Advice needed

conoiseur

Village Elder
#1
I have a young bro 26 years of age who has been harboring ambitions to own his first jalopy - a second hand by the end of this year. He is split in between taking a bank loan to fund the purchase or signing up for a car loan to achieve the same objective. He has no other major financial obligations for a bachelor of his age. I have advised him to take the car loan as it would be already 80% financed. Otherwise from those of you who may be knowledgeable with such matters and can share an opinion, which in between these two options would he be best suited to choose?
 
#6
Stop misadvising him! Buying a depreciating asset on loan is a no no.
Why can't he use the loan money to buy property, shares or bonds? This is the best time to do so coz they are going for a song.
Kama wewe umepotea, usipoteze brathako.
Wewe wacha kupotezane nawe...let a brother live his life...ni lini mtu atakuja ajitunze..ajipatie tu zawadi ya roho yake.?
 

dabu

Village Elder
#9
Stop misadvising him! Buying a depreciating asset on loan is a no no.
Why can't he use the loan money to buy property, shares or bonds? This is the best time to do so coz they are going for a song.
Kama wewe umepotea, usipoteze brathako.
When a young person wants to buy a car, they will buy a car. No amount of advise will sway them. I have a colleague who has decided to take a loan and buy a car, nimemwambia the importance of erecting a pigsty akaniambia hizo ni zangu.
 

Dereva

Village Elder
#10
Stop misadvising him! Buying a depreciating asset on loan is a no no.
Why can't he use the loan money to buy property, shares or bonds? This is the best time to do so coz they are going for a song.
Kama wewe umepotea, usipoteze brathako.
I think the little bro wants a car, not property or bonds etc. Wacha tu aishi maisha yake.
 

conoiseur

Village Elder
#11
When a young person wants to buy a car, they will buy a car. No amount of advise will sway them. I have a colleague who has decided to take a loan and buy a car, nimemwambia the importance of erecting a pigsty akaniambia hizo ni zangu.
This is the same situation I have been battling out with the young bro here, but it seems it's an ambition he wants to fulfill not because it is a necessity, but a want.
 

M2Random

Village Sponsor
#13
I have a young bro 26 years of age who has been harboring ambitions to own his first jalopy - a second hand by the end of this year. He is split in between taking a bank loan to fund the purchase or signing up for a car loan to achieve the same objective. He has no other major financial obligations for a bachelor of his age. I have advised him to take the car loan as it would be already 80% financed. Otherwise from those of you who may be knowledgeable with such matters and can share an opinion, which in between these two options would he be best suited to choose?
Being almost the same age as your younger bro, and with jalopies, I can tell you for free that buying a car ON LOAN is a bad move. If he cant afford a car in cash, he has no business owning one. He should improve his cash flow first.
 

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