Financing for a Rod or Custom, help needed.

This is taxable income at 35%. A home equity loan would be a better option, which is tax deductible. If there is a credit card offer that gives a decent spending limit at 0% for 12-18 months, that's also another viable option. Essentially just make payments to yourself.

 

who has a home? that isn't underwater ?

 

Buying a beater on credit would be an oxymoron.

 

Bad move,
but if you gotta do it look for a personal loan(popular at credit unions), home equity, a credit card offer that comes with checks and inquire with your insurance company, mine has some finance options that I've used in a liquidity crisis but never had it long enough to make monthly payments.

 

Bad move,
but if you gotta do it look for a personal loan(popular at credit unions), home equity, a credit card offer that comes with checks and inquire with your insurance company, mine has some finance options that I've used in a liquidity crisis but never had it long enough to make monthly payments.

 

My guess is that you can borrow what your credit score dictates. To a bank, a hotrod has no colateral value. They will loan on your credit, assets, and job history. Your cheapest loan is to borrow against your own money.
If you don't understand any of this, you probably won't get the loan.

 

yep, just keep your eyes open for a older driver that someone that is desperate for cash is selling real cheap. then fix it up as you can afford to. might even find a project that runs but, needs pretty stuff like paint, interior, etc. if you go the financing route I could use some extra cash too.

 

Me, because I didn't make second mortgages to buy toys or buy a house with the idea of stepping up or flipping it and getting rich. Your home is just that, your home. Endangering it by taking out loans to buy toys is about the most stupid act I can think of. Look at the Dave Ramsey stuff, I did and my home is mine, bought and paid for in full by following some simple steps that DR teaches. Once you get out of debt and continue to save (pay yourself) it is surprising just how much disposable income you start to accrue.

Buy yourself a dependable later model (NOT NEW) car that you can pay cash for and start on a plan to be in control of your life decisions. I don't care who disagrees, being in debt is a form of slavery. The only thing you should consider buying on credit is your home. Nothing that loses value faster than you can pay for it should be purchased on credit. Our "new" car is a 98 model and we will step up a few years when we replace it but not to anything we can't pay cash for.

Don't live the lie that the commercials on the television spew for the masses. We deserve what we can work and pay for in cash.

 

hahahahaha no pre pay penalty?

 

Financing a rod is a "Democrat"ic thing to do.

 

really why do you guys bring politics into everything?

 

In this day and age, finacing a hot rod is not smart. I know it's not something you want to hear, but paying cash is the way to go. Save, dable in buying and selling to get where you want to be, in my opinion this is the smart way. When you get to a car you like and owe no one, hot rodding is alot more fun. Hot rodding should be fun, not a birdin on you nor your loved ones.

Just my .02

 

Yes you are right