Is a Personal Car Loan The Right Option?

Is a Personal Car Loan The Right Option?

for you and other bazillion" car owners" on the road…why not?


depend on where you live, if you have an option of readily available public transport then its better to consider other options like your financial standing before going for such - lakini if you live in a place which is not well served by public transport a personal car even through a loan might prove to be of overall better value.

If you are using the car to actively generate income then yes. Otherwise, if your daily Uber costs less than 400/- you don’t need a car.

Depends on your income and the type of car you are buying. If you pay all your expenses (including the car payment)still have 30-40% of your income remaining then go for it. On the type of car don’t finance for a junkie.

Rule of 20…

The car you purchase should not exceed 20% of your annual income.


No. Dont buy a car on loan. Wacha.

Unless you intent to trade in your car yearly. If you net 400k you will make only 4m a year. If you buy 800k car that you hopefully will drive for 10 years you will have made 40m meanwhile. By the time you throw that car away utakuwa unakaa kaa nongwe. It makes sense to buy a car every five years in the least so at 400k your target car is in the range of 2-3m.

Hesabu sio mchezo my friend. Unasema nini?

Si hesabu mbali na namna ya tumizi unakolizungumzia. Nasema capping an expense as percentage of your salary applies well for annualy recurring expenditure. Kweli inaonekana hesabu ni ngumu kwa watu wengi.

Taking a loan to purchase a depreciating asset is a NO NO unless you’ll be using the car to generate income. There will be many other costs that will come with vehicle ownership aside from paying the car loan monthly and if you won’t be in a position to sustain all these costs, then don’t take the car loan.

Si lazima. You can cap it based on year you’re planning to purchase a car. So kama una earn 6Million annually over the next 5 years, unasema gari itakuwa approximately 1.2m.

Hapo nimeshika hesabu kibao:D

If you need one, yes. If yiu can afford the daily costs and maintainance then yes.

Kindly consider the advice given by this guy. Kama gari sio ya kukuletea pesa directly usichukue loan. You will waste 3 years of your life financing a depreciating asset. By the time you are done, you will be financially worse off than you began. Using the car to actively generate income means a car directly translates to more money in your pocket. If you are employed 8-5 in a shop, office etc, a car will not lead to more sales because your income is fixed. However, if you are a lawyer, lecturer, etc you need the mobility to generate more income.

Upus mingi kwa hii thread. Just buy the damn car if you feel it is your time. Wachana na mambo ya ooh, depreciating asset, ooh, a percentage of your annual income, ooh, 400 per day on uber. By the time Africans will realise that a car is an essential tool just like any other, other races will long have transitioned to I don’t know what.

Supported. Wewe nunua gari kama unafeel wakati umefika. Unaeza gongwa na lorry ukufe ukiendelea kutumia nduthi. In short, live the life you want. Achana na these stupid anonymous online analysts who know everything.

Even worse, auliwe na bibi yake after purchasing that appreciating asset as advised by villagers.

Hehe true!