Today alone, I spent 7,200 naira on Bolt rides. As a full-time level 9 civil servant, I have a side job that requires me to go out and execute tasks when I'm less busy at the office. Additionally, I freelance on weekends and I am a top rated freelancer on Upwork, although job opportunities are not as frequent as they used to be.

I have a strong desire to save up and purchase a car, but I don't want to allocate all of my savings towards it. Instead, I'm considering taking out a loan over a longer period, such as 36 months, so that I won't feel the financial burden too much and can still have enough for emergencies and other investment opportunities. My monthly income is around 200,000 naira, and I plan to buy a Corolla or a Honda since they are known to be fuel-efficient.

I'm wondering if taking out a loan for this purpose is a foolish idea. I believe that my stable and secure job can comfortably cover the loan's monthly payments, but I'm curious if anyone else has ever gone through a similar experience and can share their insights.

Loan taking is not really a good experience that i would encourage anyone to take.

most loan institutions ask for Crazy returns seasonally... and if care is not taken, the loan borrower would spend a long time praying for a loan.

My advise, in your office, start a contribution system where the group could contribute to one person every month... when it is your own turn, you collect the bulk money and save it up... you would be surprise that you will end up getting at least 60% of the cash needed..and with more efforts, you can raise the money for the car... more grace to you

reverendfather:
Today alone, I spent 7,200 naira on Bolt rides. As a full-time level 9 civil servant, I have a side job that requires me to go out and execute tasks when I'm less busy at the office. Additionally, I freelance on weekends and have a top rating on Upwork, although job opportunities are not as frequent as they used to be.

I have a strong desire to save up and purchase a car, but I don't want to allocate all of my savings towards it. Instead, I'm considering taking out a loan over a longer period, such as 36 months, so that I won't feel the financial burden too much and can still have enough for emergencies and other investment opportunities. My monthly income is around 200,000 naira, and I plan to buy a Corolla or a Honda since they are known to be fuel-efficient.

I'm wondering if taking out a loan for this purpose is a foolish idea. I believe that my stable and secure job can comfortably cover the loan's monthly payments, but I'm curious if anyone else has ever gone through a similar experience and can share their insights.

peter0071:
Loan taking is not really a good experience that i would encourage anyone to take.

most loan institutions ask for Crazy returns seasonally... and if care is not taken, the loan borrower would spend a long time praying for a loan.

My advise, in your office, start a contribution system where the group could contribute to one person every month... when it is your own turn, you collect the bulk money and save it up... you would be surprise that you will end up getting at least 60% of the cash needed..and with more efforts, you can raise the money for the car... more grace to you

What of from my bank where my salary is domiciled, I believe the interest rate won't be too high.

your bank loan comes with relative interest...which you don't really need right now.

my boss advises me that "If i can, stay away from bank loans". He says they are there to make money from the borrower.... unless if it has to do with life and death..

but i get your stand... however, my own opinion, imagine you are 5 in the contribution group... that means you can easily collect 500K from the group (with no interest).

reverendfather:



What of from my bank where my salary is domiciled.

reverendfather:



What of from my bank where my salary is domiciled, I believe the interest rate won't be too high.

No go dia ABEG.

big man kee you dia, what happened to danfo or bicycle

Bintabisiriyu2:
big man kee you dia, what happened to danfo or bicycle

where I work can't be accessed directly via keke or bus. You'll have to trek like a madman often.