in time. So if you can, by all means take it.
 

btaliat

VIP Contributor
I know someone who took loans to by a car and instead of using the car privately. He was using it for commercial purposes. With this he was able to repay his loan and make the car his own totally. This only implies that we need to borrow for productive use only.
 

Good luck

Verified member
It is very possible to obtain a loan to buy a car.infact I got a loan to buy my car then and l refund it within a period of one year though the money collected is not much,i added it to what I have which really helped. The means of paying back is the most paramount not what you use it for.
 

Bashbash

Active member
I will never borrow money in my life to buy a car again ,I collected a loan to buy a car in the office I was using it for my personal use,after taking the loan their is a restructuring in the office, I was one of the people that was ask to live the office
 

Abigael

Valued Contributor
Buying a car using a loan is good depending on how beneficial the car will be for you. If you are only buying it for luxury, then it is not a good idea. But if you are buying it to get to work early, then it is great, you might get a promotion due to great time management. Or you could be buying it to use it for transportation of goods or deliveries in your business.
 

Jasmine

VIP Contributor
A lot of people buy car with a loan. You can easily get a car ,loan from the bank as long as you can show the bank that you are easily pay back the loan. Your monthly salary need to b three times the easy monthly installment for loan repayment.
 

Suba

Moderator
Staff member
Before answering your question, of course you already have a goal for what to buy a car with borrowed money, smooth work or to facilitate your business, or just for a luxurious lifestyle, you have already measured your income every month so that there is an advantage to paying car installments. It's ok, if it's for smooth work or smooth running of your business, but I don't agree if it's just for a luxurious life,
 

dagm

Active member
Taking out a loan isn't the issue; the true concern is whether you can afford to repay it. This is why some lenders will typically request information about your assets and business in order to determine if you will be able to repay the loan on time. So, if you're able to, go ahead and take it.
 
D

Deleted member 28127

Guest
Some car buyers can accept that you pay car for 12 months means you will pay him 12 parts while the car ownership is going from him to you after you complete the 12 months part. In this period you can use this car for your personal purpose but the majority wants that you pay him full money amount it depends from the buyer.
 
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