I'm interested in seeing the terms of this loan.

I'm all about learning mistakes on your own, but lending can be very detrimental if you are not smart with the money. Listen to TTT and Evil Aviator. They may sound harsh, but that's because what you want to do IS ridiculous. Think about it. When are are paying 500 bucks a month 5 years from now, are you still going to be happy with your gold rims?

 

I really don't understand this comment being directed towards me. I never disagreed with TT. In fact I fully agree that you should pay for your car with cash in hand not off of credit.However I didn't reply to the OP because in reality we all know that this guy is gonna do whatever the hell he wants to anyways. My comment was simply on TTT attitude. He's been more cranky than usual as of here lately. That's it. No more, no less.

 

[grandpa-simpson-voice]

Back in my day, we could actually do addition ourselves without having to post to the Internet just to add three simple numbers together. We had this thing called pen and paper...

[/grandpa-simpson-voice]

 

OP - these guys are telling you the truth and giving you good advice. I don't always like the way some word their thoughts, but hear the message conveyed.

It's like fuc*ing a great looking chick without a glove and getting STD's you have to be treated for ten years or more. It may be fun now, but you'll regret it later. Finish your school, get a good job, then you can waste money on luxuries when you have disposable income. There's a thread in the lounge on a similar topic.

 

do it up man. its your money.

 

when I had my 7 in college I wanted nothing more to spend money on it and do everything I wanted, But I waited spent the little money I had doing small mods to keep it reliable which is what I needed. Sounds like you need the same, Just spend a little money keeping you car reliable if you do decide to get the loan I would suggest only taking what you need for school.

Like they said your 7 isn't going anywhere,and if you rely on it to get to school and work I would just keep it a reliable DD for now.

 

Not anymore..... http://media.ebaumsworld.com/picture...aofalltime.png

john ny

 

At first read it appears that you are disagreeing. Regardless though, this comment

had me ******* ROLLING! No sarcasm, not trying to be a dick - that's funny. I like you man! Last night I was paintiing a few parts, sucking down some good fumage, and generally cranky at the whole thing. I kept having 10 minutes of flash time to take out some aggression. This thread popped up, the rest we all know. Honestly though, this kind of ignorance boils my blood so I'm doubtful that my reaction would've been any different sans fumes

So ah OP, how's about them terms? In a few minutes I'll tell you what it's cost you in the long run and even show you how that if you saved your payments, what you'll have in the bank and the end of this load. C'mon, free education. You don't even want to know what I bill out /hr. This is free good advice.

 

It should not be free advice Brian, it should be common sense to not take a loan out for car parts and repairs (unless of course it is needed to get it ON THE ROAD). I guess we all can't dream big.

 

Yeah but most people don't have the knowledge to do all the calculations to know what things are going to cost them in real terms. They just say, "yeah, I can afford those payments," and they go for it. IMO, that's what started the housing market taking off and then when the rates started to come back up and people still wanted to buy, all the "exotic" (AKA **** loans) came into play so people could still afford the payments on a house that they should never have bought in the first place. Hence, the demise when the loans reset to pmt's they couldn't actually afford, people got scared, stoped buying, simple ECON took over and the prices came back down, now people owe more on thier homes than they are actually worth. This is of course over simplified.......

**** it, here we go. It doesn't seem like much because we're talking about such a small amount of cash but look at the percentages

$5,000 loan. I'm going to assume a 6 year term and 12%. I'd be surprise if I was way off here considerint this is probably a personal loan. Regardless. Your payment is going to be ~ $98/month. Not bad, I'd hope you can afford that. So, over the course of 6 years you'll be paying ~$7000 for this crap. Here's the interesting part. If you took that PMT and actually saved it, in a MM account, it would only take you about 4 years to save that amount of money, 2/3's of the time. And, at the end of the loa, if you saved your PMT's, you'd have ~$8100 in the back, or 162% of what you started with

 

^^^ttt just killed it i wouldnt even want to go through with it now.... im 20 and yea that thought has crossed my mind to take out a loan i even tried but i forgot that i had overdrafted on my first bank account it seems that ive been owen them $312 for the past 3 yrs ah not to worried about it but like everybody else has been sayen build slowly, pay cash and bargain hunt youll be much better off

 

Bah, I forgot to through in one of the most important percentages.

