sylve11:


First thing is to own one , the other thing is you pray your current job that enabled you to buy the car doesnt terminate. Na then you go begin give people advice if what I mentioned above happens.

meaning is easier to buy than to maintain?

@OP, buying a car is not necessarily an investment. Investments are purchases/assets that yield profit/income etc. Cars essentially serve a utility purpose in the process giving the user satisfaction/comfort.

If a car is bought primarily for business like Uber/Bolt then it can be regarded as an investment otherwise it's just like buying a cup of ice-ream. LOL

PS: the context of the article is bit foreign, you could have localized it a lil bit to properly hit home.

#SEUN BRING BACK OUR OLD NAIRALAND

Cool, but are these applicable in Nigeria, especially the gas and insurance. How many car owners have insurance in Nigeria?

No more calls in heaven, they now send letters, so stop wasting your battery.

VillageHead:
Cool

Baba God please pick my call.

Even "poverty" can write on Nairaland too.. hmmm.. That's good oo

BarrElChapo:
The kind of money my friend is currently spending on fixing his cars ehh... it will comfortably pay some people good salaries every month..... cars can be a huge liability

SeniorKing:
No more calls in heaven, they now send letters, so stop wasting your battery.

My uncle thank you for this info!

I no even know say I still dey back yard.

See wetin village dey do me.

What of getting a car or a bus for your business..
see importance of fleet telematics to your business delivery https://explicitsuccess.com/fleet-telematics/

Saving up for a car is a reasonable option, but obviously it won't work if the car is needed urgently. For example, you were offered a dream job, but it will be difficult without your own car. In addition, in an attempt to save you can overpay, as absurd as it may sound. Now the car of your dreams is not cheap. But while you're saving, the car can get even more expensive — and you'll have to pay more.

The logical solution is a car loan. But with it, as well as on the road, it is necessary to observe safety rules: soberly assess your strength and choose a solution that will not punch a hole in your budget.
What is the difference between a car loan and a regular consumer loan?

A car loan is a type of targeted loan, and it has its own characteristics.
Pledge

And that pledge is the car itself. That is, until you repay the loan, you will not be able to sell or exchange the car without the consent of the Bank. If you stop paying on the loan or will systematically delay payments, the Bank has the right to take the car and sell it to pay off your debt.
Goal

Target credit, as its name implies, implies that the money you give for a specific purchase. Most often, the Bank is calculated with the seller of the car directly and the buyer does not receive money on hand. But there are cases when the money is given to the borrower. If he spends the money on something else, the Bank may demand to repay the entire loan, along with interest, ahead of time.

In addition, offers for car loans often imply a specific program: for example, only for a new car or released in Russia, or even for a certain model. If you choose a vehicle that does not meet the terms of the program, you may not be approved for the loan or offered other terms.
Insurance

Usually, when you receive a loan, you need to pay for auto-hull insurance. It will help both you and the Bank to reduce the risk of losing money if something happens to the car (get into an accident or it will be stolen).

In addition to hull insurance, you may be offered to insure your life and health — this is also a way of the Bank to reduce the risk that you will not be able to repay the debt if something happens to you.

Banks often offer to include insurance in the cost of the loan. It should be borne in mind that in this case it will cost you more-because the price of policies will also be charged interest.

A new car is the dream of many. However, there is hardly a large number of buyers who can get the right amount for your favorite car without loans. And then there is the question of lending. Experts told about how to get a car loan and what "pitfalls" are waiting for you.
Where to issue a car loan, or you will be carried on your hands


When the question arose about buying a car on credit, I came to the conclusion that car loans – this is just what you need. The interest rate is on average twice lower than for conventional consumer loans, and it is easier to get it, because the car, according to the rules, remains pledged to the Bank.

You can apply for a car loan in a Bank or in a car dealership. In the second case, you will deal with consultants who work on the territory of car dealerships, but represent the interests of several banks. They help to issue your application and send it to the fan banks (usually cooperating with a particular dealership banks is from 5 to 15).

I went to three dealerships. In each case, the picture was repeated one by one: I was met by a sales Manager, the first thing offered to see the cars that are available, cooed, asked, advised. Seriously negotiations began only when I, having sat in brand-new cars, was already "such as it is necessary". But then it quickly became clear that the cars of the right color in the right configuration is not, and I went to the next salon, refusing to consider other options.

When it came to car loans at the third dealership, I was ushered into a Department where it was like a Bank: five specialists, separated by translucent glass partitions, were already filling out credit questionnaires for other customers. Their Manager was quietly explaining the pros and cons of the proposals to the buyer, who had already been approved by several banks at once.
Why car loan and what documents will be required


The girl Manager quickly made an application for a loan, asking the standard questions: place of work, income per month, the amount that is comfortable to pay per month, the names and phone numbers of next of kin who can confirm what has been said, the phone of the immediate Manager. As for the documents, they needed very little.

MrSandman:
Wow! I've found a lot of useful information here. But I have one question. What about choosing an insurance? I had a conversation with 3 different insurance companies and all of them want too much money for insurance. Where can I get cheap insurance? One of my friends told me about http://cheapautoinsuranceaustin.com. He says, that these guys can give me a really cheap insurance. What's the catch? As I can see on their site, insurance is really cheap, but I suspect something can go wrong. What should I ask these guys if I contact them?

Oh thanks man I think this will come in handy