Take Loan For Turbo?

abmerop18 · 06-20-2004

ok here is the deal. i really want custom turbo and i want to get it done over the winter. my choices are as follows:

1. sell every single thing on the car and make an additional $1500 between now and then to pay for the turbo

2. keep what i got and save up 1500 between now and then and get a loan to pay for the rest.

thing is im 17 now, but ill be 18 in november so when i get the loan ill be 18. i figure if i have $1500 in my bank by then i should be able to get the loan. do you think it is a bad idea for someone my age to get a loan. i figure with my birthday and X-mas i can get alot of the parts ill be needing too, so i only have to take a loan of max $1000. what do you think of this and does anyone have experience at taking loans at this age.

anyone ever taken out a loan to buy car stuff, is that kinda weird?

let me know what you think i should do. thanks.

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Cocky · 06-20-2004

i just got a loan on my Hayame Coilovers and lambo door kit.. $2k, i'm 22.. but still.. you get stuff a lot quicker that way. I just get it, on a 12 month loan or whatever, and pay it off as quick as possible. My new $2k loan is half paid off, and i don't even pay my first payment until July 23rd. lol.. it helps to build your credit too. i'd keep the stuff on your car, and get a loan. it helps credit AND gets your shit faster.. being 17, you'll need a cosigner most likely.. maybe not though since you only want $1k.

abmerop18 · 06-20-2004

ill be 18 when i go to take the loan

gearbox · 06-20-2004

Keep what you have and get the loan if you really want the turbo. Just make sure you can pay it off fast. Alot of young people really get in trouble with loans and not having money to pay it off.

IronFist · 06-20-2004

I can't believe people said "yes."

Interest. Time value of money. Don't spend money you don't have.

shmik1 · 06-20-2004

if you find it worth the interest to have the turbo now (or atleast sooner) than go for it

cryption · 06-20-2004

Quote:

Originally Posted by IronFist

I can't believe people said "yes."

Interest. Time value of money. Don't spend money you don't have.

seriously .. don't take out a loan for something stupid like a car ... cars are one of the worst investments you can make and you'll just end up selling it soon enough to make the loan a total waste.

Debt is a real pain in the ass .. don't go into debt for a freakin car

Mr.Modify · 06-20-2004

i'll be taking out a small loan to....it's worth it to me ...cause i love my car and doing things to it....thats why im gonna do it. It makes me happy

abmerop18 · 06-20-2004

Quote:

Originally Posted by Mr.Modify

i'll be taking out a small loan to....it's worth it to me ...cause i love my car and doing things to it....thats why im gonna do it. It makes me happy

word. same here, thats why i wanna take this loan.

GrayGhost · 06-20-2004

Quote:

Originally Posted by cryption

seriously .. don't take out a loan for something stupid like a car ... cars are one of the worst investments you can make and you'll just end up selling it soon enough to make the loan a total waste.

Debt is a real pain in the ass .. don't go into debt for a freakin car

Debt is a pain in the ass, but the loan will help to build his credit score (as long as its paid off correctly). Its even more of a pain in the ass to try and buy something, car for example, and have trouble getting it because you have to have a co-signer, or something because you don't have credit. The better credit you have the more likely you are to get a loan for something you want easier, and the lower the interest rate will sometimes be.

I say take the loan, and pay it off quickly. After you pay it off, hell if you can afford the payments take out another loan and get something else you want. Build that credit score, you will be glad you did in the long run.

KaizerSoze · 06-20-2004

IMO your car is the worst think you can invest in. I'd be much happier with a bankroll but its your life.

droppin187s · 06-20-2004

he likes his car and desires turbo sooner. he doesnt hafta pay for a home and family. no other bills- all his money goes to the car anyways.

Boiler_Room · 06-21-2004

Take that money and go on a vacation.

I learned the hard way with cars. I learned thet don't hold any value, no matter how much you do to it. You can crash your car and lose it all everytime you get behind the wheel. If you don't have the money, don't buy it! You have the rest of your life to earn money and spend it on things like a turbo kit. It sounds like every dollar you have is going to the turbo kit.

Yeah turbo is sweet, but it is really worth it to do it at this point in your life?

slOciVicGrrL · 06-21-2004

IMO I wouldn't..if you can't afford it now then you shouldn't get a loan..As much as you MAY want it...It might not be worth it right now..I'd save or if you REALLY want turbo and can't afford the whole thing at least put something down on a loan..ya know? Like 50% or at least 25% of it...That way it's not too bad..But that's just me..I would love to take a loan out for a K20a swap about $5k but nah...can't put myself into further debt

But good luck let us know what you do..

HyaBoosta · 06-21-2004

i say just throw it on a credit card then make big payments on it. or if one month you don;t got any spare money you can make a smaller payment. just don;t slack on it. thats what im doin.