What's the least dumbest way to borrow $ for a hot rod?

Slowly but true....now gas and food on the other hand.

 

I heartedly agree. Work for it, it you have to borrow money for "toys", you cannot afford it. Period.

 

Thanks, 5window, for reminding me of this particularly condenscending comment.
I started to work in my dad's business when I was 11, and have not stopped working hard in the following 52 years. How about you?

Jeeze, some of you guys here are pretty preachy and self-aggrandizing.

 

if you can't afford it, don't buy it. impulse buying will put you under. is it something you Want, or something you NEED!!

 

to be honest , id never borrow money for a toy or tie up my home morgage , a lot of us older guys have work 2-3 jobs to go for the gold or trade up as some of the guys have said but i always paid up front instead of shorting my family or jepordizing my retirement or fianacials just my 2 cents worth and ive still got my 2 cents

 

The rules are different for each individual (if there are any real rules). A guy in his twenties with a family has to live differently than a guy in his 60's with little responsibilities. You should be able to figure out if you can afford to spend a little each month on borrowed money. Sounds like you already have...so go for it, hell....life is too damn short.

 

Dave Ramsey

Children do what makes THEM feel good, adults do what needs to be done.

 

I have also stuggled with this (life with ADHD). But if you can safely say that you can support your family and make those payments even if you were to loose your job, then go for it. Or at a minimum, make sure that you have enough stuff to sell to make up for it if you get into a crisis.

 

start up some "paper" buisness, ie: consulting or Rod shop parts or something LLC and borrow for a company vehicle. just keep buisness seperate from personal so if times go sour you fold up the buisness and not ruin your personal credit. No one seems to worry bout a buisness going n the crapper but will hound you for personal.. my brother got his 57 nomad from an outfit that would buy classics and then stencil their company name on em and parkem by the road for "adverising" -- just use magnetic signs for the weekend trips

 

I'm 42 years old and I only ever borrow money to buy a house or a newish daily driver car or truck. Nothing else is important enough to get into debt for. And make sure the balance owed on a car is always, at all times, significantly less than the value of the car. New cars lose value fast and you could find yourself in negative equity after a crash even if it wasn't your fault. Seen that happen to dudes often enough.

 

True, and I bet if no one borrowed for hobby cars, cars wouldn't cost half what they do now. You see borrowing increases peoples ability to buy and therefore increases demand for classic cars. Increased demand pushes prices up, so not only are you paying interest, but you're pushing prices up too.
Ed

 

save up $$$ find something in that price range to buy.
then fix it up over "X" amount of time using the dollar here, nickle there method.

be much more enjoyable when it's done & you OWN it, not the bank

 

well put,

borrowing money is like deliberately putting your neck in a noose and hoping everybody stays calm.

 

Wow, way to dig up a year-old thread just to say "me too"