I was wondering if anyone has got a loan to go single? If you did, what kind of loan did you get, whats the apr, etc..... How much did you get, and whats your payments a month?

Chris

 

I think most people will tell you not to get a loan for your project, at least that's the response I've seen most on this forum regarding loans for aftermarket parts. Just an FYI.
-Nic

 

I agree, a single turbo isn't important enough to put yourself in debt IMO.

 

Loan, credit card, same difference. I'm willing to bet that most people did it this way. Maybe they don't want to say it, but when you put $4,000-$10,000 on something, the people who payed cash straight out, need to share the wealth.

 

I wouldn't put myself in depts to modify my car. You make a loan to buy the car that's fine, make a loan to rebuild a broken engine because you don't have car to move around, that's fine again. But if your car runs fine get into depts to modify it....that's wrong. Most of the people in here will agree because they do as i do, modify the car with extra money you have otherwise don't.

But thats only my opinion

 

Well I happen to agree with you, a car is a zero return investment either way, so it doesn't really matter. If the car is payed of it's not much of a big deal. But if you are making car payments, paying insurance and putting yourself in debt I can't really see a reason to do that.
Your going to be making payments for something the rest of your life anyways, might as well enjoy your life, and what you enjoy.

If it's not the mortgage, or rent, it's college loans or a 401k, or the plasma tv you had to have at circuit city.
Just done in moderation it's fine, I think that's the main problem, people go hog wild and have no self constraint, I personally would advise against taking out a loan to get a single, but I don't really have a problem with it either way.

 

Use a home improvement loan at a lower percentage rate if you need to.

 

Well my motor blew yesturday, and my turbos are bad too. So that is why i was asking.

 

I'll sell you some low mileage, mint twins for cheap!

 

For those of you who would not take out a loan, or go into debt, is your house free and clear? Are you carrying ANY credit card debt? If you you have any debt, you are fooling yourself, the "extra" money you spent on the car is really not extra at all, you should have used that money to pay down the principal on your house, or pay off your credit cards, failure to do so means that you need to step down off your pedestal. If you have no debt, more power to you, but in my experience that is transient, and you will be like EVERYONE else soon enough.
As for taking out a loan, if your engine is blown, you need to either replace it, or buy another car, and cut your losses, either way, you are borrowing. I am assuming you are a little credit challenged, or you would "put it on a card". That said, a home equity loan is the cheapest money you can get if you own a home, and have some equity. Otherwise, you are looking at "Expensive money", a personal loan assuming fair credit, will cost you far more than a credit card at todays rates. So, if you have decent credit, and no home equity, a credit card is your best choice. If you are faced with taking out a personal loan, you need to consider selling the car, a 3rd gen is beyond your means right now, and fixing it this time does not ensure that you won't need to fix it again before your first loan is payed off.
Regards, Carl
I OWE, I OWE, SO OFF TO WORK I GO

 

You know who would be a good person to answer this question? Jason at the RX7 store. Jason if you see this let us know.....do most people pay with a credit card or do they mail your a money order???

You just about have to buy everything with a credit card cause its all online. And after doing consolidation loans at a bank I can tell you that not many poeple under the age 55 pay all thier credit card off every month. If they did the credit card industry wouldnt be making so much damn money.

STEPHEN

 

its not worth going into serious debt over but a few thousand here few thousand there. it all adds up!

since my FD is wrecked and i got insurance money and my car back.......i think i just about break even.......that is pretty unheard of when you put $30k into a car

i think i'm gonna fix up my FC instead and not go as crazy this time

 

if u can't afford it, I feel that you shouldn't do it. Save up the money, remember this is only a hobby.

 

As I said, if you have to borrow money to keep an FD running, you cannot afford one

 

I already have my turbo kit I paid cash for but for my rebuild I am getting half the money from a loan. I don't think I would have put the kit and the whole cost of the rebuild on a loan though. don't like owing people that much money. But I think a few K is ok to borrow for a project.

 

What I do is save up the cash, and put it into my checking account. After the full amount needed for the upgrade I'm doing is saved, I'll order the part on my credit card. Then when I get the bill, its good as paid off. CJ

 

pp, "the responsible one" I agree w/Apnea, I bought my race car for cash, but some of the upgrades were paid for w/cash from an equity loan. My road race car will cost~15k to build(on top of the purhase price, few have the money in cash to pay for such an adventure. Some cash, and some leveraging I think is Ok so long as you can see the light at the end(have a way to pay back the loan). I do think that if your in tough financial shape, sinking alot of borrowed money into an Fd is pretty risky, since it may break again sooner than we might hope.

 

well had i not drag raced my FD i wouldn't be in debt right now ! lesson learned

 

Vosko u totalled your car ...HOW?

 

I've been In debt the day I bought my FC. I'm sure more than a handful of people will agree too.

 

i've paid for everything for my car (which is getting up there, heh. close to $4k now) in cash.

i do not have a house payment, though. But I am going through college. I have about $200 on my credit card.

I did, however, finance $2400 worth of guitar goodies (mesa amp, cab, and a gibson LP, hehe) so I'm not quite debt-free.

 

jetta made illegal turn and didn't see me.......FD is smashed!

 

thats what i do.... only reason is because its hard to mail a MO, and easy to track a payment with a major CC.... i would deal with cash only if i could with all the parts/companies, its hard to do it in cash.

 

Very good question

I would say that 95% use a credit card, 3% use their debit card(Checking card) and 2% pay by money orders(Cash). This is out of 250 transactions a month.

Jason

 

Generally I agree with the "Don't buy something unless you can pay cash for it theory" for anything other than a car or house. I do use my CC to purchase things but then write a check to cover the balance every money, so I have no carry over.

However.... I have been working on my car for years and was finally ready for it to be "finished". I own a house and the associated mortgage, my wife's truck payment, plus savings, 401k, going out, etc. I used a 0% APR for 1 year CC to purchase the remaining items that I needed to finish my car to the level that I wanted it. We are paying that incrementally each month so that it will be finished within 1 year. Ideally with no interest paid on the borrowed money.

We are still living within our means though. Will I do it again? Probably not, this has been a passion for years, and it was time to get the bulk of the stuff finihsed so I could enjoy driving the car rather than tear something apart everyweekend for upgrade or repair. Do I regret it? Nope! After years of work my car will finally be finihsed and I will have a "car payment" for a year in exchange for driving my dream car.

-Chris
*edit* I would not have done this if I thought there was any chance of purchasing a new home or car within the next year or two.