[Aliate X]

Loans are cheap as hell right now, because the economy is low, and I thought about taking out a personal loan for like 6,000, Id have 5 years to pay it off and the payments would be 128 a month.

The problem is I have no credit and somebody would have to cosign for it, and my dad is 100% aganist it. I dont see why though, I am responsible and I already make my insurance payments every month which are 350$ and I pay my college bills on time.

Is there anyway around this and what are your opinions on this?

I am just frustrated because my car is so close to being finished, the rest of the car is done minus the motor, and I wanted to buy a turbo kit with the money and pay for some other misc stuff for the car.

[DirtyMach1]

I have a lot of experience in debt stay out of it. Save up the cash and buy it that way.

[redsMULLT1]

I did this once, back when I had my CBR929RR. I took out a personal loan and bought all kinds of parts for it. Didn't regret it, but I sold the bike for about $4000 below book value... I dunno, I have found that it will be next to immposible for me to live debt free... so i just live with it.

Not sure of a good way to get around the co sign deal... maybe a smaller starter loan? Just stay away from loan shark companies!!! Learned that one the hard way for sure!!!

[04COBRA]

LOL, im with you red, your gonna pay for something for the rest of your life, might as well be something you enjoy!!
btw, your never done with your car, you'll always want to do something else to it.

[redsMULLT1]

Originally Posted by 03OBRA LOL, im with you red, your gonna pay for something for the rest of your life, might as well be something you enjoy!! btw, your never done with your car, you'll always want to do something else to it.

That is too true man.

[Aliate X]

Im just sick of trying to save up money, especially trying to save like 5,000$ making 300 a week.

[04COBRA]

I hear ya Ali, it sucks, you cant get ahead, nor get things you want, so most people like myself, have went into debt for things that they dont need. i dont regret any of it. it has taught me more about money and investing then any class or person has. i say do what you can, and live in your means. i went from a daewoo lanos to a mystic chrome kb cobra in less then 5 yrs. takes time and patience. just have a plan

[redsMULLT1]

Yeah, start out smart man. Its easier to build credit than to fix it. I fucked that up WAAAY early in the game. But now everything is coming around and is almost where I want it. Like Cobra said, patience is key man.

[Aliate X]

Yeah I hear ya guys, I have trouble with patience. The most Ive saved up was about 2500, which was also for parts for my car, mostly the rear end. the transmission swap was about the same amount, a little more.

[Bill]

since your like 20 or so and probally dont have any colateral (sp) you may need to look into a non secured loan which means they will give you a loan(if you get aproved) with out you giving something for colateral. generally this means you will pay more interest.

[2000Si]

what kind of bills do you hav Aliate? My experience with debt is, it's never ending. I used to sit up and worry about if i'm going to have enough to pay for a certain bill, or two.

Get rid of misc bills you might have, like cable, get a cheaper cell phone rate, try to refinance any car loans you might have, and try to find a lower interest rate on a credit card and apply.

My experience is, if you CAN afford the debt. Go for it, but if you're going to have next to nothing for gas and food, stay away from it.

I just refinanced my car, transferred my credit card to another with half the interest rate, and moved to a cheaper place to live. 185 off rent, no electric bill, no cable bill.

I'm putting 400 in my pocket every month between my bills and my net income, and I make a little more than you do.

You're young, you have your entire 20s and 30s to get into debt. Keep saving that hard earned money and try to find something to invest in that will earn an interest rate FOR you, not against you.

[Aliate X]

Originally Posted by 2000Si what kind of bills do you hav Aliate? My experience with debt is, it's never ending. I used to sit up and worry about if i'm going to have enough to pay for a certain bill, or two. Get rid of misc bills you might have, like cable, get a cheaper cell phone rate, try to refinance any car loans you might have, and try to find a lower interest rate on a credit card and apply. My experience is, if you CAN afford the debt. Go for it, but if you're going to have next to nothing for gas and food, stay away from it. I just refinanced my car, transferred my credit card to another with half the interest rate, and moved to a cheaper place to live. 185 off rent, no electric bill, no cable bill. I'm putting 400 in my pocket every month between my bills and my net income, and I make a little more than you do. You're young, you have your entire 20s and 30s to get into debt. Keep saving that hard earned money and try to find something to invest in that will earn an interest rate FOR you, not against you.

Yeah your probly right once again lol, I should just save the money and get a low interest credit card to screw around with.

[vshayes]

Joe did it for his supercharger. We just paid it off. We had a year loan. Theres nothing wrong with it as long as you KNOW you can pay for it.

[QuickStang]

find a rich loaded G/F and get her to buy the shit you want... LoL..

[fallstar01]

I say work more hours, save up and shop for the best price over the next few months. You'll be glad you did. Imagine having 6k in your bank account with a real concept of what it took to save it. It's almost hard to spend at that point. You'll have a much better idea if the turbo setup is really worth the $ for you and honestly, your financial habits will get alot better once you get used to putting some $ in savings each week (instead of against a loan). You can't ruin your credit with late payments either.

[2000Si]

Originally Posted by fallstar01 I say work more hours, save up and shop for the best price over the next few months. You'll be glad you did. Imagine having 6k in your bank account with a real concept of what it took to save it. It's almost hard to spend at that point. You'll have a much better idea if the turbo setup is really worth the $ for you and honestly, your financial habits will get alot better once you get used to putting some $ in savings each week (instead of against a loan). You can't ruin your credit with late payments either.

WERD. I'm like that on Gran Turismo. I had 464k in the bank and I never wanted to spend it. Actually having to work for real money and seeing all those zero's will make it harder. But then the urge to get something new for the car will kick in.

Save up, spend the money you have instead of the money you don't. You'll be happier all around.

[Bill]

i say if you can afford it and you will have money left at the end of the month to actually survive and put some money in the bank to save then i dont see whats wrong with it. i see to many of my friends being strapped cause they buy things they know they cant afford but they buy them anyway and have no more money untill they get paid again.

[dshep]

don't go into debt for car parts

[BWAL]

Originally Posted by dshep don't go into debt for car parts

dude, this thread was created almost 2 years ago.. around the time this site was created.. stop bumping old topics

[oldernewbie]

Originally Posted by BWAL09 Originally Posted by dshep don't go into debt for car parts dude, this thread was created almost 2 years ago.. around the time this site was created.. stop bumping old topics

Guess he's got some catching up to do Hell I've been in debt for car parts all my life