I Need to Make a Major Purchase — Should I Save Up or Take Out a Loan?

If you need to make a major purchase, 比如买车, 添置新家具, 或者更换电器, you might be wondering if it’s better to save up or take out a loan. 储蓄vs. borrowing debate is often a normal part of healthy money management. While there’s no one-size-fits-all solution, answering a few questions can help you make the best choice.

1. 你真的需要吗?

The answer to this question might seem obvious. And yet it’s not uncommon to make a large purchase without actually considering whether you need it. For instance, if your family is growing, you may need a bigger car. That makes sense and is a necessity. 另一方面, you might be considering getting new living room furniture to replace your current, usable furniture – which is really a non-essential purchase. Asking yourself if it’s something you really need can help you evaluate your priorities.

If your purchase is non-essential, it could be worth 为…存钱 – but not worth taking out a loan to get it

2. 是购买吗? 对时间敏感的?

Replacing a broken washing machine might be a 对时间敏感的 purchase because you need it to wash your clothes and may not have the option or time to go to a laundromat. Conversely, something like a new TV can probably wait.

However, the urgency of some large purchases isn’t always so obvious. Take the above example of getting a bigger vehicle to accommodate a growing family. While you may eventually need a larger car, you might be able to realistically hold off for a while – giving you more time to save. Of course, this will depend on timing and other factors of your unique situation.

3. 要花多长时间 你要存钱?

The time it takes to save up for a substantial purchase depends on your income, 目前的费用, 和勤奋. We recommend figuring out how much you can put toward your goal each month and calculating how long it will take you to get there. This timeframe can be factored into the time-sensitivity of your purchase and help you determine your best course of action.

看看 简易储蓄计算器 to see how long it will take 你要存钱.

4. 你能 支付贷款?

If you’re leaning toward borrowing the money, the most crucial consideration is whether you can afford the monthly loan payments. Affordable loan payments should be about the same or lower than the amount you could feasibly save each month. If the figure is higher, you may want to reconsider.

Accepting the terms of a loan is easy to do, especially when you’re excited about a big purchase. 但这是一个重要的承诺. You’ll have to repay the funds plus interest within a specified timeframe, and defaulting on payments can hurt your 信用评分 and affect your long-term financial wellness. If you’re unsure of your ability to afford payments throughout the life of a loan, paying cash for large purchases is probably your safest bet.

5. 你要花多长时间 为了还清贷款?

Aside from budgeting for loan payments, you’ll want to consider how long it’ll take you to pay it off in full. You might be able to afford payments now, but will that be the case in one or two years? 四年怎么样?? Bear in mind that a sizable loan payment could impact your finances in the future.

Also, the need to make other large purchases over the next few years, a shift in 个人支出，或者 收入下降 could affect your ability to stay current on the loan. For example, you may need to lease a new car, afford childcare, or pay more in rent down the road. When reviewing the terms of a loan, be sure to factor in all potential expenses and changes to your income.

底线 关于省钱vs. 贷款购买大宗商品

在帕特尔科信用合作社, we’re committed to supporting your financial wellness and helping you make good money choices. Whether you opt to save up for a major purchase or decide on borrowing the funds, we can assist.

In deciding whether to take out a loan or save up, you’ll need to balance your need (or want) for the item versus the timing of saving. The questions above can help you evaluate that, but here’s the bottom line: Will the monthly payments be affordable and about the same (or less) than the amount you could save each month?

If you’re still unsure, we encourage you to schedule a complimentary appointment with a 注册金融专员 在你当地的帕特尔科分店.