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Author Modding your Car via a Loan
ed_jones
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Registered: 23rd Mar 03
Location: Wrexham / Shropshire Border
User status: Offline
2nd Nov 06 at 20:41   View User's Profile U2U Member Reply With Quote

Just wondering if many of you have taken a loan out to mod your car? I know a few people mod on their student loans.

I might take one out to do my engine conversion, tart the body up and pay for a holiday next year as i dont think i'd be able to save much over the alcoholic festive period. And I just blown alot of my savings on a run around vectra.
Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
2nd Nov 06 at 20:42   View User's Profile U2U Member Reply With Quote

I find it very very very tempting these days !!

But I would never want to be in debt to my car
Robin
Premium Member

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Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
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2nd Nov 06 at 20:45   View Garage View User's Profile U2U Member Reply With Quote

bad idea.
broster
Premium Member

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Registered: 6th Dec 02
Location: Drives: E39
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2nd Nov 06 at 20:46   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Robin
bad idea.


pmsl
All Torque
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Registered: 17th Nov 05
Location: Milton Keynes Drives: Ford Focus TDCi
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2nd Nov 06 at 20:50   View User's Profile U2U Member Reply With Quote

jamied
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Registered: 27th Oct 03
Location: Marbella,Spain Drives: C63
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2nd Nov 06 at 20:52   View User's Profile U2U Member Reply With Quote

go for it
i have twice pmsl
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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2nd Nov 06 at 22:35   View User's Profile U2U Member Reply With Quote

If you did, don't spend it all in one go, just incase you write off you car and then don't have any money to a buy a car, yet still have to pay off loan.
James
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Registered: 1st Jun 02
Location: Surrey
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2nd Nov 06 at 22:47   View User's Profile U2U Member Reply With Quote

I cant understand why someone would take out a loan to mod a car.

I would only take out a loan for something that is quite an important investment such as a new car or house.
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
2nd Nov 06 at 22:57   View User's Profile U2U Member Reply With Quote

True. Just buy a decent car with the loan...
Lee Wilson
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Registered: 20th Feb 06
Location: Fareham, Hants Drives: XE Corsa
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2nd Nov 06 at 23:00   View User's Profile U2U Member Reply With Quote

Don't do it
mav
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Registered: 19th Jun 01
Location: Scotland
User status: Offline
3rd Nov 06 at 00:12   View User's Profile U2U Member Reply With Quote

James a new car isn't an investment

I would but only short term, your not wanting to take out a 3 year loan to mod a car..If you take say a loan over 1 year etc yeah why not..If you can afford to pay the repayments ok go for it...Your money after all..
Colin
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Registered: 4th Apr 02
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3rd Nov 06 at 00:14   View User's Profile U2U Member Reply With Quote

if its for a short term (you dont want to be paying out a loan in 3yrs time when you have sold the car) & you can afford the payments easily.
ed
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Registered: 10th Sep 03
User status: Offline
3rd Nov 06 at 00:16   View User's Profile U2U Member Reply With Quote

Modding cars isn't about getting loans to do work on the car. It's about saving up and working for te stuff you buy, well, like everything else in life in fact
James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
3rd Nov 06 at 00:26   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by mav
James a new car isn't an investment



I didn't mean it like that, I meant if it was a necessity, e.g. old cars fucked.
a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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3rd Nov 06 at 09:27   View User's Profile U2U Member Reply With Quote

seams like a crazy idea
mav
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Registered: 19th Jun 01
Location: Scotland
User status: Offline
3rd Nov 06 at 09:28   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
quote:
Originally posted by mav
James a new car isn't an investment



I didn't mean it like that, I meant if it was a necessity, e.g. old cars fucked.


Haimsey
Premium Member

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Registered: 8th May 05
Location: Nottingham Drives: Corsa B
User status: Offline
3rd Nov 06 at 09:33   View Garage View User's Profile U2U Member Reply With Quote

i thought about this purely because the temptation to be able to just have the money to buy the few bits i wanted, like a new exhaust, was too much

but then i slept on it and decided the next day it was pointless and i should get off my lazy fat arse and do some extra hours at work and then buy the things. plus they seem to mean alot more when you know youve worked for them IMO


Marcy Marc

White Sport Progress Thread
SteveW
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Registered: 15th Jul 02
Location: Up in the clouds
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3rd Nov 06 at 09:38   View User's Profile U2U Member Reply With Quote

i did it...

all i can say is DONT DO IT..

only just getting clear of debt now
ed_jones
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Registered: 23rd Mar 03
Location: Wrexham / Shropshire Border
User status: Offline
6th Nov 06 at 13:55   View User's Profile U2U Member Reply With Quote

it would probably only be for 3 grand ish.

already invested in a house,
id love to do overtime but work dont do it.

duno what to do really.
Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
6th Nov 06 at 13:58   View User's Profile U2U Member Reply With Quote

dont do it.

The car could be written off any time , and where saving would lose you it all , getting a loan would give you permanent debt to a car you dont have.
chumbly_warner
Premium Member

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Registered: 22nd Aug 03
Location: Leicestershire
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6th Nov 06 at 14:05   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by ed
Modding cars isn't about getting loans to do work on the car. It's about saving up and working for te stuff you buy, well, like everything else in life in fact


I agree with Ed, if you want something then save up the money you would pay on the loan and then when u have enough if you still want to do i then you will have the money. Taking out a loan to do something is not the best idea.
BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
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6th Nov 06 at 14:10   View User's Profile U2U Member Reply With Quote

as said I wouldn't get a loan to mod a car, only to buy a decent one.

to me modding a car means taking the time to save and working on the car yourself, not getting a 3k loan to do it.

Only loan I've ive got was the mortgage, although now tempted on the 07 CBR on finance, but thats an investment, cant see you getting the 3k back
ed_jones
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Registered: 23rd Mar 03
Location: Wrexham / Shropshire Border
User status: Offline
6th Nov 06 at 15:42   View User's Profile U2U Member Reply With Quote

fair points guys thanks alot i will take them into consideration, just feeling kinda skint at the mo after buying a winter car
FasT09
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Registered: 4th Feb 05
Location: North Yorkshire
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6th Nov 06 at 15:43   View User's Profile U2U Member Reply With Quote

wot if car was 10k and you get a loan of 13k so u have 3k over and use that for mods? as long as u pay the rite amount each month. in 4 5 yrs or however long it is itl all b done?
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
6th Nov 06 at 15:49   View User's Profile U2U Member Reply With Quote

But the car will be worth 4k in 5 years time and you have just wasted 9k

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