Home Loan Or car Loan - Which Is Better?
A home loan speeds up the process of building a home. Your building project would take much longer to complete if you opt not to take a loan and depend on building your home entirely from your income.
Many Lagos Nigeria companies grant car loans to employees with very lucrative terms. For example, you're allowed to pay over a period of four years with monthly deductions from your pay.
Most employees collect this car loan and buy a car. By the time they finish paying up in four years, the car is due for replacement. Then they start all over again.
Home loan from banks come with hefty interest rate. Car loan from your company comes with low rates. So, instead of buying a car now, why not defer it and build a home first?
Sure, a car makes your life easier. I know because I have driven three cars in my short life. And I plan to drive more.
But I am also a home owner . . . a landlord . . . and I know the joy of owning a property of your own. It's simply out of this world.
Frank listened to his wife. Her argument made sense.
Some four years later, Frank was retrenched (downsized) out of the business. By that time his home was almost complete.
He completed the home with part of his payoff and invested the balance in a business venture.
Today, Frank is a man at peace with his wife, his family, and himself.
You can drive a car later. But right now it makes sense to convert that low interest car loan from your company into a home loan.
Build your dream home with a low interest home loan (sorry, car loan) from your company. You stand to gain in the long run.
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