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

Ditto. Only way to go. Half the guys I see borrowing money to build cars end up having to sell them to pay it off. Slippery slope.

 

Approach-avoidance conflict resolution usually favors avoidance.

 

What, you didn't learn with the credit cards? Buy what you have money for. Borrow money for homes or to make more money, not for toys.

 

Not wise to pay interest on a money pit. Save credit for real property or investments with a greater occurring interest, or long turm investment.

 

Seems to me that you'd be able to save more cash for you future "toy" if you first paid off the credit cards....they are charging you interest, and in turn costing you money that you could spend on your hot rod some day.

 

Your educated, retired and 63 years old, just like me....do what ever the hell you want.

 

Thanks, guys, for talking me off the edge (and giving me some laughs). I'll go the savings coffee can route and try to be responsible.

And Randy from SC...

Do you really have to ask.

A roadster, of course.

 

THIS IS THE WINNER!*********************borrow the money from your momma

 

dont

 

Good to see some other members of the 'never had a credit card/bank account club' (27 years)...!!!

If you have anything worth money tthat you don't want, sell it to raise funds.... Unless you overpay for them, guns are a great investment and even if you sell them on short notice, you should come out on top... Remember to keep it LEGAL and follow all the federal/state/local laws.......

 

dumbest way to borrow money for a car :

(for us young guns on here)

tell your parents its for books! lol

didnt happen to me, but my dumb friend told his parents he needed money for another book for one of his classes, instead he bought a new carb. lol

 

Do not support a hobby via credit. Or definitely do not take out an equity line of credit. I think the best advice that has been posted is to try and sell off other toys or miscelanious items to support your hobby

 

I would see about what you can sell that you don't need if you are only a few thou short. Also, keep looking around since there is just so many good deals out there. If the car was meant to be yours, it will pop up in your price range.

There is a 57' Nomad I really want that I could easily buy on my line of credit, but instead of going into debt, I will put my 67' Camaro up for sale. If the nomad sells before the camaro, I will keep the camaro and the nomad was never meant to be mine, if the Camaro sells before the nomad - I will the proud owner of a 57' Nomad!

 

I learned over the years (54) that these cars are alot more fun if you don't have to line up for that monthly payment. Ya may not get it as quick as some guys, but if the going gets bad you can lock the doors cause your cars not eating anything, while the guys that got them quicker are having to scramble and sell because they need the money. If you've got some things around that ya don't mind selling do it, if you have the savings that's another way. A car bought right is as good as a savings account, and in alot of cases, with patience it can be better.

Just my 2 cents!

 

i sold my minitruck... hahaha

 

Good for you....Just save and pay cash. It will accumulate faster then you think.

 

Excellent advice !!

Rat

 

Save until you get enough money. I hate debt !!!

 

Borrow from a Mafia loan shark - big time.

If you don't pay they will solve your problems for you.

 

Borrowing money for a toy is close to senseless and a looser. Save your money and then go looking for your toys. Putting a mortgage on any thing for fun stuff is crazy as hell. If you have things to sell you don't need then do that. Currently the economy really sucks if you haven't noticed and not the time to be going into debt period.

 

I had cool cars when I was young (and irresponsible).
Then in my 30's..nothing. No cool stuff. Just a new '74 Dodge van I used as my work truck for photography. I had rules. Why? Because I wanted to have another hot rod someday.
1. NO debt, except for my mortgage.
2. health insurance
3. take better care of myself...no crap that's bad for me. No hard booze and no cigarettes (in my entire life...that shit's expensive!!!)

then....save a little here and save a little there.

I couldn't bear to have a "hobby" car and not have health insurance. You have to have your priorities. Rodding is a hobby. Paying your own bills is what adults do.

They guy down the street always had really expensive cafe motorcycles. One day, he fucked up and broke his leg on his bike.
I saw him hobbling around on crutches a few weeks later and stopped to talk to him.
I said:"what hospital did you go to?"
He: "County hospital"
Me: "Yuck, why that joint?"
He: " well, 'cause I don't have any health insurance"
Me: oh, so you can afford really expensive motorcycles and, yet, you are on welfare?"
He: "Hey man, I'm not on welfare!"
Me: "well, while everyone else has to pay for their own insurance, you take the money and instead buy pricey bikes, then get hurt, and stick the taxpayer with your broken leg.....that's welfare"
He: "well, I'm gonna try to pay 'em back, ya know"
Me: "sure you are, sure you are"

My point is this.
Be an adult.
Your personal essentials come first...hobbies come last.
Get your financial house in order.
Sleep..GOOD sleep is mandatory for good health.
You wanna sleep good? Don'e let debt destroy your thoughts.
It's poison.
I'm 60 and I know guys my own age who ruined their opportunity to be FREE...free of debt.
But they just HAD to have that ski boat or those fancy-ass vacations.

You have plenty of time for hobbies....
having a cool car and bing on the brink of disaster is NO fun...
the car hobby is ALL about FUN.

 

yup..cash is king...I'm gonna be 35 in 2 months and don't owe on anything except my house and a home equity to redo the kitchen...don't "cross-finance" in other words, don't get a loan against your house or anything for a car...and you said "project car" that means money pit....if you don't have money now, you won't have it later either! just save up, sell, trade move up....I know a guy who lived on craigslist buyin cheap quads and dirt bikes and flippin and tradin with cash...he did over 50 bikes and quads in a year and set back all the cash from every trade...he bought his wife an Audi a6 and paid cash...plus he did the same on his 34 chevy truck

 

63 is the new 43 .....

 

rmak

I don't suppose you want to hear this but if you have to borrow money to build a rod you need a cheaper hobby.

I have lived life by my own rules for a very long time and I don't expect you to accept my rules any more than I would accept yours but here is my basic rule of thumb this goes for bikes and hot rods:

Never borrow money to build one, period.

I have had fast cars and bikes all my life, well since I was about 14. My kids and my wife always had shoes and there has always been food in the cup board.

I now live on a meager fixed income. I still have parts to build with when I need parts to build with. The wife and I keep a savings account we put what we can into it. I don't by parts until I need them and when i do there is always money to do it with.

Start putting money back and looking for what you want to build. When you have enough cahs to bay that project buy it then start replacing what you spent until you have enough to buy the next part that you need or want.

Yes it won't be instant but it will be yours when its done so if you want to sell it to finance another project you can.

 

yeah, I would never borrow money from in-laws, or my kids!! what kinda parent borrows money from their kids? you are supposed to be there to support THEM...why not just spend time with them and get THEM into cars and help pass it on...

don't mean to threadjack, but that quote just got me goin....sorry

 

Visited Vegas once...House usually wins! Hmmm...there's an ATM
just down the street

 

Go to work on Craigslist casual encounters and start pimpin yourself. You probably need to score a thong or two and some ointments but after that it is all profit....

 

I have to agree with Jeffery,just be willing to wait a bit longer to stay out of debt!

 

My credit union loans money against vintage cars. Depending on your credit rating is what the interest rate is.

 

And don't ever use home equity money for cars ,bikes ,boats ,vacations or anything but back into your home.