Advice needed

[conoiseur]

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?

 

[Theuri wa kigogoine]

I have a young bro 26 years of age

 

[Electronics4u]

I have advised him to take the car loan as it would be already 80% financed.

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.

 

[conoiseur]

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.

It was my two cents to him but advice noted.

 

[Thagichu]

Buying a car and hitting pu**y have some similarities, especially the clarity/guilt that comes after the act is completed. Buying a car on loan is a BIG mistake. Ata afathari akunywe hio pesa.

 

[The.Black.Templar]

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.?

 

[culture]

Ata afathari akunywe hio pesa.

 

[Electronics4u]

Wewe wacha kupotezane nawe...let a brother live his life...ni lini mtu atakuja ajitunze..ajipatie tu zawadi ya roho yake.?

Giving the advise honestly.
Wewe unampoteza pia.

 

[dabu]

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]

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]

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.

 

[dabu]

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.

Wacha anunue gari, at 26 he's young enough to make something out of himself before afike thate.

 

[M2Random]

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.

 

[Voltron]

Angalianga inbox

 

[conoiseur]

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.

Elaborate more on this.

 

[slevyn]

first step into financial slavery..

 

[123tokambio]

I think the little bro wants a car, not property or bonds etc. Wacha tu aishi maisha yake.

Maisha hujengwa na hizo vitu he's being advised on. Ama kuna maisha gani ingine? Saving and building a good source of income starts early...

 

[kingolonde]

Sorry to say, but taking a loan to buy a personal car is stupid. Period

 

[epoch]

No problem buying your first car on loan. So long as you can improve your income and buy the next one in cash.

 

[M2Random]

Elaborate more on this.

If he has to buy on loan, he can't sustain it and save. Period. A cheap good Toyota costs 500k only. If he can't get this amount in cash, for example, he has no business driving