Start with a $5,000 loan, at the end you've paid $7,000. Or 140% of what it's worth for instant gratification.

YOU"LL BE PAYING 40% MORE TO GET IT NOW!

 

Ah... So much negativity... Go for it bro! Get that loan, spend half on the car, make yourself extremely happy for a while. 10 or 20 years down the road you'll know first hand how bad of an idea it was, but in the mean time do what makes you happy!

Ya'll be forgettin that as long as you have your basics covered (food, water, shelter), the most important thing in your life becomes happiness.

I think we could all benefit from a happiness boost.

 

like i said b4, PART of the loan will be used, not just for the car, rest goes to things i need to pay, plus i have good rates and such, and since im a student it gets put in with my student loan rates, and i still get the 6month deferral with no interest on this as well. but most of you have talked me our of the port, i AM getting new wheels and tires, an exaust(as i need 1 neway mine has leaks) and rebuilding the front end. ty, but there really no need for the harsh words. belive it or not i did actually think this through,
the porting ive wanted to do since i got er, but it will wait,that was just something i wanted to thro in for fun

the rest i need to do soon,

otherwise there will be half an exaust hanging off my car, with no tires, parked in my driveway rotting away. to me, these things are pretty necessary, as it is my daily and i need to drive to get to work and school.

plus she needs the attn. i feel bad even driving it with the tires i have on it

 

Great, so my tax dollars are going to help you buy some gold BBS rims. I feel so good about myself right now.

Great attitude to take though, even after I showed you how much more this **** will cost you in the long run, you still go ahead and do it. Congrats, you're well on your way to a life stuck in debt and always playing catch-up. Bravo. Might I suggest you take a few Econ/Finance courses while you are in school. Apparently a proffessional can't convey simple examples to you. Maybe if it effects your GPA you'll pay more attention. This type of knowledge should be required in HS

 

I understand the tires, but why new wheels? Even with the crappiest silver-painted BBS wheels you are looking at wasting $1,000 for no reason. If you like, just give me $1,000 and I will tell you that you look cool.

If you are looking for some cheap performance tires, the Falken Ziex ZE-912 tires are decent all-season touring tires with a long life tread wear rating. They were rated #1 for cheapie autocross tires by Grassroots Motorsport. I just bought some for my 88 RX-7 convertible at discounttiredirect.com. I recommend just getting the stock size to maintain decent gas mileage and suspension geometry. Keep in mind that wider tires will make the car more prone to hydroplaning in the Florida rain. I had to learn that the hard way.

Porting probably isn't so great for your situation, but it usually adds only about $300 to the cost of the rebuild. While I would recommend against this or anything else that is not required, it really isn't all that much of a waste of money. Then again, $300 is probably a lot more to you than it is to me. Do you know the difference between 'cost' and 'price'?

With the current situation of more and more irresponsible idiots draining tax money from people like me and TTT, you should expect words to get more harsh as the U.S. and world economies go down the drain. The simple way around this is to not be one of the irresponsible idiots.

Amen. I recommend Personal Finance for people like this, and some schools have a combined Micro/Macroeconomics course that is excellent for everybody in my opinion.

 

you guys are being a little harsh. let him do what he wants. in the whole post i havent really seen anyone that has answered the op question. he didnt ask you for your advice on what he should do but if 5000 would be enough. he is going to do what he want. yea mabey it is what our tax money hard at work but you know we all pay taxes (well most of us, at least i do) but **** it. let him do what he want. the u.s.a if fucked anyways because of the economey. might as well let some of our money go to an rx7 and a kids school than some mother f***** on unemployment and sucking us dry. no offence to anyone but shut up and just answer the question that he asked. so in short just yea you should be able to do it with 5000.

close thread

 

First off, I did answer his question.

Second, you think my tax dollars are better spent subsidizing a loan for some ridiculous gold rims as opposed to helping someone who lost thier job keep from going bankrupt quicker, if at all? You must be high becuase no one is that ******* retarded. You being high would also explain the 3rd grade level English that I had to struggle to read.

