Should I take a loan for a car? Advice

[Teddy_time]

@JSOK

I will check but my expected increase in disposable cash income is 19k. I don’t know how much loan I can get whose repayment does NOT exceed three years. Any advice?

Most car loans are like for 4 yrs and the banks ask you to pay like 30% of the cost of the car. So if you are buying a car for say 1 mill, you should have around 330k in the bank. But you may get a bank/sacco that is lenient on such rules.

Also, most banks wont allow you to buy a car more then 8yrs but again, you may get a bank/sacco that doesnt care.

If you want a good deal on a car, look for those repossessed by banks. They are some yards around for this purpose so ask at your bank/banks if there are any deals available and go check them out. You may get a very good deal this way as banks will mostly want to recover what wasnt paid on the loan and maybe a slight profit

[Touchlyrics]

@Teddy_time

Most car loans are like for 4 yrs and the banks ask you to pay like 30% of the cost of the car. So if you are buying a car for say 1 mill, you should have around 330k in the bank. But you may get a bank/sacco that is lenient on such rules.

Also, most banks wont allow you to buy a car more then 8yrs but again, you may get a bank/sacco that doesnt care.

If you want a good deal on a car, look for those repossessed by banks. They are some yards around for this purpose so ask at your bank/banks if there are any deals available and go check them out. You may get a very good deal this way as banks will mostly want to recover what wasnt paid on the loan and maybe a slight profit

Huyu ni peasant, he cant afford a new car. Achukue loan tu roho safi, aende jiji atafute toyota ya 300k for his first car.

At 39 years jamaa ameteseka sana kufinyana na watoto kwa matatu wakiliaia na kupaka watu makamasi. Nunua gari mjamaa, dont even think twice. Si lazima uende nayo job kila siku.

[Vin_Diesel98]

@Touchlyrics

Huyu ni peasant, he cant afford a new car. Achukue loan tu roho safi, aende jiji atafute toyota ya 300k for his first car.

At 39 years jamaa ameteseka sana kufinyana na watoto kwa matatu wakiliaia na kupaka watu makamasi. Nunua gari mjamaa, dont even think twice. Si lazima uende nayo job kila siku.

Ndemakufu be kind :D:D

[Mchezaji]

@Touchlyrics

Huyu ni peasant, he cant afford a new car. Achukue loan tu roho safi, aende jiji atafute toyota ya 300k for his first car.

At 39 years jamaa ameteseka sana kufinyana na watoto kwa matatu wakiliaia na kupaka watu makamasi. Nunua gari mjamaa, dont even think twice. Si lazima uende nayo job kila siku.

ajipange kujifunza job ya mechanic ju haitawai kosa kasolo siku mzima.

[JSOK]

@Touchlyrics

Huyu ni peasant, he cant afford a new car. Achukue loan tu roho safi, aende jiji atafute toyota ya 300k for his first car.

At 39 years jamaa ameteseka sana kufinyana na watoto kwa matatu wakiliaia na kupaka watu makamasi. Nunua gari mjamaa, dont even think twice. Si lazima uende nayo job kila siku.

You are very CORRECT:)

[Sakmadic]

@JSOK

Salamu,

I have reached a point where I think I need some car for my own and my family’s transportation needs. What I am not sure of is whether I should take a loan for this. This is because getting a loan for a private car always earns a person a very bad rap in many circles.

For starters, I have moved to a house where I will be saving around 13k in house rent. Where I work, guys who have cars are paid some 6k allowance. That comes to around 19k. If I don’t buy a car, I will forego the 6k and I will still spend around 5k per month in commuting. Additionally, I will still be squeezing my three kids and wife in matatus whenever there is a need to travel.

Off course I have the option for saving for this car. The problem is that I have tried this but distress calls always depletes my savings. You know Africa. I read a thread here where members agreed that sometimes investing in something and paying loan is more sure than saving and investing later on.

What are your thoughts? I will also appreciate suggestions for affordable, fuel-saving car models. Remember I am a (non-tangatanga) HUSTLER.

Nah take a loan and treat ur boyz in vasha

[Euler]

@Randy

Save half the money for the car you want alafu uingie pale coast wapakistan watakupea Gari ulipe Pole pole in like 10 - 12 monthly instalments.

