stiffdogg06

I have this dude that lives near me and he said he might be getting a loan to finish his motor/turbo build...

Personally I don't spend $ I don't have... But since there are soo many big WHP builds on here, how did everyone do it? Just save for years or did some use private bank loans?

I am trying to find reason why this is a bad idea in this economy.

tegman23

what do you consider high hp? I know alot of guys that are running pro cars, are sponsored, alot of the guys that are sfwd own shops, probley use the car as a taxt write off..Im in the middle of building 2.0L sleeved built for 500+whp I just use extra money out of my pay check to buy parts...

srmofo

Im sure some have used CC, and personal loans...others have larger incomes and more disposable income (ie no kids)....some work at shops and get parts cheaper, or know how to do the work themselves....I personally wont charge large amounts of money for a hobby, especially now with things the way they are...I have a small landscaping/snowplow business and fix cars for friends and neighbors on the side.... I need some snow to get this project done this winter.

stiffdogg06

I guess I should've mentioned high whp street cars that the normal people build that don't own shops nor are sponsored. Just the average joe if you must.

I mean this don't just apply to HIGH WHP builds. I mean do your average people take out a loan or what not to finish their builds?

96 GSR-T

Average Joe Here, paid just about retail for everything on my car, no loans just cash when I had extra to spend, and I have a good 15-20k in my car, its taken me 3 years to get to this point.

My friend has gotten a deal on everything on his car, he has built his car for half of what I spent on my car, between insane deals and women buying **** for his car, he has built a 9sec car for the price of a 13sec car.... lolz

tegman23

Ya if your looking for the average joes thats me. personally I pay cash for every thing, I dont like have to pay people back money..I just bought alot of my parts used..(manifold,turbo,ic, ext)..Out of all my friends most of them pay cash, I have one that took out a personal loan for the turbo kit...But just save and buy parts when you can

boostfreak0885

it helps a ton if you know how to do your own work also... besides the machining, if you can assemble the bottom end/head yourself and intall everything yourself, you save a **** ton of money

tegman23

X2 when I first got into the game I had a machine shop do the assembley, after that I learned to do it myself, If I had to guess I bet saved myself a couple thousand over a couple motor builds

blinx9900

Personally i spent my own money and time, my car is 6 years in the making but i do have friends who took out loans and i used to work at a shop and we had customers who THOUSANDS in debt on there CC or loans because of there cars, it was STUPID!!!

Boner_Ben

I just never leave the house and save alot of money so I can put it all in the car

SD_Lurker

iTrader: (4)

Paid cash for everything. About 8 G's in the hole as we speak and still going. I wait around to find stupid crack head deals on parts. If anyone else would to buy this stuff it would cost them 15+. Not to mention I don't pay retail for anything.

deeweezy187

i just save my money to get my turbo parts. I been saving for 2 years and i'm still not done. But one day i will.

stiffdogg06

Now when you say thousands, do you mean multiple like 5-10k+ or 1-2-3k?

My buddy that lives near me says he wants 2k private loan to do what he needs to do...

Personally I don't spend $ I don't have. One credit card and it's for emergencies only...

dpetro1

only time ive ever taken a loan for any of my cars was when i needed an extra $1000 to actually purchase the car luckily a family member helped me out. as soon as i sold my other car i paid it back immediately (like 1 month later) other than that everything has come from cash.

now that i have a full time day job i can try to save more but i also kept my nighttime bartending gig to help with extra cash.

so yeah basically, 2 jobs, no kids, and no girlfriend is the way to build quickly

sp00led

"Rick Ross - Hustlin" there are a lot of local guys that go that route in order to pay for their hobbies. The smarter and safer route would be get a good day job, say no to kids and marriage (unless she has a better job then you), and save your duckets.

Oh and you can't forget the guy that has 30-40k in his car but lives in a shack. It's ghetto but I see that one a lot to.

twkdCD595

No CC's here, dont have one... dont like them... would only get one to build credit by charging gas to it or something trivial and paying it off each month. Still have not brought myself to do that even though.

I make decent enough money to really do what I want pretty easily and 95% of what I have is just been stuff I bought from setting aside money for it (after the rest of the toys, utilities, house payment, monthly bills). Occationally I get a few hundred here in there in presents @ christmas or birthday I use on car stuff though. I dont like to buy what I cannot pay for in full when it comes to modding the car. Over extending myself on credit/ loans is nothing but trouble and more cost in the end, so I avoid it... short of obvious must have stuff like a home loan or whanot.

slammedem1

Ive never owned a credit card, i just save money and look for amazing deals.. but when its time for me to add the boost i think im going to take a loan out to pay for it all the parts at once rather then buying piece by piece as money comes to me.

sanman000719

I have spent the last year, and 22k in my ride that hasn't even seen the strip yet lol. My ride is a dual purpose ride though, and I wanted some of the best of everything so it was modeled off of the shops pro-am civic. I pay cash for what ever I do, but im in the army and buisness is good for us lol.

ACTION JACTION

Taking a loan to buy a car as a means of necessary transportation is one thing but putting yourself in debt to buy a turbo kit doesnt make financial sense, or at least not to me. You'd be better off if you save up for it and take your time to build the car properly the first time. Dont rush it or you'll be doing it again or selling it. Also you can save alot of money by buying a car that is already built.

boostedcivicsir

2 words hmoe equity. and ill never do it again. i am trying to live with the "if i dont have the money for it, i dont need it" mentality. and that aint working either. just busting my *** on side work hoping for a good job to surface.

Civic89stdB16

dont by stuff u know u acnt pay cash for. thats it. no loans ever unless its a house. bottom line.

Civicman86

I never buy hobby items with money that I don't have. I am really anti loan anyways cause I hate owing people money.

extralargenog

iTrader: (1)

Slang hubbas man

SovXietday

A guy I used to work with took out at 10K loan to turbo/system/bodywork his Scion TC. He was telling me what he was buying for it and I just said to myself "this thing isn't going to last a month"

3 weeks after he had it all put in he blew the engine, and go figure has no money to fix it!

I have paid cash straight up for everything on my car. Started in HS and 3 years later I'd like to say I'm "done" but now that I make more money I want more expensive things. Crap.

nsxmatt

Exactly. If you have to take a loan out to make your car faster, your going to be out of luck when that fast car blows and you have no money to fix it and your paying off a loan on a oil covered paperweight. Most of the time it's the same people who's fast car is their daily and they can't even make it to work to make the money to pay the loan off.

It's a snowball effect, if you don't have the cash you can't afford it. Period. This country is in horrible shape from people buying things on credit they couldn't afford.