You need to educate yourself. Period, as in "end of statement."

 

You seem to have missed the final line of his original question.
V
V
Answer: Don't do anything unless it is absolutely necessary to keep the car in good working order. You can buy bling once you finish school and obtain a salary that can support it.

- How in the heck can you answer his question if he has not specified the damage to the front end?
- Engine rebuild is usually $2,500 to $6,000 depending on who does the work and what needs to be replaced.
- BBS wheels are about $1,000 to $3,500, depending on the model.
- Decent tires are $250-500 plus about $80 for mounting/balancing and about $100 for a 4-wheel alignment.
- Exhaust is usually around $600-1,200.

I am not sure why you think words typed on an internet forum could physically stop somebody from being a moron. However, were it possible, I would certainly do it.

 

ive read the words "tax dollars" so many times hahaha, but yeah, listen to what theyre saying, sometimes in order for someone to get a message through it has to be harshly spoken...as much as ANYONE would love to taking money out to "trick out" their rx isnt a good idea at all, i dunno how old OP is but ask your parents or any of your friends(non-ricers preferably) if its a smart idea...see what they say...

 

Sadly, come late January, our money is going to be buying lots of people things they don't need. Granted I make no where near what you make, but still.

Go go wealth redistribution!

 

Getting a loan is exactly what u wanna do these days isnt it....

 

hey trixx you are going to do what you want in the end. im guessing your 20 or so years old. im 27 and have owned 14 or 15 cars since i was 17. moded half if not more of them threw credit. at the time i wont lie it felt great,haveing my car all nice lookin and stuff. but now i only have one car that ive been working on for going on 5 years. the car in my sig. why has it taken me five years to finish it cause i still am paying for all the other cars i dont have any more. from my credit cards. im finally going to be debt free at the end of 2009 going into the first few months of 2010. i make good money and im single. god forbid i had a wife or kid. you get the idea. just advice. if it makes you feel good do it. just be causious of later on.k. later.

 

I try, valiantly sometimes. You asked if he knew the difference between "price" and "cost." He doesn't even know the difference between "want" & "need." How can someone who cannot distinguish the difference between two things so simple in the present be expected to look years into the future to determine the ultimate cost of something? It sounds like jorx7 made the same mistake when he was younger, however, it would appear that he learned his lesson. Perhaps if the OP does go through with this ridiculous plan and 10 years after graduating when he's still paying off his gold rims he'll have the hindsight to realize the error of his ways, although I doubt it.

I know someone that bought a house in 1983 for $130,000. He had to borrow $50,000 from his boss as a DP so he could afford the mortgage. The DP loan was paid off over the next few years from his paycheck. Whenever he "got" a raise, the difference was applied to the loan. Today, that same person owes ~$250,000 on the same house. Read that again. Every few years he would refinance the house and pull out a little more equity, go out and buy something. Be it a car, or a boat. Generally he would take the equity from the house and use it as a DP on a boat and then finance the other 80% of the boat. We're talking $350,000 boats here too. The moral is, 25 years after buying a house, he owes 313% of the original loan after paying an increasing mortgage for 25 years as opposed to my mother who bought a house in 1983 (The same year for the EXACT same price) and had a 30 year mortgage paid off in 1996, 13 years later. If I were to PV all of his mortgage PMT's and compare it to the value of his house, I bet there would be negative equity. My mother on the otherhand owns her home which is valued near the 7 digit mark. Who do you think came out better? She may drive a 1996 Cherokee as opposed to a 2005 Grand Cherokee and a 2003 Vette (auto too ) But she makes less money than him and is in a better financial position. Consumption now will kill you exponentially in the future.

Depends on your situation. I had a client that had a $5-600,000 mortgage and his rate was 2.75%, fixed. He was getting ready to retire and wanted to pay it off. He asked me my opinion. What do you think my answer was?

 

TitaniumTT, you can lead a horse to water, but you can't make him drink.

Someone gets an idea in their head and no matter what is said, even if this idea is ridiculous, won't change it. That's a sign of immaturity that we all experienced at one time or another. Most don't grow out of it and there's nothing you can do other then let then fail.