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I need suggestions for one of my cousins… He is planning to buy a motorcycle. He has the money in cash but is also thinking of taking an auto loan. He is confused what he should do – whether or not to purchase the motorcycle with cash. In my opinion, as he has the cash, he can buy the vehicle with cash itself rather than going for a loan. Or do you suggest it's a good option to go for a auto loan?

savior70 · Posted: Sat Mar 27, 2010 2:39 am Post subject:

To Vernon,

In my opinion, it's better to purchase the motorcycle in cash, rather going for an auto loan. If he goes for a loan, he will have pay interest on the amount of money he borrows. In the long run, he will end up paying more than the actual price of the motorcycle. Moreover, if he defaults on the loan, his car will be in danger of being repossessed by the lender.

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Buying motorcycle - take out loan or pay cash?

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