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.

Where can you get a loan?

You could get one from a home loan lender or a mortgage bank.

There is also an option that most working class people neglect. It is the car loan option.

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.

A car depreciates in value while a home appreciates in value. A home is solid, concrete investment while a car is an income consumer.

Why not consider converting your car loan into a home loan? What does that mean?

It means you request a car loan from your company and then use the loan to finance a home building project instead of buying a car.

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.

Remember, your job won't last forever. Someday you will retire and your income per month may drop. Or you could lose your job and things could get bizarre. A home will come to your rescue in that time of crisis.

Consider the case of Frank.

Frank use to work for a multi-national company. He initially applied for a car loan along with his colleagues with the sole purpose of buying a car. Somewhere along the line, his wife insisted he should buy a land instead.

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.

P.S: Want to Advertise your business on this site? Click HERE for details.

P.P.S: The book, "How To Earn One Million Naira Per Month – The Secret To Financial Freedom Revealed!", explains five strategies to grow your income to as high as one million Naira per month. Want to earn one million Naira per month? Click HERE to learn more.

P.P.P.S: Do you love this site? Then become one of our sponsors.

Back To Home Page From Home Loan Lagos Nigeria

Subscribe To The Real Estate Guide newsletter for property news

Vacancy For Distributors
Click for details

Create A Website
Click for details

Real Estate Guide Magazine

Subscribe to the Real Estate Guide Magazine. Get FREE real estate investing tips.
Simply Fill the form below.

Your Email

First Name


Don't worry -- your e-mail address is totally secure.
I promise to use it only to send you Real Estate Guide.

wealth club nigeria

Portakabin For Sale

Online Business Training

how to earn one million naira per month lagos nigeria

Follow us on Facebook & Twitter:

follow lagos nigeria real estate advisor on facebook

follow lagos nigeria real estate advisor on twitter