Personal loans & car mods? A deadly mix?

[HULK_I6T]

We all like to enhance / customise / mod our car. Let's agree on that. But we also do it knowing it adds little value to the car or if anything decreases the value of the car. It's only a really good idea to mod your car if you have money burning a hole in your pocket.

I'm sure over the years everyone has read threads along the lines of "funds approved, which supercharger kit to buy?" Or "funds approved, which exhaust/wheels to get". Not only on this forum but other car forums too people go out to get $5000-20000 or more for car mods?

I start to sink into my seat at the financial train wreck that can be seen from a mile away. I'm stunned that someone thinks it's a great idea going to get a personal loan and pay considerable interest on car mods?

People get loans everyday, for the most part to buy appreciating assets like houses or if it's a business need for a car etc. maybe home renovations etc. generally for an appreciating asset or for one of life's needs.

But I can't make much financial sense to take out personal loans to mod your car? These loans often drag out well after the useful life of the mods/car. Mods are worth nothing the moment they are fitted.

Personal loans for car mods... Is it a deadly trap for young car enthusiasts?

[PHANTMXR6]

I don't believe so, no.

I took out a near $20k loan to do mine. Paid it off and I still have my car.

Is eating Macdonalds bad for your health?

[Stefan]

Do we all like to mod cars - no

Is getting a loan for a car mod a good financial idea - no

Does this deserve a thread - no

Kind of like starting a thread asking if smoking is good for you...we all know it isn't...but as far as I'm concerned if you want to smoke and it's not bothering me smoke

[nuthin' fancy]

Typical Hulk rubbish.

[EFFalcon]

People get loans to BUY cars... and they are on the most part, a depreciating asset.

soo...........

[MercurySilver]

could be
couldnt be



next

[ParisManfred]

I went to a funeral last Saturday and when looking into the grave I did not see any money in there with him. You can't take it with you.

Cars, mods, bikes, boats and what ever else tickles your fancy, if you want it and can afford it then buy it and enjoy.

You are along time dead.

[MrEL]

Dont you just get a huge personal loan and then transfer the money to another account?
That way you can have a big healthy bank statement to show the Dad of the sheila you are wanting to bang and appear to be good enough in social status.
Just drop the personal loan statement behind the lounge. Its cool.

[Grunter]

I think of mods as an investment in my enjoyment and sanity. As you say money on mods is rarely returned, however if I break down the cost of mods over the time I drive it, it's more than worth it for me.

As long as you can afford the repayments, go into debt understanding you will not get a financial return and see the money spent is less important than the enjoyment you get out of the mods, it's far away from being a deadly mix.

[Mr Hardware]

Look at me! Look at me! I'm the richest man in the graveyard! I spent my whole life tut-tutting at all the silly people who enjoyed their cars!

[Franco Cozzo]

I'd say its probably not worth getting a loan just for car mods, but if you got the cash saved up, why not?

Gotta have some fun in life, you can be responsible later.

I've spent about $7000 out of savings on my Focus recently in tuning and mods lol.

[FGX335]

Originally Posted by MrEL

Dont you just get a huge personal loan and then transfer the money to another account?
That way you can have a big healthy bank statement to show the Dad of the sheila you are wanting to bang and appear to be good enough in social status.
Just drop the personal loan statement behind the lounge. Its cool.

LMAO! Don't forget he drives an AMG!

Brings some Kid CuDi to mind - "The car that the rap star allegedly bought, is probably the same car that the rap star rented". Social status using your car = epic fail. And a side helping of pwned.

[DBourne]

Originally Posted by nuthin' fancy

Typical Hulk rubbish.

Even moderator's can't resist ;)

FWIW, I think any personal loan is a potential crisis. Doesn't matter what it is for, if you can't afford to pay it back, then there will be trouble.

If you can afford to, then sweet.

Granted it's probably not a great financial choice, but as was posted above, if it is for your sanity, and won't put any undue stress on your life, then why not?

