Home Loan Or Car Loan - Which Is Better?

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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.

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Where can you get a loan?

You could get one from . . .

1. A home loan lender

2. A mortgage bank and

3. A commercial bank

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

Wait. Car loan?

What does car loan have to do with loans for buying a property?

Let me explain.

The Relationship Between Car Loan And Home Loan

Many companies in Lagos Nigeria 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 salary.

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.


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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.

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