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Small loans for non neccessities?

Discussion in 'The Lounge' started by sled_dog, Feb 23, 2004.

  1. sled_dog

    sled_dog 1 ton status

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    The motor in my Burb has seen better days. Rear main leak, blue smoking more and more, no power, I don't think it such a bad idea to retire her. Since its my daily driver I will have to build a motor and try and get a swap done in a weekend. But since I'm in the middle of the Buggy project money is all going to that. So is its possible to take out like a $2000 or $3000 loan for my motor? Will the bank just look at me and laugh?
     
  2. justinf

    justinf 1/2 ton status

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    Some banks will do unsecured loans (no collateral), as long as your credit is good. The downside is the interest rates are typically higher than secured loans.
     
  3. 84k5

    84k5 1/2 ton status

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    I think you'd be better off putting the buggy on hold. You are asking to get raped by interest.
     
  4. Shaggy

    Shaggy 3/4 ton status

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    Sure you can take out a loan. It's called a credit card. /forums/images/graemlins/dunno.gif
     
  5. NerdBoy

    NerdBoy 1/2 ton status

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    Most banks will be willing to work with you if you have the credit. I would even suggest putting the burb up as collateral, if you aren't paying on it.
    The best suggestion I have for this is to go to the bank that you do most of your business with, and if that fails, find a small community bank. Smaller banks are more willing to work with you on stuff like that if it means that they might be able to get you to bring your accounts to them.

    Oh, and a bank loan will be *much* cheaper on interest than a credit card.
     
  6. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    Hahahaha yeah, get a credit card with )% intrest for a year, then spend what you want and pay it off, just make sure not to ride within $500 of the limit for 6 months like me

    If you go over a year you can try and tranfer the balance to another 0% for a year card, which is actually easier to find than a 0% for purchases

    Anywho, make sure it's what you want or you'll have these little blackouts and bleed from your nose like me
     
  7. sled_dog

    sled_dog 1 ton status

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    My main bank is the little community bank so thats going for me. I should have alright credit, I've had a credit card for a couple years now and never missed a payment. And I purchased my 95 K2500 and got a $6000 loan on that, I made a few payments then sold the truck and paid the loan off. All of which should have built my credit.
     
  8. unick

    unick 1/2 ton status

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    I just took out a 4000$ loan to put 1 ton gear under my truck. It was called a "Personal expensise loan"
     
  9. sled_dog

    sled_dog 1 ton status

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    I had been considering a loan to finish the buggy. Namely for the HAD shafts, winch, shocks, and rear rebuilds.
     
  10. 84_Chevy_K10

    84_Chevy_K10 Banned

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    [ QUOTE ]
    Sure you can take out a loan. It's called a credit card. /forums/images/graemlins/dunno.gif

    [/ QUOTE ]

    exactly. /forums/images/graemlins/rotfl.gif /forums/images/graemlins/thumb.gif
     
  11. Shaggy

    Shaggy 3/4 ton status

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    Just my silly little opinion, but I think it's pretty damn ridiculous to take a loan out in order to finance a hobby. $4000 isn't really a huge amount of money, save up and have some patience, you';ll appreciate it in the long run. I've been down the "in debt up to my ears for my hobby" path, and while it's fun in the beginning, it really sucks when you're trying to pay off thousands of dollars for parts that you broke and/or replaced years before.

    I'll say that again since it really applies to this particular hobby - Odds are, if you take out a loan, you will replace and/or break that which the loan paid for. Therefore, you will be paying for something that you no longer even own, taking money away from other things that you'd like to buy, causing you to go into more debt to buy it, causing you to spend even MORE money on your debt which makes you go in even DEEPER to buy more stuff for your hobby... A worst case scenario to be sure, but it's an easy trap to fall into, and that's exactly what the banks are hoping you do.

    I broke the cycle by not spending anything on my hobbies for quite a long time and living very frugally, that was a really boring 18 months.

    Whoops, how the heck did I get onto this soapbox... /forums/images/graemlins/yikes.gif
     

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