My wife and I want to buy a car. But I wonder if we should borrow money from bank.?

(2011-01-26 15:30:30)

1. Mickey Bi Says: -We live in Ho Chi Minh City, Vietnam.
-Our total income: 10000$ per year.
-Our saving: 7500$.
-Our favourite cars are around 30000$.
-We can borrow the 70% amount of the balance

2. rick m Says: Two reasons not to buy a car in HCMC.
1) Parking
2) Interest rate

If you can solve the parking problem then you should think about buying a used car. I'm not sure what the interest rate on a loan is in VN but I imagine it's very high.
You seem to have a good grasp of "tieng Anh" as well as the internet. Why not start a business driving tourists around in an affordable used car until you can afford to pay cash for a new one? The cost of repairs to an old car in VN is very low compared to the cost of the interest you'd pay on a loan.

3. Jesskaa Says: No, you will end up paying back so much more than the car is worth. If you ever borrow from a bank it should only be something like a house, which may go up in value eventually, as opposed to a car which decreases in value.

4. Philip C Says: at this time in the economy i wouldn't. if you want try to find the same kind of cars used i dont know if that's what you want but just from experience as a repo man now is not a good time sorry hope it helps

5. Jim Says: Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.sinfree.net