The teller in my bank has been kind enough to offer me an auto loan. I think that 5% per year on the interest of the loan is a good deal. And it makes it hard for me to reject the offer.
The thing is, although I want a car, I don't have any good use for it at the moment. I like walking and commuting and using my sister's "endless love" korean style bike. Its funny and I like to use it.
More than anything, any loan will only deduct the amount of cashflow I will have per month. The loan will cost me P15,000 a month of expenses which I really don't want to commit to.
Instead of getting the loan. I realized, I should be learning how to lend properly. Because of the incident of one of my borrowers did, I took a seminar about private lending. Some legal aspects, risk management and knowing the ins and outs of lending to a private person or small business.
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