ed_jones
Member
Registered: 23rd Mar 03
Location: Wrexham / Shropshire Border
User status: Offline
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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.
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Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
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I find it very very very tempting these days !!
But I would never want to be in debt to my car 
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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bad idea.
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broster
Premium Member
Registered: 6th Dec 02
Location: Drives: E39
User status: Offline
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quote:
Originally posted by Robin
bad idea.
pmsl
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All Torque
Member
Registered: 17th Nov 05
Location: Milton Keynes Drives: Ford Focus TDCi
User status: Offline
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jamied
Member
Registered: 27th Oct 03
Location: Marbella,Spain Drives: C63
User status: Offline
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 go for it
i have twice pmsl
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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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.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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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.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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True. Just buy a decent car with the loan...
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Lee Wilson
Member
Registered: 20th Feb 06
Location: Fareham, Hants Drives: XE Corsa
User status: Offline
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Don't do it
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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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..
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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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.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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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 
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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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.
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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seams like a crazy idea
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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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.
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Haimsey
Premium Member
Registered: 8th May 05
Location: Nottingham Drives: Corsa B
User status: Offline
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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
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SteveW
Member
Registered: 15th Jul 02
Location: Up in the clouds
User status: Offline
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i did it...
all i can say is DONT DO IT..
only just getting clear of debt now
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ed_jones
Member
Registered: 23rd Mar 03
Location: Wrexham / Shropshire Border
User status: Offline
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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.
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Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
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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.
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chumbly_warner
Premium Member
Registered: 22nd Aug 03
Location: Leicestershire
User status: Offline
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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.
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BabyBlade
Member
Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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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
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ed_jones
Member
Registered: 23rd Mar 03
Location: Wrexham / Shropshire Border
User status: Offline
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fair points guys thanks alot i will take them into consideration, just feeling kinda skint at the mo after buying a winter car
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FasT09
Member
Registered: 4th Feb 05
Location: North Yorkshire
User status: Offline
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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?
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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But the car will be worth 4k in 5 years time and you have just wasted 9k
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