frugallivingforums

Taking out a car loan

Sprite1950

Member
Everyone would like to have a shiny new car and many people do this through a loan but is it worth the extra expense? I have taken out a loan to buy a car before but often regretted it because the interest is so high and the monthly payments can take a chunk out of your earnings. Now I prefer to buy a cheaper used car . You could argue that the repairs might be higher on an older car but as long as you take someone with you to make sure a car is in good condition it is definitely the cheaper option.

Do you buy new or used cars? Have you ever had a car loan?
 
I have never had a car loan. I am sorry. Your reasons are one of the reasons I do not have a car. It is so expensive to own one with the current economy we are all facing.
I prefer to use an uber or public transport. One day when things are okay and I have also bought a share of the land I will be living in I may consider purchasing a car.
 

sliara

Member
I never had a car, and I don't really intend to purchase one or even try to learn how to drive, so no car loan for me. If I had the money though, I would save to be able to buy a brand new one.
 

luri

Member
I don't think buying a car with a loan is a good idea. Why should you spend on car maintenance as well as easy monthly installments for your car when you can easily take a bus or train to your workplace or marketplace. If you can pay in full buying a car is fine, but if you are trying to buy a car through a car loan, stop and think about the liability
 

This thread has been viewed 125 times.

Top