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.

I need your inputs please

I think you should go ahead with car loan.
The car is clearly a necessity as seen in your aforementioned case.
Goodluck.

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 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.

I need your inputs please

If your take home from your gross income is 200k and you're wondering on getting a car loan, then you're not ready.


If you save 100k for a year, you'd be able to deposit 1million, such that you can get a car of 3million and you can be paying off the rest within a year.