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

Deuce Roadster,
I want a 29 roadster. Aren't Model A's the new 32's

 

Amen

 

That second job may be the answer!
Someone about to wipe out their credit card debt might think twice before wearing the chains again. Few things in this world worth that torture and a car, even a hot rod, is not one of them! I vote FREEDOM!

 

Even if you get the money to buy the car how much will you need to get the thing on the road? Is it a roller? Can you buy it today and drive it tomorrow? It seems to me this thing may cost you more in the long run of things than you think. I sure wouldn't borrow money for a car I couldn't drive home. Here again this is a want not a need. I want a hot rod but I also need food in the tummy and place to rest my head. Our wants won't kill us.

 

wait a minute, did you not start this thread asking for advice? its your can of worms man..... seems pretty obvious when there's multiple pages of your peers saying NO.

borrowers need to be responsible for their own financial decisions, fair or unfair bankers should not shoulder 100% of the blame. fucked up thing with ignorant borrowers is that ultimately the rest of us who are financially responsible end up having to pay for the mistakes of the many. constantly being in debt for things you dont NEED is totally idiotic.

 

prices arent even in the same ball park ....

 

Please, please, please, don't borrow money for a hot rod. Sell off all the crap you've got but don't need.

 

There is always a good deal around the corner. As soon as you borrow to buy one, 3 more will show up. Save, sell what you don't need (as soon as you sell it you'll need it), and be patient.

 

If you read my original post I was just trying to learn from the guys who deal in cars because I don't. If you read the thread title you should be able to extrapolate that I thought it wasn't the greatest idea to borrow money to begin with.
I appreciated all the input.
As far as bankers go, think what you want. I just don't happen to be of the "all are guilty so none are responsible" school of thought. Preditory lending did and still does exist, and a lot of people who obviously weren't as smart as you got hurt bad.
But maybe that's a discussion for another place. I'm here to talk about cars.

 

The fact that this advice is apparently coming from a "former" banker should make you want to give it some extra attention.

If the banks have their way every transaction you ever make will be made thru them in some form of a loan and they'll collect the interest. This may be OK for a home or a late model car that's driven every day, but they'd like to collect interest on every gallon of gas, meal in a restaurant, TV set, magazine subscription, tube of toothpaste, sixpack of beer, water heater, pair of shoes, quart of oil, and every event t-shirt you buy.

Sadly, every year, more and more people seem willing to accept that any purchase over $100 has to be made with a credit card and paying interest is just one of those necessary evils.

 

I know. It was a joke.

 

Never ever ever borrow money. Live debt free and you never go to work as a slave to the past.

 

I have seen several young men with family barrow to buy a collector car. All goes well while playing with the car during summer weather.
The problem comes when December weather locks the car in the garage and the payments continue.
With regular household expenses and some un-planed expenses pop up, about the same time to buy Christmas presents for your kids and family, that car payment on the locked in collector car becomes a weight around your neck. The old car usually gets sold for a loss and a good guy is soured on the car hobby.
I would say, Keep saving and you will have the cash to get started on a firm footing and no December and January payments.

 

I don't think you'll find one case where a borrower had a gun to their head. Individual greed is far more responsible for our current state of affairs than are unethical bankers.

You're 63, and nearly out of debt. Pay it off, and enjoy the time you have left free of debt. There's a bajillion projects out there.

furyus

 

Are you a Dave Ramsey fan too?

 

Save up the money,then go out with cash and buy some other poor buggers project that was bought with borrowed money,you'll probably get the car for 50 cents on the dollar.
No credit cards in our house,no debt either,my cars are a bit rough around the edges,but they are my cars not the banks!

 

That would be Freeeeeeeeeeeeeeeeeeeedoooommmmmm!!!!!

 

well- you COULD use one hobby to try and pay for another--- are there any sperm banks in your area? they pay,, or so I'm told

 

Outsourcing to the lowest bidder and artificially inflated property values?

But I agree. Buy what you can afford. I didn't get a really nice car until I hit 30 but I paid cash for all of them. It builds character and teaches you how to wrench.

 

Actually YES

I really like a 29 on 32 rails ... but @ 6 foot 2 inches tall and overweight ...
I do not fit in a Model A very well.

There should be a Model A with your name on it if you look around. Henry made 4 million Model A's. ( over 12 Model A's for every Deuce made ). Brookville has made quite a few ... also. If you want one ... you are not getting any younger

 

or- you could borrow it from a brother you dont really like anyway and then not pay it back-- that's what mine always does

 

It's easy for a lot of us guys who can afford cars and bikes to take that superior overview. Lots of people have to go into debt for a lots of legitimate reasons. If you think those situations are a result of individual greed you are sadly misinformed.

 

It's easy to take that view as well but you are misinformed. On average debt does not lead to more wealth, it leads to less. Took me 3 years of up to 90 hours a week to wipe out all of my stupidity (debt) and life has been 100% better since I decided to never borrow money again for anything smaller than a house. When I made that decision I only made 36k and I owed 30k, so it's not like I was wealthy. It sucks to not have what you want when you want it but you have to make the decision to delay pleasure for the greater good of your household, it's part of being a responsible adult.

I want a ton of stuff for my rides and my house and I could easily go borrow to get that stuff. There's a ton of wisdom in the statement that if you have to make payments you cannot afford it. Cars and toys for the house come after having an emergency fund, all bills paid and having adequate retirement all set up, any other place in your priorities is begging to be living off someone else.

Sorry if it sounds mean, I'm not trying to be rude, just trying to drive home the point that using debt to get what you want is rarely the smart choice in the long run.

 

If you have alot of equity starting out in the car you can get a loan easily for the vehicle. You must prove up the equity to the loaner.
GW

 

I am able to make payments also and figure im not going to live forever. I can see getting what you want on payments. I have saved and bought on credit, either way works for me. Im wondering if the people who are against buying toys on credit have problems making the payments? I realize how America got into thee problem were in,,,,it's by purchasing things they can't afford to pay back. If you can pay it back, I say buy it.

 

I do have problems making payments, but the problem is in the principle of payments not in cash flow. Look at it this way, I once made $450/mo payments, now I have $450 a month to travel, buy parts, basically to enjoy life with nothing hanging over my head. I will never go back to the debt lifestyle.

Unless you're talking a military funeral which I will gladly pay for, by government you mean the rest of us, geee thanks for that!

 

No problem, Travis. I can take it.
I think we are talking about two different things. You are right to say don't use credit for things you want. I'm talking about needs based credit usage.

 

rmak
Needs are needs you get what you need anyway you can and worry about it on the back side. Sounds like you either have or are getting a handle on it. Be patient and don't look back there is a ride for you and a way to own it out there somewhere.

 

no way would i borrow in this economy for a hot rod . just hang on & keep saving . things are getting cheaper ................. steve

 

The only money you ever get to borrow truly is your own. The bank makes you put a down payment on a home that covers all of their costs of kicking you out and reselling it, they never for one minute assume a spot of risk. Even when the whole system craps they still turn a profit. Consider that if you look at your mortgage payment that you will pay 450,000 for a 150,000 home over 30 years. Look at what you are paying in CC debt. It is never a good idea to borrow money for anything. You will have a tough time floating a note on this deal any how. No one is going to spot you cash for a disassembled item that will be hard to turn and or appraise for a fair margin. Your Credit Card is most likely your only way of pulling this off. Just remember, this is your money, your life given for it your time spent, respect your time, you only have a limited amount of it, keep a bit for yourself so you can enjoy the ride.