wazua Tue, Mar 24, 2026
Welcome Guest Search | Active Topics | Log In

7 Pages«<4567>
Car loan - to take or not?
Options
Previous Topic · Next Topic
wangu.n
#51 Posted : Thursday, November 22, 2012 3:42:41 PM
Rank: Member

Joined: 8/4/2009
Posts: 136
lol.. This thread had me laughing like a crazy person esp @jaggernaut
Anyway when the time comes for me to buy a car, I will do so on loan, it's the only way that makes some sense to me, my savings belong to investments..
Back to top
  |
Mukiri
#52 Posted : Thursday, November 22, 2012 8:25:11 PM
Rank: Elder

Joined: 7/11/2012
Posts: 5,222
Why do we live? Everyone has his/her own answer.

When I'm stressed, I don't feel alive. If the car will reduce my stress, I'll go for it. If it will increase the stress, I'll do without.

If I can use the money I have to make more, than interest payable on a loan.. I'll take the loan. If not, and I'd rather avoid the stress of a bank loan, I'll use my cash.

That said, I bought my first car, cash. I was very young then.

Proverbs 19:21
Back to top
  | | Edit by user: Thursday, November 22, 2012 10:11 PM | Reason: Not specified
Mkimwa
#53 Posted : Friday, November 23, 2012 8:23:43 PM
Rank: Member

Joined: 10/26/2008
Posts: 380
Fast forward 3 years later:

Got a deal where I was offered interest-free car loan by employer. Invested my cash into stocks and other things, and making some decent returns.

Was it a good decision - definitely! The car has earned its value, now using it for a side hussle i have.
Can I survive without a car? Probably not - major reasons - side hussle, family, convenience.
I sometimes use matatu, when it makes more sense, e.g. everytime i have to go to CBD, hussles to do with parking, sijui side mirrors, jam..

And yes, i sold those Kenya Re shares.
Back to top
  |
wilyum
#54 Posted : Tuesday, June 11, 2013 1:38:53 PM
Rank: Veteran

Joined: 12/21/2011
Posts: 1,010
was a good thread
Back to top
  |
DuncanGallaty
#55 Posted : Friday, April 18, 2014 9:06:40 AM
Rank: Hello

Joined: 4/18/2014
Posts: 1
If you need to get a loan for the cheapest price possible, find one that is offered by a lender directly. Don't get indirect loans from places that lend other peoples' money. Indirect loans may have extra fees assessed to the them.

Look into any guarantees offered by loan companies. Lots of these sorts of companies tend to be predatory lenders. Their main source of income is from fees assessed on poorer borrowers who cannot easily repay their loan. There is usually a catch to every promise or guarantee, so watch out for that.


http://foxcarloans.com.au/
Back to top
  |
Coolbull
#56 Posted : Friday, April 18, 2014 8:57:32 PM
Rank: Member

Joined: 10/23/2007
Posts: 604
Having a family car is no longer a luxury. 20 years ago having a landline was a mark of 'reaching there' and those who had cell-phones were angelic beings visiting earth. However, today even the poorest need, guess what, not a landline but a cell-phone!

20 years ago, a family car was sort of a luxury. Today it is not. It is a necessity, whether you drive to work daily or the weekend together with family convenience.

Having a computer at home was a sign of 'being there' but today it is not. I've been to several homes in Kibera where besides the TV they have desktops.

My take, go for the loan and pay it with proceeds from your investments.
Back to top
  |
bakbandikabakbandua
#57 Posted : Monday, March 07, 2016 3:56:34 PM
Rank: Hello

Joined: 3/7/2016
Posts: 2
Newly employed, earning net of alil bit over 100k per month. Single, no children. 25years. Looking to buy a BMW 3 series or Merc C class. Second hand imports or locally used. Then i stumbled on this thread while looking for consumer reviews. Budget is 800k supplemented by sale or trade in of my Impreza Manual. Any user experience from wazuans, or any advice. Itll be useful for my career that requires mobility. Thinking if taking a loan from asacco to finance the 800k, as opposedto my savings that id wanna invest in t bills,stocks etc
Back to top
  |
Cornelius Vanderbilt
#58 Posted : Tuesday, March 08, 2016 1:08:29 AM
Rank: Member

Joined: 8/15/2015
Posts: 817
how exactly in your right mind do you buy a car through a loan that you are paying interest.unless is a vintage car that will appreciate in value over time it doesnot make financial sense to buy a car through a bank loan
Back to top
  | | Edit by user: Tuesday, March 08, 2016 1:09 AM | Reason: Not specified
chemirocha
#59 Posted : Tuesday, March 08, 2016 11:42:59 PM
Rank: Member

Joined: 1/30/2016
Posts: 332
Location: Rift Valley
Cornelius Vanderbilt wrote:
how exactly in your right mind do you buy a car through a loan that you are paying interest.unless is a vintage car that will appreciate in value over time it doesnot make financial sense to buy a car through a bank loan


You actually contradict yourself by citing vintage cars that appreciate in value Shame on you Shame on you
Anyone with economic sense would get a loan to purchase the car and invest the hard cash in something that will bring returns.
Back to top
  |
Mike Ock
#60 Posted : Wednesday, March 09, 2016 2:56:06 AM
Rank: Member

Joined: 1/22/2015
Posts: 682
chemirocha wrote:
Cornelius Vanderbilt wrote:
how exactly in your right mind do you buy a car through a loan that you are paying interest.unless is a vintage car that will appreciate in value over time it doesnot make financial sense to buy a car through a bank loan


You actually contradict yourself by citing vintage cars that appreciate in value Shame on you Shame on you
Anyone with economic sense would get a loan to purchase the car and invest the hard cash in something that will bring returns.


If the loan was a reasonable, single digit percentage, then yes, your reasoning would hold up. But if the loan is the typical Kenyan double digit shark loan, then no thanks.
Back to top
WWW
  |
7 Pages«<4567>
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Wazua Market Theme
Powered by YAF | YAF © 2003-2009, Yet Another Forum.NET
Copyright © 2026 Wazua.co.ke. All Rights Reserved.