[99AUXR]

To me getting a loan for mods would mean you typically dont have a cash flow to do so. . . . Then what if something goes bang?

Me personally, I wouldnt take out a loan for the modifications, but when my motor went I opened a credit card which had 6 months interest free. . . . Perfect .

[Stefan]

Originally Posted by 99AUXR

To me getting a loan for mods would mean you typically dont have a cash flow to do so. . . . Then what if something goes bang?

Me personally, I wouldnt take out a loan for the modifications, but when my motor went I opened a credit card which had 6 months interest free. . . . Perfect .

Oh crap....all my expenses go though my credit card....that means I get a loan to put petrol in the car.

[99AUXR]

Wouldnt petrol be one of your expenses?

Either way unsure what your trying to say.

[HULK_I6T]

Originally Posted by ParisManfred

I went to a funeral last Saturday and when looking into the grave I did not see any money in there with him. You can't take it with you.
.

This thread is not about spending your own money to mod the car, (thats acceptable) its about spending the banks!!

If the bank thinks your about to kick the bucket, they wont give you any money.

If you kick the bucket still oweing them, they will just about dig you back out and send you to work to pay them back.

Originally Posted by 99AUXR

To me getting a loan for mods would mean you typically dont have a cash flow to do so. . . . Then what if something goes bang?

Me personally, I wouldnt take out a loan for the modifications, .

You get it, but many others cant see that far forward, all they can see is a new supercharger kit, they dont care that it will take em 10 years to pay it off. They cant even see ahead to tomorrow.

[HULK_I6T]

Originally Posted by Stefan

Oh crap....all my expenses go though my credit card....that means I get a loan to put petrol in the car.

thats a little different. Im sure you not putting petrol in and paying off over 5 years?

Originally Posted by Big Damo

I'd say its probably not worth getting a loan just for car mods, but if you got the cash saved up, why not?

.

You get it... but you would be surprised how many dont.

If you have the spare cash, then enjoy... But if you have to weigh yourself down for many years with a loan to get it now, you just cant afford it.

[tex]

Jesus.

How about taking a break frim your incesent bait riddled posting.

If people want financial advice, they can ask for it. if they're young, their father can give them advice, after they've asked for it.

Its a car forum. Keep that in mind before starting more threads, the one proceeding this one was the same. Social compentary from a perspective that, to be frank, is just plain imature.

And this one?

More of the same. Designed purely to antagonise, bait, cause yet another load of bollocks disguised as worthwhile thread. IN THE CONTEXT OF A CAR FORUM its pure troll.

you just dont let up.

For someone that makes continued reference to all these mates you have....... I dont know, no way i could spend 10 minutes with such a judgemental, shallow, opinionated and antagonistic persin like you.

MATES?

I doubt it. People you met.

More likely.

You stating that using finance as a means to spend as unaaceptable. Get off your soap box, or go join Whirlpool foum, and leave the rest of this forums members alone.

I call it like i see it.

And youre not a nice individual. I can see through your vale of carefuly chosen words. Youre just not nice.

[nuthin' fancy]

I went looking for a 'do not feed the troll" meme and found this:

[img]https://i45.photobucket.com/albums/f99/idgaf64/if-you-dont-feed-me-soon-i-will-go-hulk-on-yo-***_zps4mh9nojx.jpg[/IMG]

[Whitey-AMG]

I mod when I can afford it. No money, no mods.

Unless you're buying a car and borrowing for it and your vision is mods to go with it, then borrow a little more and do you want you want up front at the same time.

End of the day, its your money and your choice. If you can afford the repayments and it makes you happy, more power to you.

[Simple6]

I don't think it's going to be deadly, but I also don't think it makes financial sense.

[HULK_I6T]

Originally Posted by tex

Jesus.

How about taking a break frim your incesent bait riddled posting.

If people want financial advice, they can ask for it. if they're young, their father can give them advice, after they've asked for it.

