Financing or Self owned....?

Canada
January 20, 2007 1:48am CST
Hey guys and gals just wanted to figure out is this Financing or self saving which is making people to own assets like property, cars etc. If you own a house, car or any asset is it Financed or Self Owned? Well I own asset and it is financed by a bank. How about you? Isnt it something that if financing would not have been there then many things are there which we were not in the position to acquire or may would have taken ages for us to acquire it?
2 responses
• India
20 Jan 07
hey i would have preferred to buy self owned because paying everymonth i think increases tension and decreases ur savings ...financing also increase the cost by around 20 - 25 percent that makes a huge difference ...I would rather wait to be in a financial position to buy that thing withour getting a loan
• Canada
20 Jan 07
Well dont you think that if you are salaried today with around INR 40,000.00 per month and the house you want to buy is lets say around 5 Million. The way cost of living is increasing dont you think it will take ages to save this much and by the time you have this the cost is rised from 5 Million to 10 Million. On the same time if you take finance you cdan own it right now and even if you want to get rid of the loan after 1 years or so and if you sale the property you can pay off the whole financed amount as well as you can have still extra money with you to buy a small house without finance. What you say about this?
• Philippines
22 Jan 07
Most must have been financed. Considering the economic status of most people, only a few would be able to acquire property from their own savings. Like me, for instance, I could not have gotten a house for myself without financing help from a bank. I could not have bought a house from my own savings considering I only have a meager income and there is so much I need to pay. So, I agree with you that without financing people may have taken ages to acquire somethings they can acquire now.