How advisable is this? Some people do, some would rather buy a tokunbo with the money they presently have than get a loan to purchase a new car. What do you think?

If you can get a good and reputable insurance to go with it, there is nothing wrong with it, however, make sure u go with what you can afford to pay monthly without breaking the bank, most people wont wanna do it, cos of the ridiculous interest that the banks charges, however, only u knows your pocket, good luck