im getting a loan of about 10000 bucks

im putting about 5 to the car mabee more

im thinking a streetport with rebuild, front end work, exaust, tires/wheels

thinking gold bbs 16x7s +30 offset (right?) 225/55/16back 205/55/16front

racing beat exaust


would a 5000 budget do it?

also i would want it to be reliable as i drive 100 + miles a day. works well now but compression is a bit down. stockbuild, anything i would need? anything i shouldnt do?

 

Absolute GREAT use of credit! I'm surpirsed that Americans aren't in debt over their heads all in order to buy depreciating toys...... oh wait.

Think of a better way to use your credit.

 

Wow, someone really did **** in your cheerios this morning didnt they?

 

actually, this is for myself, i go to school i work, this is for my own enjoyment while on my dayly rutine, but the rest of it goes towards school, i make an hour trip each way from school, and 15 minutes extra to work, im in my car driving most of the day anyway. but dude, thats not very nice being a random ******* about **** like that

 

Its true.. most of the People are picking their hairs out of their heads trying to Survive with economy being the way it is.
and the OP wants to basically burn money by pouting it on his car , which hes never going to get back by selling it.

the way i see it RIGHT NOW at this point you should save money instead. don't blow K at once think twice about it.

 

ITT: Future lock.

 

Sadly I agree. Before the bottom fell out I had a plan almost like yours. I got that out of my head and now I have no debt.........build slow without credit my friend...

 

Great, even better. A student with probably passable at best credit, probably paying a high APR, and whoes employment is more than likely shaky at best, all for a TOY! I'm an RIAA and I'll be taking my CFP exam pds, this is about as retarded as people who take out ELOC's to go on vacation. If you were my client I'd tell you as politely as possible that I think you need to find a financial planner who ..... well isn't a financial planner.

To answer your question though, I doubt it'll be enough of a budget. Enjoy a life of never being able to get ahead financially

 

First, i would say a streeport + 100 miles per day = bad idea...streetports lower gas mileage...and i wouldnt want to put that kinda mileage on a streetport/rebuild at all.

Second, i speak from experience when i say 5000 is nowhere near enough. Fixing cars has a way of costing way more than intended...plus the rims/tires alone should cost you at least 2k. If you're going to be doing the majority of the mechanical work, then you could probably get it done for 5000...but if not, i dont think youll come close.

As much as id love to have a 5k loan to put into my 7, id have to agree with everyone (although some of them were a bit bitchy about it). Save the money, slowly build the car, and have good credit and a decent bank account later.

There are just too many things that could go wrong. You could find yourself in an emergency...and instead of having money to cover it, you put it into your car. And if your car gets wrecked or has a major problem, then that money is probably wasted.

Just be smart with your decisions...the car isnt going anywhere...its a 7, and they get better with age

 

i would not get a loan for your car. just build it slow but if you absolutly need to build it now then i think that 5 g would do it. i was in you position when i was in school and i am glad sure that i didnt do it. if you are looking into a loan and you go to school then you should realy look into sally may loans for studens. they are very good.
just my 2 cents

 

Just do things the hard way, Save I know it hurts but im building a ******* amazing machine by working my *** off in a job that sucks ballsac while I go to school. I find GREAT deals on parts and then I spend. Untill I find a deal that burns a hole in my pocket that **** stays on lock. I bring my own god damned lunch.

 

Are you out of your freaking mind? In your situation, you shouldn't do any work on the car unless it is necessary. When I went to school I had two mods on my RX-7; K&N drop-in filter (only $2 more than the stock Mazda filter at the time) and a $20 Fumoto oil drain plug.

Is Suze Orman still on TV? You seriously need to watch her show.

Would you rather that the financially-smart forum members not respond and simply let this guy ruin his life and become a burden on the rest of us who pay taxes, or tell the truth and help him out with the knowledge we have gained through college and experience in finance?

 

good idea but not for a DD... but its your money do what you will with it.

 

Is your car drivable as it is at the moment?

If you really need to take money out, use it to get it drivable, and just let it be. You don't have to pour money into to the FC to have fun with it.

 

People take car loans out and buy Civics everyday, money in which they wont make back of course.
How is this any different?

 

been there done that... I had a 91 Integra that i put about 12k into over time.. about 6 grand of that was financed through credit cards loan etc... It was nice at the time, hell i purchased cf hood, wheels, tires, suspension, and a traction bar all in one night.. it felt like christmas!! it was amazing at the time, eventually i got bored with the car and traded it in on an STi, i got 3500 back out of the 12 grand i put into it, not to mention the 4k it cost upfront, plus interest on the loans and credit cards im STILL paying on 2 years later...

I know where your at, and people told me these same things and your going to do whatever you want no matter what.. but just stop and take some time and think about it... don't finance your project car.... ever.... ever... ever

 

This thread should have been closed after this post.

 

Well said, very well said. The people in this country that aren't in ridiculous amounts of debt from over-consumption are paying for the idiots who have no concept of finances or how they work. It really makes me a little sick to my stomach

If someone is taking out a loan to buy a civic, they are probably in need of the car to get to and from work, or if they are a stay at home whatever, shuffle kids around. There is a difference between spending $5,000 on a car that is needed, and getting a loan for $5,000 out of which at least $2,000 is going to pay for some ******* gold rims and tires. How is this a good use of credit? Toys shouldn't be bought unless the money is in hand or there is some stable employment and cash in the bank. I'm not even going to get into the time-value of money, opportunity cost, NPV etc etc etc. However, if the OP would like to give me his loan terms, I'll gladly calc everything out for him to show him what this retarded decision is going to cost him in total dollars today. Hell, I'll even run a simple calc to tell him what that $5,000 could potentially be worth at the end of his term assuming a relatively safe IRR.

Let me put it to you this way...... I bought my EMS, a few options, harness, sensors, and a digital dash all from the same guy, local but proffessional and a dealer for everything. I wanted to put it on my CC for the points. He said it would change the price slightly, I wrote him checks for everything. Now I'm not stuck paying for something for the next 5 years and in real dollars cost me a shitton less.

In the last 15 years there has not been one person in my immediate family that has bought a new car without writting a check for it in full becuase in the long run, it's cheaper. Although now with rates what they are it takes a little more calculation to figure out if the discount that you'll get by writting a check is worth it over the cheap financing.

So OP - seriously, tell me your terms and I'll tell you what this little dream of yours will cost you at the end

 

U should just wait util u start making real money where u can pay cash and not worry about it, like me ive spent about 20K on my FC and still not done yet but I run my own business and does not really affect me, its been a 3 year project, I also have a 3rd gen, 1st gen , & 2 daily drivers, BMW 750, LExus SC 430, a gsl-se was my first car when I was 17, now im 31 and still got the Rotary bug in me

 

I can't till i see this car for sale ^_^.

Most likely it'll start as a high priced car and slowly work its way down to a cheap price cause he'll have to pay bills. I'll probably hop all over it. Haha

 

bad idea. Build your car with money on hand and not money you borrow. use 2000grand at the most towards the car making it reliable and put the rest in your education.

 

hell even 2k is alot

 

Yep u should concentrate and finding a career first, the car's will always be around if u got the cash

 

y not just but a nice t2 and rebuilt it...?
just a tough tho..

 

If you're going to take out the loan despite the advice of TTT and others, instead of spending 5000$ on your car, go out and spend 5000$ on a reliable daily driver so you can work on your car and not worry about being out of transportation if something goes wrong or the RX-7 stops running for some reason. The economy is only going to get worse before it gets better, so just be careful in what you do.