And the in-house financing option, does it attract interest? Do they adjust it to inflation? Or u just the “balance” alone?

[mzee_mnyama]

@maynah

Numua locally used second hand in cash

The guy should consider this. Find a well maintained vehicle. With 350-450 you will get a nice low consumption car. It’s not that expensive to buy a car, he might not even need a loan

[kukuru_kakara]

@JSOK

You are very CORRECT:)

Why do they get that 6k allowance that commuters get?
Is it some kind of pressure to influence you into having a car?

[kwido]

@JSOK

This looks nice. Who are

This looks NICE. Who are ‘wapakistan’?

These are Pakistanis owners of showrooms. You put in a deposit and then you agree to pay the rest on installments.

[kwido]

If you want a well maintained toyota Allion a KB something, talk to me. I have one m planning to dispose.

[Thiem]

A car is very important…my advice, take a full loan to buy . if you have some money , dont use it as deposit to buy the car…instead, invest in something small that can help you repay the loan and eventually grow into something big

[Randy]

@Euler

And the in-house financing option, does it attract interest? Do they adjust it to inflation? Or u just the “balance” alone?

Depending on your negotiation skills you will pay an extra 30 - 40k.

[chap]

@father Kagwesh

No. But just take the loan. Then go outside Nairobi and purchase a plot of the same amount with potential to appreciate. In 3 to 4 years sell the land and get even a better car or something else. You’ll never regret.

Jinga, stick to the topic

[chap]

@Teddy_time

Most car loans are like for 4 yrs and the banks ask you to pay like 30% of the cost of the car. So if you are buying a car for say 1 mill, you should have around 330k in the bank. But you may get a bank/sacco that is lenient on such rules.

Also, most banks wont allow you to buy a car more then 8yrs but again, you may get a bank/sacco that doesnt care.

If you want a good deal on a car, look for those repossessed by banks. They are some yards around for this purpose so ask at your bank/banks if there are any deals available and go check them out. You may get a very good deal this way as banks will mostly want to recover what wasnt paid on the loan and maybe a slight profit

Did this exactly, got a very very good deal for my SUV. Repossessed, saved like 800K based on its valuation

[chap]

@Sakmadic

Nah take a loan and treat ur boyz in vasha

Low IQ advise by a bonobo

[Touchlyrics]

@chap

Did this exactly, got a very very good deal for my SUV. Repossessed, saved like 800K based on its valuation

Hehe huonangi ghost ya previous owner usiku akilia, when you look at the rear view mirror:D:D:D

Kenyans are a superstitious lot, most would not touch auction items even with a 10 foot pole.

[chap]

@Touchlyrics

Hehe huonangi ghost ya previous owner usiku akilia, when you look at the rear view mirror:D:D:D

Kenyans are a superstitious lot, most would not touch auction items even with a 10 foot pole.

Hakuna kitu kama hiyo, angelipa loan vizuri gari aingevutwa. Mimi kama fisi I just scavenge to avoid gari mzuri isiuzwe kama scrap metal

[uzito]

@Randy

Save half the money for the car you want alafu uingie pale coast wapakistan watakupea Gari ulipe Pole pole in like 10 - 12 monthly instalments.

These pakistanis are rip offs. They inflate the price of the car if you are doing hire purchase. Better to take a bank loan at 14%. The pakistanis ukicalculate hiyo interest ni kama shylock alafu they keep the logbook in their name so ni kama unaendesha gari yao mpaka ile siku utamaliza kulipa. Gari ikiibiwa or ipate accident serious before umalize kulipa utajua hujui.

Take the bank or sacco loan but put up as much deposit as you can to make the loan repayment as low as possible. Then start with an affordable car which has not been used locally worth maxiumum 700k. Piga hesabu ya insurance and things like tracking which the bank will insist on.

[pipinono]

@father Kagwesh

No. But just take the loan. Then go outside Nairobi and purchase a plot of the same amount with potential to appreciate. In 3 to 4 years sell the land and get even a better car or something else. You’ll never regret.

Hehehe. Wacha hekaya.