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to get a loan or not? help

Discussion in 'The Lounge' started by supersize75, Mar 27, 2003.

  1. supersize75

    supersize75 1/2 ton status

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    ok here is the deal I am dying to get the blazer done and now have a chanch to get a loan, I only need about 1500.00 to finish it but I am so depressed about it taking so long I am willing to go into dept for it and do very thing I want.

    The interest will bbe 13.9% but for an 18 year old with no credit I can except that, I just figure I will go to one less movie a month and skip a dinner that should be the interest.

    I could do it with out the loan but just tired of waiting, mom says be patient, but I have been patient for 2 years.
    I think as long as the money went only to the blazer I could get it done.

    plan on

    carpet..280.00
    windshield..100.00
    paint by me..300.00
    gears, install, kit...400.00
    front d-shaft..200.00
    custom bumpers..400-1200
    cage...500.00
    reg./tags/ licence other cost..300.00


    What do ya think, I will also replace any thing that isn't new so while driving it cost are left to gas and trail carnage.

    Need advice? /forums/images/graemlins/1zhelp.gif
     
  2. Shaggy

    Shaggy 3/4 ton status

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    <font color="green"> I agree with your Mom, be patient. Getting into debt like that is a black hole, it seems like it would be easy to pay off, but alot of the time it turns out bad. Trust me, I know this from experience. /forums/images/graemlins/crazy.gif

    It is a good idea to build some credit, but you want to carry a very small balance. Get a credit card and carry a couple hundred bucks on it, you'll pay a little interest on it but it will build your credit faster than if you pay it off every month. Just don't let it get out of control, as soon as it gets to the point that you couldn't pay it off at will then you know that you're not being responsible with it. /forums/images/graemlins/thumb.gif </font>
     
  3. supersize75

    supersize75 1/2 ton status

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    agreed, I feel that 100 or 200 a month isn't a problem, I don't have very many finacial responsabilities going on now, but when school starts in fall I can't pop out $500 every month, but 200 I can, the issue is that it will take me forever to finish it at this rate, I could see waiting on the bumpers and cage but the rest? /forums/images/graemlins/tongue.gif
     
  4. K5Dan

    K5Dan 1/2 ton status

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    maybe you could compromise with your self and get a 500. credit card do what you can with it then pay it off and do some more and so on and so forth debt sucks !in this case smaller is better! /forums/images/graemlins/eek.gif
     
  5. supersize75

    supersize75 1/2 ton status

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    yea, a credit card may be an option, hell even 1500 is better than racking up 3000.00 in one shot

    thanks for the imput guys , I will make a decision by tommarow though /forums/images/graemlins/thumb.gif
     
  6. Hossbaby50

    Hossbaby50 3/4 ton status

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    I personally say stay away from debt. It sucks. I have thought about a loan for my truck, but I figure, it runs, drives, and gets me wherever I want to go so just wait and get things as you get the cash. I am not a fan of plastic and only use the CC when I have too. I just put the cash money into my truck as I get it. I can't afford to be in debt this early in life.
     
  7. Z3PR

    Z3PR Banned

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    If you can pay the loan off, it might be a good way to start building some credit history. Just something to think about.
     
  8. newyorkin

    newyorkin 1 ton status

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    I hate debt with a passion and try to avoid it like the plague. If I were you, I'd avoid it and go as much cash on everything as you can, even if it takes a little longer. I have 2 credit cards with $200 limits on each.
    I have this weird thing that if I'm in debt, I have no buffer... If I lose my job or something happens and I can't work, the debt won't just go away...
     
  9. BowtieGuy3

    BowtieGuy3 Guest

    I'd stay away from the loan thing. I personally don't do the credit, and other then the car payment, MC and the sears card (I do like buying tools ya know), I have no bills.
    IF (and I do mean a BIG, HUGE, GINORMOUS IF, keep the loan amount low, and make sure they have no early pay penalties. Don't get wrapped up in credit dilemmas so young. The truck might take time to finish, but it's better then having credit probs lingering around for years and years...

    /forums/images/graemlins/usaflag.gif
     
  10. supersize75

    supersize75 1/2 ton status

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    New plan...

    Talked to the loan officer and he said the minimum loan was 3000.00, so heres what I do, get the three grand and use the 1500.00 I don't need to make my payments, there is a loan payoff and I could put it in CD's that geta good interest rate at my bank, then after the earned interest my interest that I am paying is only 8 or 9%. This loan also has the ability to pay off or against principle, plus I desided to sell my horse at my grand parents so when they move back to Az in 3 or 4 months I can squash the remaining balance.

    The best part...grandpa said when the get here he would pay me a fair amout for the horse and he could keep the profit..this works because I am not spending $$$$ any more to keep it fed when it is in texas. /forums/images/graemlins/thumb.gif

    I think I have a small solution, the reason I would like to do this is,

    A) Too proad to ask dad for money, will not do it!
    B) Need to drive soon school is starting soon
    C) My blazer is a convertable with a removeable seat!
    D) Have you ever tried to have fun at the drive in in a F*rd Focus? /forums/images/graemlins/rotfl.gif
     

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