Its a car forum. Keep that in mind before starting more threads, the one proceeding this one was the same. Social compentary from a perspective that, to be frank, is just plain imature.

And this one?

More of the same. Designed purely to antagonise, bait, cause yet another load of bollocks disguised as worthwhile thread. IN THE CONTEXT OF A CAR FORUM its pure troll.

you just dont let up.

For someone that makes continued reference to all these mates you have....... I dont know, no way i could spend 10 minutes with such a judgemental, shallow, opinionated and antagonistic persin like you.

MATES?

I doubt it. People you met.

More likely.

You stating that using finance as a means to spend as unaaceptable. Get off your soap box, or go join Whirlpool foum, and leave the rest of this forums members alone.

I call it like i see it.

And youre not a nice individual. I can see through your vale of carefuly chosen words. Youre just not nice.

I honestly didnt think id get any opposition in this thread. Thought it would be unanimous that people would see that to borrow an arm and leg to mod their car is a bad decision. Especially when the mods go pear shaped. They Put themself under heavy financial pressure and you say im the bad guy for advising members of this trap?

I recently sold a car to a guy (my ls1). The buyer said he borrowed $75k to mod his previous car, a xr6t with 550rwkw. Motor went bang, had problems all over the place, legal dispute with workshop etc etc. Basically he has nothing to show for himself and a $75k debt to bank and the interest that goes with it. He had to spend more money to get a cheap 2nd hand motor in it and is trying to flog it off. He said he would jump at $20k if anyone would pay it.

His mother had to lend him money to buy my car. He was a broken man and said he would never borrow to mod again.. Thats his bad decision.

[xxx000]

Originally Posted by HULK_I6T

I honestly didnt think id get any opposition in this thread. Thought it would be unanimous that people would see that to borrow an arm and leg to mod their car is a bad decision. Especially when the mods go pear shaped. They Put themself under heavy financial pressure and you say im the bad guy for advising members of this trap.

I recently sold a car to a guy (my ls1). The buyer said he borrowed $75k to mod his previous car, a xr6t with 550rwkw. Motor went bang, had problems all over the place, legal dispute with workshop etc etc. Basically he has nothing to show for himself and a $75k debt to bank and the interest that goes with it. He had to spend more money to get a cheap 2nd hand motor in it and is trying to flog it off. He said he would jump at $20k if anyone would pay it.

His mother had to lend him money to buy my car. He was a broken man and said he would never borrow to mod again.. Thats his bad decision.

And it happens every day to someone somewhere.
Why do you seem to be so concerned about others and what they do?
You can't change them so why go constantly creating threads where you claim concern?

[Mont5.0]

75k on a xr6t?

[HULK_I6T]

Originally Posted by Mont5.0

75k on a xr6t?

Yeah thats what he said.. ive spent $7k on mine and it goes hard enough.. dont know where he could have spent it.

But people do spend ridiculous amounts on these cars, i dont get it myself, buy an AMG if you want to spend $100k+. Spend ford money on ford cars... and i wouldnt go near a bank for mods.

[JC]

Originally Posted by HULK_I6T

Yeah thats what he said.. ive spent $7k on mine and it goes hard enough.. dont know where he could have spent it.

But people do spend ridiculous amounts on these cars, i dont get it myself, buy an AMG if you want to spend $100k+. Spend ford money on ford cars... and i wouldnt go near a bank for mods.

[MrEL]

Originally Posted by HULK_I6T

Yeah thats what he said.. ive spent $7k on mine and it goes hard enough.. dont know where he could have spent it.

But people do spend ridiculous amounts on these cars, i dont get it myself, buy an AMG if you want to spend $100k+. Spend ford money on ford cars... and i wouldnt go near a bank for mods.

I honestly cant be bothered. The guy is a ******.

[Smoke Pursuit]

All I can say is, sure sure....

Fictitious?

[99AUXR]

Hulk mate you seem to be on a rapid decline at the moment. . . :/