Is this the start of a disaster?
03-21-11, 11:07 PM
#1
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Is this the start of a disaster?
I was thinking about getting a loan from the bank to get a t2 engine. I was going to save up for it, but I think it might just be easier to get a loan and pay that off.
So the question is... should I get a loan to buy a S5 T2 motor?
So the question is... should I get a loan to buy a S5 T2 motor?
03-22-11, 12:11 AM
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loans in general are a horrible ,But if it is a emergency then it might be your only choice . But for a car upgrade very bad choice ,save your money and in the long run you will be much happier .
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03-22-11, 12:09 PM
#9
loans on things that depreciate is always bad. Credit cards are worse, you'll just end up paying more for both options. Paying your other bills on time will help build your credit.
Save up for it...stay as debt free as possible. Trust me, its worth it to be debt free.
Save up for it...stay as debt free as possible. Trust me, its worth it to be debt free.
03-22-11, 12:27 PM
#10
Probably not. Unless you 'need' your car to get to work?
Rx-7's are not teh best commuter car either... for the price of the engine you could get a good running honda or toyota that get's good gas mileage and can be more reliable.
Not all debt is bad.
http://www.bankrate.com/brm/news/cc/20040806e1.asp
Rx-7's are not teh best commuter car either... for the price of the engine you could get a good running honda or toyota that get's good gas mileage and can be more reliable.
Not all debt is bad.
http://www.bankrate.com/brm/news/cc/20040806e1.asp
03-22-11, 12:37 PM
#12
YES!
I just happen to be a loan officer. What can I do you for?
jk.
Its a rotary. Chances are you'll be paying this rebuild off long after your on your next one. That's no bueno. I'd save my ducketts and buy the motor when it's affordable to me.
I just happen to be a loan officer. What can I do you for?
jk.Its a rotary. Chances are you'll be paying this rebuild off long after your on your next one. That's no bueno. I'd save my ducketts and buy the motor when it's affordable to me.
03-22-11, 01:11 PM
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Those are all good points, and i appreciate the honest truth.
The only reason I thought it was a decent idea was because it was going to be about $66 a month (48 month, ouch I know) but at anything its a small loan in which I can pay off sooner.
The only reason I thought it was a decent idea was because it was going to be about $66 a month (48 month, ouch I know) but at anything its a small loan in which I can pay off sooner.
03-22-11, 01:49 PM
#15
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I woudn't do it for 48 months. I'd think about it if it was for like 12 months. The only reason I say that is because the interst amount you would pay wouldn't be that much. Even then it probably isn't the best idea but it is a path to more instant gratification, which I am sometimes willing to pay extra for. No way would I put it on a credit card.
03-22-11, 04:11 PM
#16
Brap Brap Psshh
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Pro- You get your engine right away, so if you're very impatient you might not have another choice, lol.
Cons- You end up paying 3 times what you took a loan out for. If you're late on payments they really screw you with late payments. you are now tied down to a monthly payment and it takes away the freedom of knowing you can always just pack up and go somewhere else. It is stressful factoring in payments to your usual lifestyle.
I took out a loan to buy my car, I don't regret doing it because it was the right car and I knew it could be gone anytime. An engine swap is always available. My advice, don't do it. Save yourself the hassle and just save up. It won't take as long as you think if you're devoted to it. And the actual swap is a patience game as well. So no reason to rush into it all. Enjoy you're car now while it's still n/a and has less issues, then do the swap when you have time and money.
Cons- You end up paying 3 times what you took a loan out for. If you're late on payments they really screw you with late payments. you are now tied down to a monthly payment and it takes away the freedom of knowing you can always just pack up and go somewhere else. It is stressful factoring in payments to your usual lifestyle.
I took out a loan to buy my car, I don't regret doing it because it was the right car and I knew it could be gone anytime. An engine swap is always available. My advice, don't do it. Save yourself the hassle and just save up. It won't take as long as you think if you're devoted to it. And the actual swap is a patience game as well. So no reason to rush into it all. Enjoy you're car now while it's still n/a and has less issues, then do the swap when you have time and money.
03-22-11, 10:54 PM
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